In recent years, the increased number of streaming services had meant more consumers are turning away from cable and satellite TV bundles.
With the abundance of choice now available, traditional paid TV subscriptions have been falling in popularity and the number of households using them continues to decrease.
In a new study carried out by Roku, a streaming device company, consumers have been cutting their cable services at higher rates during the coronavirus pandemic.
What does the survey say?
The 2020 Cord Cutting study estimated that 32% of all households in the US with a TV don’t have any form of traditional paid subscription. This includes cable and satellite channels.
It also shows that 25% have cut back on their services, and 45% are planning to cancel them in the next six months.
Furthermore, nearly everyone that cut their services said they were happy with the decision, with many wishing they had done so sooner.
Among the reasons given for switching to streaming only, saving money on home entertainment was ranked the number one motivation.
The effect of live sports shutdown
During the pandemic, live sports have been cancelled, which resulted in many sports fans cancelling their TV subscriptions.
For many customers, this is the sole reason for keeping TV packages, and around 17% of people said they will return to traditional subscriptions when live sports return.
Another 31% of respondents said they will probably only subscribe to a single sports streaming service like NFL or ESPN, rather than signing up to a package that includes a variety of channels.
Roku’s Chief Marketing Officer, Matthew Anderson, says, “While we entered 2020 with significant momentum around cord cutting, we’re now seeing that the COVID-19 pandemic and the pause of live sports has caused consumers to rethink how they access home entertainment and what they are willing to pay.”
“It’s clear that value matters more than ever and the abundance of free content, free trials to premium streaming services and the savings that consumers achieve are fueling the shift to streaming.”