People around America are canceling their TV services at record rates during the coronavirus pandemic.
MoffettNathanson analysts Craig Moffett and Michael Nathanson wrote in a “Pay TV Catches COVID” report that “pay TV subscriptions fell by a record 1.8 million in the first quarter,” according to the Hollywood Reporter. (REVIEW: ‘Westworld’ Season 3 Ends With The Possible Deaths Of Multiple Characters)
The annual drop for pay TV is down a record 7.6 percent, according to the same report.
The unfortunate reality of the situation is that people are tight for money right now. Unemployment is through the roof and people are struggling.
When people are struggling, tough decisions have to be made and budgets have to be evaluated. While it’s not pleasant for companies to hear, cutting your pay TV services is an easy call.
Plus, you can still find plenty of content on Netflix for a fraction of the cost.
It’s unfortunate, but it’s the reality of the situation. Cord cutting is already becoming more and more popular as streaming options improve, and it seems like the coronavirus pandemic just accelerated that trend.
The question is how many people giving up their TV services right now will return in a year. I’m guessing not many.
Hopefully, we’ll all bounce back in a big way. Unfortunately, we’re still not out of the tunnel just yet.