Cable TV is dying, but the eventual killer won't be Netflix or Amazon — it will be the cable companies themselves.
There's a narrative in media circles that Netflix, Amazon and other technology companies are killing cable companies. Cord cutting is accelerating! No one watches cable TV anymore! The end is nigh!
In recent months, Charter, the second-largest U.S. cable company, has offered low-margin video packages to give consumers more choice. The owners of these channels also own other channels, which they bundle in with their popular networks, leading to bloated cable TV packages and increasing prices. ESPN's four most popular networks cost more than $9 per month per subscriber, according to research firm SNL Kagan back in 2017.
Cable companies stay in the TV business because they have millions of legacy customers who are willing to pay about $100 for their bundle, instead of the $40 per month YouTube charges. And if people threaten to cancel their TV packages, operators have cheaper packages they use as sweeteners for customers to pay up for high-speed broadband.Chances are you're not too familiar with Cable One. It's the seventh-largest U.S.
As a result, Cable One has been shedding cable TV stations for years, refusing to pay increased programming costs on certain channels it has deemed replaceable. Cable One hasn't offered any of Viacom's channels, including Comedy Central and Nickelodeon, for nearly five years. Video revenue is declining. Last quarter, it dropped about 5 percent from the year-ago quarter, to $82.6 million. But profit margins and earnings before interest, taxes, depreciation and amortization have improved. In the fourth quarter, adjusted EBITDA increased almost 9 percent from last year to $127.6 million. Adjusted EBITDA margin increased 180 basis points year over year to 47.3 percent -— again, the highest in the industry, Moffett said.
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