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Research — Nov 4, 2025 Has streaming hurt or helped TV revenue? By John Fletcher Highlights Americans now pay for over half a billion video subscriptions Since Kagan newsletters started tracking US video subscriptions in 1969, traditional revenue has logged only two down years — 1994 and 2018. The traditional cable bundle peaked in 2012 at 101 million households but is now less than half that due to cord cutting. Meanwhile, though, in 2016 digital subscriptions surpassed traditional multichannel, and Americans now pay for over half a billion video subscriptions when combining the big three sources of video services: traditional multichannel (legacy pay TV from cable, satellite or telco providers), streaming apps (subscription video-on-demand services such as Netflix and Disney+) and virtual multichannel (virtual multichannel video programming distributors such as YouTube TV and Sling TV). More importantly, revenue from US subscription video should hit an all-time high this year when digital and linear subscriptions are combined. Since Kagan newsletters started tracking US video subscriptions in 1969, traditional revenue has logged only two down years — 1994 and 2018. The decline seven years ago indeed occurred due to cord cutting. But the number of SVOD and vMVPD subscriptions returned total US video subscription revenue to growth once again in 2019 — despite high digital video churn and generally lower monthly rates compared to the old pay TV bundle. Currently about nine out of every ten US video subscriptions is for a streaming/SVOD app, with traditional pay TV comprising 7% of subscriptions and vMVPD accounting for 4%. Still, traditional generates the most revenue, based on higher average monthly rates compared to SVOD — $122 versus $10. Some smaller cable operators like WOW and Cable One are exiting the video business and pursuing a “broadband-first” approach. Dropping the high-expense/low-margin video business can lead to improved cash flows, as Cable One’s recent financials indicate. But innovative “hybrid” packages are emerging from many operators (including the big three cable providers — Comcast, Charter and Altice) combining SVOD apps with traditional video packages. Bundling “multiple services” from the same “operator.” An interesting idea. CIQ Pro: U.S. Broadband & Pay TV Trends: The history and future of US paid video, 1975–2035 Learn More CIQ Pro: U.S. Broadband & Pay TV Trends: Multichannel video market share Q2 2025: Video losses continue to slow Learn More

Webinar Unlocking Insights: Introduction to S&P Research Essentials (SPRE) Live Webinar Event starts in Days Hours Minutes Register Now Register Now Summary Historical company data is central to both faculty research and student learning. S&P Global & Wharton Research Data Services (WRDS) have combined two financial data cornerstones into one trusted platform to support this vital analysis. Join us for an exclusive, invite-only webinar where we will demonstrate the newly launched S&P Research Essentials (SPRE), which provides Compustat fundamental data and securities pricing powered by WRDS. What You Will Learn: The Vision Behind SPRE: Discover why SPRE was created and how it can transform campus needs Comprehensive Data Coverage: Explore the extensive data coverage included with SPRE access and how it can enhance your analyses. Research Advantages: Understand the research benefits of using SPRE for time-series analysis and how it can facilitate groundbreaking research. Enhance Teaching with SPRE: Learn practical ways to integrate SPRE into your curriculum to drive student learning Why Attend: Gain firsthand insights into a powerful new tool that can elevate your research and teaching. Participate in a live Q&A session to address your specific queries. RSVP today! We look forward to demonstrating how your university can benefit from access to standardized, historical data tailored to meet both faculty and student needs. Register Now Moderator S&P Global Market Intelligence Rachanna Haffner Head of Global Public Sector Business Development Rachanna is part of the Data & Research division of Market Intelligence where she’s Global Head of Business Development for the Public Sector. She ensures Universities and government institutions have access to the data and platforms needed for impactful research, learning, policy setting and risk management. With over 18 years’ experience working with Public Sector clients on data needs, she partners with institutions to help them drive global insights from financial data via desktop, feeds and vendor partnerships. View Profile Speaker Wharton Research Data Services (WRDS) Charles Rejonis IT Director View Profile Questions? Please contact us if you need more information or have trouble accessing the webinar. globalevents@spgobal.com