Record numbers of pay-TV watchers cut the cord

    More than 1 million people ditched their cable and satellite TV packages last quarter, the most ever in a quarterly earnings period, according to research firm MoffettNathanson.

    As Axios reports, the quarterly drop shows that more Americans are giving up on expensive cable and satellite TV packages, opting for more affordable services delivered over a broadband connection.

    More than 80% of pay-TV subscribers in the U.S. come from four cable and satellite providers: AT&T, Comcast, Charter and Dish. Those companies together lost 887,000 subscribers this quarter, driven by big losses at Dish and AT&T.

    There are roughly 120 million TV homes in the U.S., per Nielsen, and about 90 million of them (75%) still pay for traditional TV. That percentage is dwindling as more people cut the cord.

    Many pay-TV providers are hoping to offset losses with gains in subscribers to digital TV alternatives, like AT&T’s DirecTV NOW or Dish’s Sling TV. But those companies haven’t been able to come close to closing the gap. Read the full story.

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