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HAS COVID19 ACCELERATED THE CORD-CUTTING TREND IN THE US?
#WEEK 34 ∙ AUGUST 2020
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HAS COVID19 ACCELERATED THE CORD-CUTTING TREND IN THE US? #WEEK 34 ∙ AUGUST 2020
CORD-CUTTING UNDER COVID19
Cord
er
7% Cord
H1 2020
25% 43%
-500,000
Traditional
S h av
er
US TV services subscriber defections during the first half of 2020, compared to the same time last year. H1 2019
N ev
-1,000,000 -1,500,000
25% Comcast
AT&T
Dish
Charter
57%
Verizon
Source: Company earnings statements. Numbers include both traditional and internet-based TV services.
TOP-TEN PROVIDERS IN THE US LOST 1.52 MILLION SUBSCRIBERS IN THE Q2 SERVICE
PARENT COMPANY
PLATFORM
CHARGE QUARTER
SUBSCRIBERS
1
Comcast
Comcast Communications
Cable
-427,000
19.47
2
AT&T Premium TV
AT&T Corporation
Various
-886,000
17.69
3
Charter Spectrum
Charter Communications
Cable
102,000
15.65
4
DISH Network
DISH Network Corporation
Satellite
5,000
9.02
5
Verizon Fios
Verizon Communications
Telco
-81,000
3.99
6
Altice USA
Altice USA
Cable
-34,600
3.10
7
Sling TV
DISH Network Corporation
Online
-56,000
2.26
8
AT&T TV NOW
AT&T Corporation
Online
-66,000
0.72
9
Mediacom
Mediacom Communications
Cable
-17,000
0.68
Frontier
Frontier Communications
Cable
-61,000
0.56
10
THE DECLINE OF THE PAY TV BUNDLE
HOW TV BUNDLES MEASURE UP
Traditional TV (Comcast, Charter, Altice, AT&T/ DirectTV, Dish, Verizon)
Comcast Dish
Streaming TV (Sling TV, PS Vue, AT&T TV Now, FutoTV, Hulu + Live TV, YouTube TV)
Charter Verizon
AT&T TV Now
Altice Sling TV
RATE OF CORD-CUTTING SLOWED DOWN DURING QUARENTINE 1%
0%
Video Subscribers (quarterly growth)
2016 Q2
2017 Q2
-0.6%
-0.6%
2018 Q2
2019 Q2
2020 Q2
-0.4% -1%
-1.7% -2%
-2.0%
FuboTV
90M
Hulu w/Live TV
3.45 MILLION
80M
60M
Subscribers
75M 70M 65M
During the first half of the year, the five big pay TV providers lost a collective 3.45 million subscribers. Over the first six months of 2019, 2.42 million consumers cut the cord.
40M
20M
60M 55M
0
2018 Q2
2019 Q4
Source: EMC Analysis. Only includes Top 6 MVPDs (Altice USA, Charter, Comcast, DirecTV, DISH, Verizon) and their vMVPDs (DirecTV Now, Sling TV)
AT&T/DirecTV
85M 80M
-4%
PlayStation Vue
YouTube TV
Subscribers
have shaved, cut or never had traditional pay TV.
-3%
Source: Company earnings statements.
2017 Q1
Cord Cutter
2017 Q1
2018 Q2
2019 Q4
Source: Company earnings statements; estimates via Parks Associates, ComScore, CNBC, Bloomberg and MoffettNathanson.
PAY TV VS NETFLIX PERFORMANCE
BACK IN TIME Traditional TV distributors lost approximately 1.52 million subscribers during the second quarter. That brings total residential pay TV penetration down to about 60% of occupied households, a level not seen since 1994.
Quarterly subscriptions Netflix
200 m
Pay TV
150 100 50 0 2016 Source: Netflix and MoffettNathanson
2020