2023 was 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 customers to his 5G home internet in 2023.
Now, cord-cutting 2.0 continues to grow in 2024, with T-Mobile reporting an increase of 405,000 5G home internet customers in the first quarter of 2024. This is higher than the 541,000 people added in the fourth quarter of 2023 and the 523,000 people added in the fourth quarter of 2023. First quarter of 2023. All this as Comcast reported today that it lost 65,000 internet customers in the first quarter of 2024.
What is Cord Cutting 2.0? Cord Cutting 1.0 was cutting the cable TV cord. Cord Cutting 2.0 in 2024 is about cutting the cord of expensive home internet and getting new, cheaper options.
Cable broadband providers like Comcast and Spectrum are facing new competition from 5G home internet services as well as fiber, fixed wireless access service providers, satellite services and more. For the first time in history, Americans have home internet options and are cutting the internet cord.
With new access to more Internet service options, it’s now possible to completely break free from your cable TV company. It frees you from not only TV service but also Internet service.
New providers are not the only factor contributing to subscriber losses. Price plays a big role in your decision to change providers.
AT&T also launched 5G home internet service in 2023, bringing home internet options to Americans who previously lacked them.
Cord Cutting Just like in the early days of 1.0, 2.0 is currently growing slowly. We are waiting for more providers to join the market. Amazon has announced plans to start offering home internet next year. Other providers are rapidly building new types of internet to give Americans more options.
As we move further into 2024, Spectrum, one of the few cable TV companies still adding new internet customers in 2023, is cord cutting as it ended the year losing subscribers in Q4 2023. 2.0 is poised for rapid growth.
Over the next five years, cable providers will have to deal with an increasing number of competitors in a business that was once seen as a safety net to combat cord-cutting. The Internet is at the forefront of the next generation of cord cutting.
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