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A narrative of consumers cutting the cord and choosing to get rid of cable television could be further supported in a new report from YouTube. The report shows that not only are cable companies losing subscribers, but virtual multichannel video providers are taking away market share.
What Happened: YouTube TV, a unit of Alphabet Inc (NASDAQ:GOOG)(NASDAQ:GOOGL), released public data on subscriber numbers for several large cable companies and its peers in the virtual multichannel video provider segment.
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The report, which was shared by The Hollywood Reporter, shows that cable and satellite companies still have the bulk of subscribers, but market share is declining.
YouTube TV and Hulu Live TV, which is owned by The Walt Disney Company (NYSE:DIS) and Comcast Corp (NASDAQ:CMCSA), are gaining subscribers and have around a 20% market share.
Here are the latest subscriber figures for live television providers:
Comcast: 17.6 million subscribers
Charter, a unit of Charter Communications (NASDAQ:CHTR): 15.7 million subscribers
DirecTV, a unit of AT&T Inc (NYSE:T): 14.3 million subscribers
Dish Network (NASDAQ:DISH): 8 million subscribers
YouTube TV: 5 million subscribers
Hulu Live TV: 4.1 million subscribers
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Verizon (NYSE:VZ): 3.6 million subscribers
SlingTV, a unit of DISH: 2.25 million subscribers
FuboTV Inc (NYSE:FUBO): 1 million subscribers
Related Link: Comcast, Charter Joint Venture Streaming Platform: What Investors Need To Know
Why It’s Important: YouTube TV hit 5 million subscribers five years after its launch and has added 2 million subscribers since late 2020, when the company last shared subscriber numbers.
Hulu Live TV saw subscribers rise 8% year-over-year in the last quarter.
Pay television providers lost 1.95 million subscribers in the first quarter, according to a recent study.
YouTube TV and Hulu Live TV come with price points of $64.99 and $69.99 respectively, in line with similar offerings from FuboTV and DirecTV at $69.99 each.
The virtual multichannel video providers offer additional features like cloud DVR and overlay features that could be beneficial to subscribers.
With concerns for cord cutting, traditional cable and satellite providers now have competition from companies like YouTube and Hulu to consider.
More consolidation could come in the cable and satellite market in a push to gain market share and keep prices the same without a battle to lower prices for subscribers.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.