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1.5 Million Overcharged Consumers Plan to Cancel Cable

(Karl Bode)  A new study by TiVO-owned research firm DigitalSmiths suggests that cord cutting is very real, and very much a growing phenomenon. According to the study’s data, roughly 1.5 million pay TV subscribers plan to cancel cable sometime in the near future. Another 2.4 million subscribers plan to down grade their service. While still modest numbers compared to overall cable viewers, the data shows cord cutting isn’t the phantom many cable industry execs portray it as.

The study notes that a whopping 78.7% of survey respondents watch only between one and ten of the channels they pay an average of $100 or more each month for.

“According to Q4 2014 survey respondents, 8.9% switched Pay-TV providers in the prior three months,” notes DigitalSmiths. “Based on a year-over-year analysis this represents a 2.1% increase. Additionally, in the next six months 4.2% of respondents plan to “cut” service, 7.9% plan to “change” service, and 2.6% plan to “switch” to an online app or rental service.”

“While some of these numbers seem minimal, they should still raise concern for Pay-TV Providers,” states the firm, “since multiplied by millions of subscribers, the revenue threat alone is apparent.”