Traditional multichannel video programming distributors, or MVPDs, the cable, satellite and telecoms companies that offer TV service, will lose about 5.1% of subscribers in 2020 to cord-cutting, S&P Global Ratings said Wednesday, up from an earlier forecast of 3.3%. "We believe there is greater downside risk than upside potential to our 2020 forecast," credit analyst Naveen Sarma said in a statement. The agency is expecting subscriber losses at the two satellite TV operators, Dish Network DISH, -0.12% and AT&T's DirectTV T, -0.26%, to moderate, but pay-TV cable subscriber losses are expected to climb to 3.1%. Rising prices for virtual pay-TV services will make them less attractive, while consumers are also facing a barrage of new streaming video on demand (SVOD) services by mid-2020. Pay-TV services are also vulnerable to an economic downturn, said Sarma. The ratings implications are mixed: cable companies can manage an increase in the pace of cord-cutting from a credit perspective, thanks to their broadband service. But media and entertainment companies will come under pressure if overall pay-TV subscriber losses accelerate. Netflix shares NFLX, +0.90% have fallen 3.8% in the last 12 months, while the S&P 500 SPX, +0.36% has gained 26%.
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January 15, 2020 at 09:59PM
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Cord-cutting expected to cost traditional TV distributors 5.1% of subscribers in 2020: S&P Global - MarketWatch
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