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The biggest concern held by media and cable companies is the growing trend of cord-cutting. But these concerns may be overblown, at least according to a new Deloitte study.
Deloitte's 11th Annual "Digital Democracy Survey" found that the percentage of American homes that pay for TV services has remained relatively stable over the years, according to a CNBC report.
The survey consists of 2,121 consumers and found that Americans are holding on to their TV packages — despite the fact that it's easier to cut the cord today than ever before — because TV is often bundled with an Internet subscription service.
The percentage of households who subscribe to at least one streaming provider has risen from 31 percent in 2012 to 49 percent in 2016. Yet at the same time, the percentage of households who also pay for a TV service fell just 2 percent, from 76 percent in 2012 to 74 percent in 2016.
Streaming May Not Be A Death Sentence For Cable
The CNBC report quoted Netflix, Inc. (NASDAQ:NFLX) CEO Reed Hastings as saying since at least 2013 that the streaming video provider isn't intended to be a legacy media killer.
The new survey may confirm what Hastings has said over the years.
Kevin Westcott, vice chairman and leader of U.S. media and entertainment at Deloitte, told CNBC the firm hasn't seen much cord-cutting.
"There is some, but consumers who do have these bundled services — Internet access is now like any other utility. If they have bundled service, they're much less likely to cut the cord."
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Netflix Leads The Content Crowd In Streamer Satisfaction
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.
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