2023 is a breakthrough year for 5G home internet providers, led by T-Mobile and Verizon. Now, according to a report from Leichtman Research Group, these two companies alone will add more than 3.6 million new 5G home internet customers in 2023.
Meanwhile, top cable companies including Comcast lost more than 63,000 Internet customers. Traditional telecommunications companies such as AT&T also reported losing more than 80,000 Internet customers.
What is Cord Cutting 2.0? Cord-cutting 1.0 is cutting the cord on cable television. In 2024, “Cord Cutting 2.0” means cutting the cord on expensive home internet and getting new, cheaper options.
Cable broadband providers like Comcast and Spectrum face new competition not only from 5G home internet services, but also from fiber optics, fixed wireless access providers, satellite services and more. For the first time ever, Americans had home internet options, and they started cutting off their connections.
This new access to more Internet service options makes it possible to get rid of cable companies altogether: not just get rid of TV service, but also get rid of Internet service.
New providers aren’t the only factor causing subscriber churn. Pricing is an important factor in people deciding whether to switch providers.
AT&T also launched 5G home Internet service in 2023, bringing home Internet options to Americans who had no choice in the past.
Like the early days of cord-cutting 1.0, growth in 2.0 is currently slow. We are waiting for more suppliers to join the market. Amazon has announced plans to start offering home internet service next year. Other providers are rapidly building new types of internet to give Americans options.
Now, as we enter 2024, cord-cutting 2.0 is expected to grow rapidly, as Spectrum (one of the few cable companies still adding new internet customers in 2023) lost subscribers in the fourth quarter of 2023.
Over the next five years, cable providers will have to face an increasing number of competitors in an industry once viewed as a safe bet against cord-cutting. The Internet is at the forefront of the next generation of cord-cutting.
Please follow us on Facebook and X Find out more news, tips and reviews. Need cord-cutting technical support? Join our Wire Cutting Tech Support Facebook Group for help.