2023 was a new year for 5G Home Internet providers led by T-Mobile and Verizon. These two companies alone added more than 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 telecom companies, such as AT&T, also reported losing more than 80,000 Internet customers with the rise of cord-cutting 2.0.
A report from the American Customer Satisfaction Index says T-Mobile’s 5G Home Internet Service has the happiest customers in America followed by Verizon’s 5G Home Internet Service.
On a scale out of 100 being the happiest and 0 being the unhappiest, T-Mobile’s new 5G Home Internet Service had a rating of 76 in 2024 and Verizon’s 5G Home Internet Service rating was 74. This compares with AT&T at 69, Spectrum at 68, Comcast at 67, and Frontier at 59.
These estimates help explain the explosive growth of cord cutting 2.0 in 2023 and now in 2024.
What is Cord Cutting 2.0? Cord cutting 1.0 was cable TV cord cutting. In 2024, cord cutting 2.0 is about cutting the cord on expensive home internet and getting new, less expensive options.
Cable broadband providers like Comcast and Spectrum are facing new competition not only from 5G home internet services, but also from fiber, fixed wireless access service providers, satellite services and more. For the first time, Americans have access to the Internet at home and are starting to cut the cord.
This new approach to more Internet service options has made it possible to completely break free from cable TV companies—not just TV service, but Internet service as well.
New providers are not the only factor contributing to subscriber losses. Price is heavily factored into people’s decisions about whether to switch providers.
AT&T is also launching 5G home internet services in 2023 to bring home internet options to Americans who haven’t had options in the past.
As in the early days of 1.0 cord-cutting, 2.0 growth is slow now. We expect more providers to join the market. Amazon announced plans to start offering home internet next year. Other providers are quickly building new types of internet to give Americans options.
Now, as we move further into 2024, cord-cutting 2.0 is poised for rapid growth as Spectrum — one of the few cable TV companies still adding new Internet customers in 2023 — ended the year losing subscribers in the quarter fourth 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 deal with a growing number of competitors in a business that was once seen as their safe bet to combat cord-cutting. The Internet is the front line of the next generation of cord cutting.
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