Now that content is readily available for instant streaming on so many platforms like Hulu and Netflix, consumers are no longer willing to pay premium pricing for cable.
Although there are still 91 million customers with cable, Telco TV, or Satellite dish, according to "Cord Cutters News" over 13,000 people a day are canceling traditional TV.
In the months of July, August, and September- cable, Telco TV, or Satellite dish lost at least 1.1 million subscribers, as reported by the research firm MoffettNathanson.
"Satellite TV providers had their worst quarter on record with a loss of 726,000 subscribers, the firm says. Cable operators have been hit with a tough trend, too. So far this year, they have lost nearly 1.1 million subscribers, their worst losses at the three-quarter mark since 2014. So far this year, traditional pay-TV providers have lost 2.8 million subscribers," writes "USA Today."
However, "Cord Cutters News" claims that this is likely an underestimate.
There are hidden cutters that aren't being accounted for. First, there's the 13,000 that have moved out on their own from their parents or with roommates and decide not to get cable at all.
"Take the example of three roommates splitting the bill for cable TV at a rented house. If the three roommates decide to move out and get their own places that counts as one cancellation of cable TV but if all three fail to sign up for new cable TV that makes three new cord-cutting households," writes "Cord Cutters News."
Now, these don't technically count as "cord cutters" but they are potential cable customers that these companies are losing out on.
Read more about how cable companies are continuing to lose millions of subscribers at "Cord Cutters News."
One of the biggest challenges for cable companies is that they are losing the younger audience, aka future subscribers at an alarming rate. 15 percent of people from the ages of 18 to 34 watched less TV. Since 2014, TV watching by this group is down by 36 percent. Teens are watching 18 percent less TV compared to last year and 48 percent less since 2014.
On a recent episode of The Barron Report, Paul Barron calculates that that cable and other TV services are down to 50 percent of current viewers in just 3-5 years. Watch the video above to see how this is shifting the media landscape.