Cord-Cutting Runs Amok: Cable, Satellite Providers Hit by Record Subscriber Losses in 2nd Quarter

Americans are continuing to flee from their cable and satellite services in droves, with traditional pay TV providers heading towards a record number of quarterly subscriber losses, according to a new report from analysts at MoffettNathanson on Monday. So far this earnings season, Comcast, AT&T (DirecTV’s parent company) and Charter have combined to lose 1.25 million Q2 subscribers — or about 1.1 million more customers than during the same period last year. This “bloodshed,” as analyst Michael Nathanson put it, puts pay TV subscriber losses on track for a record 5.5% drop during Q2; and even factoring in virtual MVPD options like Sling TV and DirecTV Now, pay TV is expected to see subscribers decline 2.7% during Q2, which would also set a new mark for quarterly futility. “With Comcast’s, AT&T’s and Charter’s [second quarter] earnings in the books, the early read on traditional cord-cutting is freaking ugly,” Nathanson wrote in the report. “The growth of cord-cutting and the continued decline in viewership are weighing on advertising as well, as we forecast flat growth for the quarter.” Also Read: HBO Max Streaming Service Will Include Live Programming, AT&T Boss Randall Stephenson Says The report isn’t optimistic on pay TV rebounding,...