Cable seems to be struggling during the COVID-19 pandemic[1]. Earlier in 2020, Fortune reported that over 1.6 million subscribers[2] to five of the largest pay-TV companies cut service during the first quarter of the year, a 70% jump from a year earlier.
Also: AAUGH! We ditched cable for streaming and, like Charlie Brown, we all got a rock[3]
These figures seem to indicate that the future of cable does not look good. How are we getting our entertainment in 2020? Do we stream or watch cable, or are we paying for both?
Staples surveyed over 1,000 US respondents between Aug. 20 to Aug. 21, 2020, to find out how much they spend on their subscriptions[4], and how much time they spend watching these services.
The survey showed that three out of five (60%) of Americans are paying for both streaming services like Netflix, Hulu, or Amazon Prime Video, and a cable, or satellite TV subscription.
Respondents said they would find it hard to live without specialized TV content channels such as the Discovery Channel, ESPN, CNN, and FX.
Almost half (48%) of Americans do not plan to cut the cord on cable in 2020 during COVID-19, 28% are considering cutting the cable, and 24% do not have a cable TV subscription.
The primary reasons consumers would consider cutting the cord mainly are about cost. Almost half (47%) of respondents wish to reduce their monthly expenses.
Over one in ten (10.8%) pay over $160 per month for their cable or satellite TV services. Almost seven in 10 (68%) pay $48 or less per month for their streaming subscription.
Almost one in three (30%) say that cable TV providers continue to increase their prices. Almost