The number of consumers who say they are “extremely likely” to cut the cord on their pay TV service has increased to 3.7% from 1.9% five years ago, according to a new study by Frank N. Magid Associates.
The cord cutting phenomenon has so far been small, but worries it could pick up steam have caused concerns on Wall Street that have contributed to media company stock prices plummeting in recent weeks.
Though these are small absolute numbers, they represent a growing trend by Americans to discontinue their pay TV. Most consumers say they are doing this because they can get plenty of content from “over-the-top” services like Netflix, Hulu and others, as well as content they get from the Internet broadly, including YouTube, according to Magid.
Read more at B&C.