Subscriptions for cable television and Netflix are now “neck and neck,” according to a report.
The report from PricewaterhouseCoopers (PwC) revealed that “the number of Americans who subscribe to cable TV is now on par with the number who subscribe to Netflix, and it’s only a matter of time before Reed Hastings and company pull ahead of the pack.”
“Based on a survey of 2,000 consumers, PwC found that 73% subscribe to a traditional pay-TV service, down from 76% in 2016 and 79% in 2015. Meanwhile, the percentage who said they subscribe to Netflix is also at 73%–putting it dead even with cable,” Fast Company explained. “The number of people who stream TV content from the internet is growing across age groups, but especially with people 50-59 years old, where 63% said they stream TV content versus just 48% last year.”
The survey also discovered that 82 percent of sports fans “would end or trim their Pay TV subscription if they no longer needed it to access live sports,” while 75 percent of consumers “say they can’t handle using more than four services in addition to Pay TV.”
“The number of traditional Pay TV subscribers continues to drop as more people are trimming or cutting the cord completely,” declared PwC in their report, adding, “Consumers are showing signs of being overwhelmed.”
“While respondents indicate they have four services on average—including Pay TV and digital services—they only watch about two of those services on a regular basis,” the report claimed. “Just a quarter of consumers say they can handle using more than four services in addition to Pay TV. Looking for content only adds to the burden—a notion we analyze in depth in our sister Consumer Intelligence Series publication on content discovery.”
In June, a study conducted by the Leichtman Research Group claimed Netflix had overtaken cable TV in subscribers.
The report also revealed that “9 out of the 10 most in-demand online television series are reportedly produced by Netflix, while one is produced by the streaming service Hulu.”