More than 1 Million Americans Cut Cable TV Internet in 2024, Indicating Growth of “Cord Cutting 2.0”
The telecommunication industry witnessed a momentous shift in 2024 as more than 1 million Americans opted to cancel their cable TV-based internet subscriptions, fueling the phenomenon known as “Cord Cutting 2.0.” This mass exodus, as revealed by year-end reports from major cable providers, marks a critical juncture where consumers are not only abandoning traditional TV services but also the broadband offerings that have long been the cornerstone of cable companies. The data showcases a significant rejection of legacy cable models, resulting in a total loss of 1,183,700 internet subscribers across key industry players.
Comcast, the largest cable provider in the U.S. operating under the Xfinity brand, experienced a notable decline of 411,000 internet customers over the year, a stark departure from its historical trend of broadband growth. Charter Communications, which offers services through Spectrum, led the pack with a staggering loss of 508,000 internet subscribers, signaling a significant erosion of its once-dominant market position. Altice USA’s Optimum brand witnessed the departure of 170,000 customers, while WideOpenWest (WOW!) reported a more moderate but still noteworthy decrease of 19,700 high-speed data (HSD) subscribers. Smaller cable operators collectively lost an estimated 75,000 internet users, painting a grim picture for the industry at large.
This wave of cancellations serves as an extension of the initial “cord-cutting” trend, where millions of individuals transitioned from cable TV to streaming services like Netflix and YouTube TV. Now, with the onset of “Cord Cutting 2.0,” there is a broader movement against cable’s dominance in internet services, fueled by escalating prices, discontent with service quality, and the emergence of viable alternatives such as 5G home internet and fiber-optic networks. The evolving landscape indicates a crumbling fortress for cable companies that once relied on broadband to offset losses in TV subscriptions.
The data provides a compelling narrative. Comcast’s reduction of 411,000 internet subscribers, distributed among different quarters, including 65,000 in Q1, 48,000 in Q2, 29,000 in Q3, and an approximate 269,000 in Q4, signifies a continuous decline exacerbated by price hikes and competition from Verizon’s 5G Home Internet, which attracted over 400,000 subscribers in 2024. Spectrum’s loss of 508,000 subscribers was more abrupt, with Q4 alone accounting for 177,000 cancellations. Altice’s decline of 170,000 subscribers mirrors its ongoing challenges, while WOW!’s loss of 19,700 HSD subscriptions, inclusive of 5,400 due to hurricane disruptions, highlights vulnerabilities even among smaller providers. The estimated 75,000 subscriber losses from other operators like Cox and Mediacom underline the widespread nature of this trend.
Multiple factors have accelerated this movement. Cable internet prices have climbed steadily over the years, and the presence of new competitors like T-Mobile and Verizon offering 5G home internet at competitive rates, often below $50 per month, is enticing subscribers with comparable speeds. Additionally, the expansion of fiber networks by AT&T, Google, and municipal providers has further eroded cable companies’ competitive advantage, particularly in urban areas.
The repercussions extend beyond subscriber counts, as cable industry giants have reported revenue declines, with WOW!’s internet revenue dropping by 1.6% to $423.6 million. To counteract these challenges, companies like Comcast and Spectrum have ventured into mobile services, garnering 9 million wireless subscribers, although this has not been sufficient to stem the tide. Furthermore, the loss of over 4 million cable TV subscribers in 2024, including 1,665,000 for Comcast and 1,230,000 for Spectrum, exacerbates the crisis, compelling companies to rethink their value propositions.
For the 1.18 million Americans who abandoned cable internet services in 2024, this decision symbolizes a combination of empowerment and frustration. With the increasing momentum behind “Cord Cutting 2.0,” the once-unshakable dominance of cable companies in the broadband sector appears increasingly insecure.
