Almost 500K drop pay TV in Q1

Almost half a million subscribers stopped paying for cable, satellite and other pay TV formats in the first quarter — a stunn📖ing acceleration of a frightening tr🌠end for the industry.

Charter Communications, which is integrating Time Warner Cable and Bright 𝔉House Networks, said Tuesday it lost 100,000 TV sub🐓scribers in the first quarter, on top of 105,000 in the prior quarter. Analysts had penciled in pay-TV losses of 25,000.

Charter, backed by John Malone’s Liberty Broadband, has said new pricing has 🔥led to customer departures, though it added 428,000 broadband subscribers.

“Charter’s results highlight a larger problem for the industry. It is clear the rate ✱of cord-cutting has significantly accelerated,” said Craig Moffett, co-founder of independent research firm MoffettNathanson.

The𒉰 picture at🌞 Charlie Ergen’s satellite service Dish is even bleaker. The satellite provider lost 143,000 TV subscribers versus Street estimates for a loss of 72,000. Moffett described the losses as “alarming.”

Only Comcast managed to eke out subscriber growth, adding 32,000 TV accoun♒ts.

The dismal numbers — a net loss totaling 475,0😼00 subscribers — are coming from distributors despite the fact that the first quarter is typically a strong one for TV additions.

Meanwhile, during the💞 same period, Netflix added 1.4 million c𝐆ustomers, BTIG analyst Rich Greenfield noted.

“It’s a watershed moment. … The bundle is too expensive, the price value is broken,” Greenfield said, as cord cutters stream Netflix shows like “Making of a Murderer,” “13 Reasons Why” and “Stranger Things.”

𒀰AT&T, which operates DirecTV and U-Verse, said its satellite TV service DirecTV was flat, while its U-Verse service lost 233,000.

At Verizon, FIOS lost 13,000 TV customers citing heavy competition in the New York market. Frontier, whiඣch reported earnings after the bell Tu♏esday, said it lost 18,000 TV subscribers.