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

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 from the industry's trend of declining subscribers, which had been ongoing since 2017. MoffettNathanson reported that pay TV gained 318,000 net new subscribers in Q3 2017, but since then, the industry's subscriber count had been in decline. In Q2 2025, the number of customers had dropped to 1,045,000, as depicted in the graph below. Credit for the turnaround is attributed to the growth of vMVPDs, with YouTube TV claiming 8 million subscribers in February 2024. Some analysts estimate that the number has now reached 9.4 million. In its report, MoffettNathanson estimated that YouTube TV's subscriber count has been a key factor in the industry's growth. "We're seeing a stabilization of the pay TV market, and in some areas, a slight increase in subscribers," said Craig Moffett, co-founder and senior research analyst at MoffettNathanson. "This is a positive sign for the industry, but it's essential to note that this growth is likely temporary and may be driven by factors such as the upcoming NFL season." The growth in pay TV subscribers is also attributed to the increasing popularity of live sports and events, which are often only available through traditional cable channels. As the NFL season approaches, many fans are expected to subscribe to cable services to watch their favorite teams. While the news is a welcome change for the pay TV industry, experts caution that the growth may be short-lived. "The cord-cutting trend is far from over, and we expect to see a decline in subscribers once again in the coming quarters," said a spokesperson for a rival research firm. The current status of the pay TV industry remains uncertain, with many factors contributing to the growth in subscribers. As the industry continues to evolve, it will be interesting to see whether this trend continues or if the decline in subscribers resumes.