S&P Report Says Cable TV's Nine-Year Decline Shows No Signs of Slowing

The slow death of cable TV is a statistical reality, as a new report from S&P Global Market Intelligence confirms the industry's ninth consecutive year of subscriber losses. The report shows consumers continue to abandon traditional packages for streaming alternatives.

• A nine-year slide: The long-term picture is stark. Pay-TV penetration, which topped 80% in 2011, has cratered to just 34%, according to S&P. In 2024 alone, basic cable networks saw subscriber numbers drop by an average of around 7% as viewers fled to on-demand streaming and virtual bundles like YouTube TV.
• Haves and have-nots: Despite the subscriber flight, S&P's analysis reveals a widening gap between the industry's haves and have-nots. While dozens of channels still reach over 60 million subscribers, an even larger group is struggling with fewer than 10 million. C-SPAN and Food Network lead the pack, largely because they are staples in most basic cable packages.
• 'The bleeding continues: And the bleeding isn't expected to stop. S&P projects the average cable network will continue to shrink by over 5% annually through 2029, meaning even giants like C-SPAN could see their audiences diminish by 15 to 20 million viewers. C-SPAN itself seems to be bracing for that future, announcing it will land on YouTube TV and Hulu + Live TV this fall.

The data confirms the cord-cutting trend is accelerating, forcing even the most established cable channels to hedge their bets and embrace the streaming platforms that are dismantling their business. While cord-cutting continues, it's not the only story. A separate S&P Global report found that providers who bundle TV, internet, and wireless services see significantly higher customer satisfaction, suggesting a potential strategy to slow the churn.