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While pandemic-driven lockdowns may have benefited certain forms of media, the traditional pay TV industry is not one of them. In fact, cable, satellite, and telecom TV providers will lose the most subscribers ever.
By the end of this year, 31.2 million US households will have cut the cable TV cord in aggregate. And 6.6 million households will cancel their pay TV subscriptions. By 2024, more than one-third of US households will have cut the pay TV cord.
That leaves 77.6 million US households with cable, satellite, or telecom TV packages, down 7.5% year-over-year, the biggest such drop ever. Furthermore, that total is down 22.8% from pay TV's peak in 2014. By the end of 2024, fewer than half of US households will subscribe to a pay TV service.
The loss of viewers is coupled with a major hit to traditional TV ad spending. Total spend will drop 15.0% this year to $60.00 billion, the lowest the industry has seen since 2011. And while it will rebound some next year, TV ad spending will remain below pre-pandemic levels through at least 2024.
This article was originally published on eMarketer.
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