Cutting The Cord: AT&T Is Bleeding Cable TV Subscriptions, 544,000 In 3 Months
It was not good news for AT&T as its first-quarter revenue fell short of Wall Street estimates. The reason? It lost subscribers in nearly all of its main businesses except wireless.
“AT&T announced that it had lost 544,000 DirecTV subscribers in the first quarter, bringing the total decline in the past nine months to 1.28 million. Even though the satellite service still has more than 22 million customers, the market did not react well. AT&T’s stock fell by more than 4 percent by the end of the day, resulting in a $9.5 billion reduction in the media giant’s market cap,” Forbes reported.
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But this dilemma isn’t only faced by AT&T. Customers, in general, are veering away from traditional television and favoring streaming platforms. In fact, “flight from traditional
Over at Verizon, the company said
“Even AT&T’s ultra-cheap OTT service, with the unsubtle name of WatchTV, has failed to get much traction. The $15 month-to-month service was designed to be bundled with AT&T’s wireless plans. As of the end of 2018, it had fewer than 500,000 subscribers,” Forbes reported.