Cable Subscriptions See First Growth in 8 Years, a Rare Bright Spot for Pay TV

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. This marks the first time the industry's subscriber count has increased since 2017, when MoffettNathanson reported a net gain of 318,000 subscribers. The report highlights a significant shift in the industry's fortunes, with the number of linear video subscribers now exceeding that of three months ago. This trend is particularly notable given the industry's long-standing decline, which saw 1,045,000 customers lost in Q2 2025. YouTube TV, the world's largest vMVPD by subscriber count, claimed 8 million subscribers in February 2024, with some analysts estimating that number has since grown to 9.4 million. "We're seeing a glimmer of hope in the pay TV industry," said Craig Moffett, a senior analyst at MoffettNathanson. "While this growth is likely temporary, it's a welcome change from the steady decline we've seen over the past few years." Moffett attributed the increase to a combination of factors, including improved content offerings and increased competition from streaming services. The pay TV industry has faced significant challenges in recent years, with many consumers opting for streaming services like Netflix and Hulu. However, the rise of vMVPDs like YouTube TV and Fubo has provided an alternative for those seeking a more traditional viewing experience. These services offer a range of channels and on-demand content, often at a lower cost than traditional cable subscriptions. While the growth in pay TV subscribers is a positive development, it remains to be seen whether this trend will continue. Analysts caution that the industry's fortunes are likely to remain volatile, with ongoing competition from streaming services and changing consumer preferences. As the industry continues to evolve, one thing is clear: the pay TV landscape is shifting, and traditional cable companies must adapt to remain relevant. In the coming months, the industry will be closely watching the impact of new streaming services and the continued growth of vMVPDs. As the market continues to shift, one thing is certain: the pay TV industry will remain a dynamic and rapidly changing landscape.