Since the year 2015, the percentage of Americans who watch television via cable or satellite has dropped from 76% to 56%. This recent drop in cable users can be directly related to the rise in popularity of streaming services such as Netflix and Hulu. It is believed that dating back to 2020, about 25 million United States households are expected to cancel their television subscriptions. To add to this, since 2012, 25 million families have already abandoned their television subscriptions. This rapid decline in subscription holders is expected to continue unless a new solution is produced.
Originally, streaming services such as Netflix were viewed as friends of the television industry. However, over time, this perception began to change as viewers began to shift over from television viewing to fully supporting streaming sights. The COVID-19 pandemic was a major booster for the streaming industry. Because many people were left without much to do during the pandemic, many people picked up the hobby of indulging in different streaming platforms to utilize their time. The number of pay-TV households will dip from its peak in 2010 with 105 million viewers to a forecasted 72.7 million by the year 2023. The excitement and engagement towards television have depleted over the years because of the creations of more convenient viewing options. Due to this surplus of streaming platforms, this trend will continue to skyrocket.
Since 2019, there have been ten new streaming services developed. The most popular ones include Apple TV Plus, Disney Plus, Paramount Plus, and HBO Max. This explosion of different streaming services has been a remarkable addition to leisure time over the past decade. However, with all this growth a question is slowly beginning to circulate. As the viewership for television continues to drop and the streaming services rise, are cable viewers actually depleting, or is television slowly being reinvented?