People are flocking away from Cable TV at an unprecedented rate. They have lost nearly $1 billion to people, according to a new study from the management consulting firm Cg42.
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The firm estimates that there will be over 800,000 cable customers will switch from their subscriptions to something else within the next year. Cg42 expects each customer to be an average loss of about $1,300 annually, which will add up to over $1 billion in a year. The average customer will save $104 per month, as long as they aren't subscribed to too many more services.
Still, they are likely to make up some of that money with rising costs to people who are still going to use the cable services. Of course, they have to balance that out, or too many people will leave the services.
According to Leichtman Research’s annual study, TV costs have risen 40% in the last five years at a steady pace. In 2011, US subscribers pay, on average, paid $73.63 for cable or satellite. But now that number is $103.10.
Many people in this group are moving toward Netflix (73%), Hulu (59%), and Amazon Prime (44%).
Cg42's study used a survey of 1,119 US consumers.