New data from Leichtman Research shows that the US cable subscriber market is now smaller than Netflix’s market share which marks a first for the industry.
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Forbes points out that this has happened thanks both significant growth for Netflix and a slow decline for the cable market.
Let’s be honest, with Netflix having doubled its subscriber base – adding 27 million subs – over the last five years there was always going to come a time when it beat other services. […] While cable subs are down by 4 million in the same five years that Netflix has seen huge growth, that’s not a massive drop off.
Statista charts this data with a telling visualization:
Personally, I subscribe to Netflix but haven’t paid for a cable subscription in a few years, but there can be lots of overlap between cable subscribers and Netflix customers.
Apple has been approaching the industry in bite-sizes recently with original content behind the Apple Music subscription pay wall including Planet of the Apps and Carpool Karaoke. Apple was rumored to be developing its own skinny bundle streaming cable service before, although that effort has been suspended for over a year.