Once again, traditional TV providers had their worst quarter ever, as 1.1 million homes cut the cord in Q3 2018. That’s according to research firm MoffettNathanson, which tallied up the subscriber losses from the nine largest cable, satellite, and telecommunications providers. Satellite services DirecTV and Dish Network continue to be hit hardest, making up two-thirds of the industry decline last quarter.
The 1.1 million figure doesn’t factor in live TV streaming services such as Dish’s Sling TV, AT&T’s DirecTV Now, Hulu with Live TV, and YouTube TV. Still, those services are no longer picking up traditional TV’s slack, as live TV services overall declined by an estimated 500,000 subscribers last quarter. Analyst Rich Greenfield claims that this was pay TV’s third-worst quarter in history.
Don’t expect this trend to let up. Between higher prices for live TV streaming and the end of incredible streaming device deals for new subscribers, more people are going to decide that cheaper streaming services like Netflix and Amazon Prime are good enough. That’s why media giants like Disney and AT&T’s WarnerMedia are scrambling to launch Netflix-like services of their own.