Q3 2019 Cord-Cutting Monitor: Live Is Dead

QoQ change in pay-TV subscribers according to Leichtman Research Group and MoffettNathanson:
1) Traditional pay-TV - ↓ 1.8M
2) Streaming pay-TV - ↑ 529K
3) Total pay-TV - ↓ 1.3M

QoQ change in traditional pay-TV subscribers:
1) AT&T - ↓ 1.2M
2) Comcast - ↓ 238K
3) Charter - ↓ 75K
4) Dish - ↓ 66K

Traditional pay-TV subscribers (YoY growth):
1) 2018-Q3 - 86.1M
2) 2019-Q3 - 81.0M (↓ 6%)

Streaming pay-TV subscribers (YoY growth):
1) 2018-Q3 - 6.7M
2) 2019-Q3 - 9.0M (↑ 34%)

YoY change in pay-TV subscribers:
1) Traditional pay-TV - ↓ 5.1M
2) Streaming pay-TV - ↑ 2.3K
3) Total pay-TV - ↓ 2.8M

Traditional pay-TV growth according to UBS:
1) 2018 - ↓ 1.2M (↓ 1%)
2) 2019P - ↓ 6.4M (↓ 6%)
3) 2020P - ↓ 6.2M (↓ 7%)

Quote from MoffettNathanson:
"What IS dead, or at least rapidly dying, is live entertainment. The live TV model for entertainment programming is being displaced by SVOD and AVOD much more rapidly than the cord-cutting numbers alone would suggest. The long-awaited bifurcation between live (sports and news) and on-demand (entertainment) is gathering momentum."

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