2023 has been a breakout year for 5G home internet providers, led by T-Mobile and Verizon, who alone added over 3.6 million new 5G home internet customers last year.
Major cable TV companies, including Comcast, lost more than 63,000 internet customers in 2024. Traditional telecommunications companies such as AT&T also reported losing more than 80,000 internet customers as Cord Cutting 2.0 expanded.
According to the American Customer Satisfaction Index report, T-Mobile’s 5G home internet service has the highest customer satisfaction in the United States, followed by Verizon’s 5G home internet service.
On a ranking scale where 100 is most satisfactory and 0 is least satisfactory, T-Mobile’s new 5G home internet service in 2024 received a rating of 76, while Verizon’s 5G home internet service received a rating of 74. In comparison, AT&T received a rating of 69, Spectrum a 68, Comcast a 67 and Frontier a 59.
These assessments help explain the explosion of Cord Cutting 2.0 in 2023 and now 2024.
What is Cord Cutting 2.0? Cord Cutting 1.0 was about cutting the cable TV cord. Cord Cutting 2.0 in 2024 is about cutting the expensive home internet cord and getting a new, cheaper option.
Cable broadband providers like Comcast and Spectrum are facing new competition from fiber optics, fixed wireless access service providers, satellite services, and more, as well as 5G home internet services. For the first time, Americans have choice in their home internet and are beginning to cut the internet cord.
With access to more internet service options, you can now completely free yourself from the cable TV company and not just from your TV service, but from your internet service too.
New providers aren’t the only driver of subscriber attrition: pricing plays a big role in the decision to switch providers.
AT&T also plans to launch 5G home internet service in 2023 to provide internet options at home to Americans who previously didn’t have options.
Like the early days of cord-cutting 1.0, growth of 2.0 has been slow so far as we wait for more providers to enter the market. Amazon has announced plans to start offering home internet starting next year. Other providers are rapidly building new kinds of internet to give Americans more choice.
As we move further into 2024, cord-cutting 2.0 is poised to experience rapid growth. Spectrum, one of the few cable TV companies still gaining new internet customers in 2023, ended the year losing subscribers in Q4 2023. This growth is much faster than the early growth of cord-cutting 1.0.
Over the next five years, cable providers will have to contend with a growing number of competitors in an industry that was once seen as a surefire way to combat cord cutting. The Internet is the next frontier for cord cutting.
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