The landscape of cord cutting is rapidly evolving, with a new movement gaining traction: cord cutting 2.0. While cord cutting 1.0 focused on ditching cable TV, cord cutting 2.0 takes it a step furthercutting the cord on cable internet as well. This shift is driventhe desire of Americans to break free from major cable TV and internet providers, and the availability of alternative options is making it possible. In the third quarter of 2023, Verizon and T-Mobile added a staggering 941,000 5G home internet customers, signaling the exploding popularity of cord cutting 2.0.
So, what exactly does cord cutting 2.0 entail? Unlike its predecessor, cord cutting 2.0 involves liberating oneself from both cable TV and cable internet, ushering in a new era of choice and flexibility. This movement is fueledincreased competition from providers such as fiber and fixed wireless access service providers, which offer viable alternatives to traditional cable broadband companies like Comcast and Spectrum.
A key factor contributing to the surge in cord cutting 2.0 is pricing. More and more people are driven to explore alternative providers due to competitive pricing structures. Additionally, AT&T has stepped into the gamelaunching 5G home internet services, providing options for Americans who previously had limited choices. While we await AT&T’s third-quarter 2023 numbers, Verizon has already made significant stridesadding over 434,000 broadband customers, including an impressive 384,000 5G wireless home internet customers.
T-Mobile has also embraced cord cutting 2.0, attracting 557,000 5G Home Internet customers in the third quarter of 2023 alone. This equates to a remarkable average of more than 6,000 new customers per day. Conversely, Comcast experienced losses of 18,000 home internet customers, while Spectrum reported adding 60,000 customers in total during the same period.
The implications for cable providers are significant. Over the next five years, they will confront an increasingly competitive landscape in a domain that was once considered their stronghold against cord cutting. The battle has shifted to the internet, as cord cutters seek innovative ways to save money and gain greater control over their viewing and browsing experiences.
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