Pay TV and Cable Lost 5.8M Subscribers in 2022
by Frankie Karrer
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Americans are continuing to cut the cord on their cable subscriptions at a rate of 4-5% per year. In fact, in two years, less than half of US TV watchers are expected to have cable or satellite TV. Most of the viewers leaving cable are switching to ad-supported video on demand services (AVOD), whose audience is growing twice as fast as that of subscription video on demand (SVOD). And advertisers are taking notice—by 2026, AVOD revenues are expected to be three times the amount of 2021, reaching $31.4 billion.
This migration of viewers will mean that half of all internet users will be reachable through an AVOD service by 2024, according to eMarketer. Part of the reason for the preference for free ad-supported apps is the growing number of streaming services available for consumers. Tubi found that once a household reaches a saturation point of three streaming services, any additional content watched is likely to be through an AVOD service due to the lower (or nonexistent) price point. The report also predicts that as this audience grows, free-streaming audiences will expand to include older and higher-income audiences. Ultimately, as more and more consumers turn to AVOD to watch streaming content, advertisers should be looking to get their ads on Connected TV to reach this growing audience.
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