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Cord-Cutting Leaves Mark As Consumers Continue To Flee Pay TV

Pay TV service providers lost 566,000 subscribers in the second quarter, a 76 percent increase from the 321,000 shed in the same period last year, driven by sharp declines in satellite and telco TV customers.

The losses come on the heels of a sharp drop in cable stocks over the past few days, driven by fears of increased cord-cutting and the threat of over-the-top video services. Cable stocks, mainly programmers, lost about $60 billion in market value between Aug. 5 and Aug. 6. While those declines started to level off Aug. 7,  after satellite giant DirecTV quietly released its second quarter results Friday night, those fears apparently were warranted.

See the full story on TWICE sister publication Multichannel News.