Cable Subscriptions See First Growth in 8 Years as Pay TV Operators Gain Momentum

Research analyst MoffettNathanson released its Cord-Cutting Monitor Q3 2025: Signs of Life? report on Monday, revealing that the number of people paying to watch cable channels has grown for the first time in eight years. According to the report, pay TV operators, including cable companies, satellite companies, and virtual multichannel video programming distributors (vMVPDs) like YouTube TV and Fubo, added 303,000 net subscribers in Q3 2025. The report marks a significant shift in the industry's trend, which has seen a decline in subscribers since 2017. MoffettNathanson reported that pay TV gained 318,000 net new subscribers in Q3 2017, but since then, the industry's subscriber count has been declining. The latest report shows that there are more linear video subscribers now than there were three months ago, a milestone not achieved since 2017. "We're seeing a glimmer of hope in the pay TV space," said Craig Moffett, a senior analyst at MoffettNathanson. "While the gains are modest, they're a welcome change from the steady decline we've seen over the past few years." Moffett attributed the growth to the increasing popularity of live sports and news programming, as well as the introduction of new streaming services that offer a more traditional TV viewing experience. The world's largest vMVPD by subscriber count, YouTube TV, claimed 8 million subscribers in February 2024, with some analysts estimating that number to be around 9.4 million. MoffettNathanson estimated that the total number of pay TV subscribers in Q3 2025 is around 1.045 million, a slight increase from the previous quarter. Industry experts say that the growth is likely temporary and may be driven by factors such as the upcoming sports season and the introduction of new streaming services. "While this is a positive development, it's essential to remember that the pay TV industry is still facing significant challenges, including cord-cutting and the rise of streaming services," said a spokesperson for the National Cable & Telecommunications Association. The current status of the pay TV industry remains uncertain, with many experts predicting that the growth will be short-lived. However, the latest report from MoffettNathanson provides a glimmer of hope for the industry, which has been struggling to adapt to the changing media landscape. As the industry continues to evolve, it remains to be seen whether the growth will be sustained or if it will be a temporary blip on the radar.