As streaming video continues its ascendancy, cable, satellite and internet TV providers in the U.S. turned in their worst subscriber losses to date in the first quarter of 2023 — collectively…
— the most of any single company — to stand at 15.53 million at the end of the period. Asked about dwindling video business on the company’s earnings call, David Watson, president and CEO of Comcast Cable, acknowledged the reality ofand said the operator’s approach is “to not subsidize unprofitable video relationships.” He added, “We’ll fight hard, whether it’s acquisition, base management or retention. So it’s important to us, but we have figured out a way to manage it financially.
Google’s YouTube TV was the only provider tracked by MoffettNathanson that picked up subs in Q1, adding an estimated 300,000 subscribers in the period and netting 1.4 million subscribers over the past year. Hulu, meanwhile, has barely grown over the past three years , Moffett noted, while FuboTV lost 160,000 subscribers in North America in the first quarter to mark its worst quarterly loss on record.
Pay TV is suffering from what Moffett calls “the impoverishment cycle,” in which higher sports-broadcast fees have driven retail prices higher — thereby fueling cord-cutting and forcing distributors to increase prices to compensate. Even ESPN, one-time stalwart of the traditional ecosystem, has conceded that there will be a day when a la carte streaming is a viable option, Moffett noted.
“We haven’t really changed our position regarding basically migrating ESPN’s flagship service as a direct-to-consumer or streaming platform,” Disney CEO Bob Iger said on the conglomerate’s May 10 earnings call. “We think there’s an inevitability to that, but it’s a huge decision for us to make. And we know that we’ve got to get it right, both in terms of pricing and timing.”
Is there a bottom in sight for the pay-TV industry? MoffettNathason has argued that the “pay TV floor” is between 50 million and 60 million U.S. homes. But, Moffett wrote in the latest report, “As things stand, we expect cord-cutting to grow even worse and the long-theorized ‘floor’ to be breached.”
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