While recent events have curtailed a number of hobbies, routines, and industries for people all around the world, perhaps one of the biggest business casualties of 2020 has been cable television. Cutting the cord on cable has officially become one of, if not the most, popular trend of how people are consuming their entertainment.
While Americans already spend an average of 90 percent of their lives indoors, the ongoing pandemic has drastically increased the amount of time we stay at home, as well as overall television viewing time. In fact, there were 8.3 million more TV watchers in the U.S. this year than compared to last year, the first time that amount has increased in over a decade. However, the inflation of television viewers didn’t translate to cable TV subscribers, as 6.6 million American households cut the cord on cable in 2020, equating to a 7.5 percent drop, the steepest one-year decrease ever.
There are so many other variables to why more Americans are finding alternatives to cable TV other than being forced to stay at home more often. From smart TV options becoming more accessible and affordable to media streaming devices being the preferred entertainment source for younger audiences, the way we watch television has evolved into a more customizable user experience. To truly examine the factors that are leading to the media consumption revolution, let’s take a look at how cord cutting became more popular than ever in 2020.
More Time At Home Equals More TV Options
As previously mentioned, millions of Americans found themselves spending more time at home than ever before. As the need for quality, accessible, and affordable entertainment continues to drastically increase, more and more households found themselves questioning whether their cable subscription was really worth the bang for their buck. Recent reports indicate that the average cable package subscription in the U.S. is $217.42 a month, which is more than most families total monthly utility bills.
With unemployment continuously on the rise and the economy in shaky ground, people are trying harder than ever to seek out more affordable alternatives to cable television. Streaming services have beckoned to that call, with a reported 62 percent of U.S. adults subscribing to at least one streaming service, with 46 percent of those viewers paying less than $20 a month for their subscription. The affordability of streaming services becomes more apparent when you compare the monthly prices for the basic packages of the top streaming providers in the world:
● Netflix = $8.99/month
● Hulu = $5.99/month
● Amazon Prime Video = $8.99/month
● Disney Plus = $6.99/month
In addition to streaming services growing in popularity and affordability, digital TV antennas have also become a favorable cable television alternative to watching local broadcasts and channels, with digital TV antenna usage increasing by nearly 50 percent in U.S. households over the past eight years.
The Future of Television
Statistics regarding cutting the cord on cable television indicate that it isn’t necessarily a phase; it’s only going to increase in popularity in the impending decades to come. Approximately 31.2 million American households have officially switched over from cable subscriptions to other media streaming services, and that number is projected to increase to 46.6 million in 2024. Younger generations are leading the way in cord cutting, with a reported 61 percent of U.S. millennials using online streaming services to watch television, compared to 31 percent who use cable or satellite subscriptions. These trends indicate that cable subscriptions are becoming a dying breed in the ways that Americans watch and pay for their television.
Cut the Cord With Cable Alternatives
If you’re interested in learning more about how cutting the cord can enhance your television viewing experience, you’re not alone! Contact Cable Alternatives today to receive fast, efficient, and affordable cord-cutting services, or give us a call at 763-571-1037 to ask questions about whether cutting the cord is the right choice for you.