Throughout its third quarter, Comcast (NASDAQ:CMCSA) has continued to lose video customers, at an even greater rate than its equivalent period in 2016.
Comcast saw a loss of 125,000 subscribers in its third quarter this year, compared to a loss of 32,000 in the third quarter of 2016. No doubt the reason behind this increase in cable subscription loss is in large part due to the tough competition offered by streaming services and major telecom carriers.
Wireless devices have gained in popularity and with the ability to watch TV from anywhere on multiple devices and with faster Internet speeds, more and more people are turning from cable companies to video streaming companies, like Netflix (NASDAQ:NFLX) and Amazon (NASDAQ:AMZN) Prime video.
Many people prefer to binge-watch programs, instead of waiting week over week for the show to air, so the switch to these low-cost streaming services has been steady and climbing. The cost of a streaming service is much lower than subscribing to a cable company (as different as $10 versus $50, as an example), and the switch does nothing to the quality of shows, with many streaming services offering strong original content in addition to network shows.
Comcast will have to think of a solution fast if it wants to gain its subscribers back.
Featured Image: depositphotos/joshuarainey
