With fall TV gearing back up and football in full swing, tens of millions of people will be tuning in to their TVs in the next few weeks. And a recent study shows that more than ever before will be doing it without a cable subscription.
About five years ago, the number of people who were “extremely likely” to cancel their TV subscription service in the next 12 months stood at just under 2 percent. In 2016, thanks to a number of new streaming options (and the fact that just about any TV show can be streamed online), that number has over tripled with 6 percent of people saying they’re cutting cable soon.
When just millennials are considered though, the number of people that have plans to eliminate their cable service gets even bigger – almost 10% (and that doesn’t include millennials who are buying their first homes and aren’t even signing up for cable to start with). Cable or satellite TV has been standard in homes for many years, but for today’s young people, cable TV is going the way of the landline telephone – it’s not uncommon at all to go without it.
Cost seems to be the driving factor, as does the a la carte options with streaming services, where viewers only pay for the content they want, and don’t have to wade through hundreds of channels to find something to watch.
2016 marked the third straight annual decline for traditional paid TV. Mike Vorhaus, the president of the research firm that conducted this study, echoed this when he said, “When you think about the fact that there’s an even higher number in the younger generation that’s never had cable outside of their parents’ home, not only do I think this is going to continue, but I think it’s going to continue to rise in absolute numbers.”