Coronavirus has swept the globe and dramatically changed lives all around the world. The impact of coronavirus on cable TV has also been devastating. In the first quarter of this year, approximately 1.8 million subscribers canceled their cable subscriptions. Cable companies responded with massive layoffs.
The Coronavirus has destabilized jobs and resulted in record high employment. As households tighten their budget a frequent first step has been the cancellation of cable TV service. The average monthly cable bill comes to around $220. The lose of 1.8 million subscribers amounts to a massive financial blow to the Cable TV industry. Forecasts call for additional declines in cable subscriptions in the neighborhood of 11% for the remainder of this year. The total subscriptions for Pay-TV now stand at only 63% of American households, the lowest percentage in 25 years.