In a remarkable reversal, pay TV subscribers—including cable, satellite, and virtual MVPDs like YouTube TV—grew by 303,000 net adds in Q3 2025, marking the first increase since 2017. Research firm MoffettNathanson’s latest Cord-Cutting Monitor report highlights this unexpected surge, driven primarily by vMVPD growth offsetting traditional cable losses. While the overall industry remains in long-term decline, these numbers signal potential stabilization amid aggressive bundling strategies.
Key Drivers Behind the Rebound
YouTube TV, the dominant vMVPD with an estimated 9.4 million subscribers, led the charge by adding 750,000 users in Q3—down from 1 million the prior year but still pivotal. Traditional operators like Charter and Comcast stemmed bleeding through streaming bundles: Charter paired cable with Disney+, Hulu, and HBO Max, slashing net losses from 294,000 in Q3 2024 to just 70,000. Comcast’s Streamsaver bundle with Netflix, Peacock, and Apple TV+ delivered its best quarterly result in nearly five years, despite a 257,000 subscriber drop.
MoffettNathanson credits Charter’s turnaround as the linchpin, allowing vMVPD gains to tip the industry positive. Traditional cable and satellite still shed subscribers year-over-year (-10.2% vs. -12.4% last year), but the attrition rate slowed noticeably from 6.7% to 5.8% quarter-over-quarter.
Subscriber Trends Comparison
| Category | Q3 2024 Net Change | Q3 2025 Net Change | YoY Decline Rate |
|---|---|---|---|
| Total Pay TV | -1,045,000 | +303,000 | 5.8% |
| YouTube TV | +1,000,000 | +750,000 | N/A |
| Charter | -294,000 | -70,000 | Improved |
| Comcast | N/A | -257,000 | Best in 5 years |
Bundling as the New Survival Strategy
Cable giants are fighting cord-cutting by merging linear TV with on-demand streaming, creating hybrid packages that appeal to fragmented audiences. Charter’s nine-service bundle and Comcast’s ad-supported Streamsaver exemplify this shift, blending familiar channels with Netflix hits and Peacock exclusives at competitive prices. These moves not only retain customers but attract streaming-first viewers wary of juggling multiple apps and passwords.
Yet challenges persist: Nielsen data shows streaming commanding 45.7% of TV viewing hours in October, dwarfing cable’s 22.2% and broadcast’s 22.9%. Pay TV’s Q3 growth occurred during the seasonally strong quarter, raising questions about sustainability into 2026.
Historical Context and Future Outlook
The last pay TV gain came in Q3 2017 with 318,000 adds, followed by relentless erosion as Netflix and Disney+ disrupted the market. Q3 2025’s rebound feels fragile—MoffettNathanson notes traditional linear video still contracts, just more slowly. vMVPDs like Fubo and YouTube TV thrive by offering cloud DVRs, sports packages, and 4K streaming without long-term contracts, pulling users from pure cable.
Industry watchers debate if this is a true inflection point or seasonal anomaly. Bundles reduce churn, but rising content costs and ad-skipping tech could reignite declines. Pay TV operators must innovate further—perhaps with AI-curated channel guides or integrated FAST channels—to reclaim relevance in a streaming-dominated landscape.
Implications for Consumers and Providers
- Cheaper Hybrids: Bundles lower effective costs, making 100+ channels viable alongside streaming favorites.
- Sports Anchor: Live events remain pay TV’s killer app, especially as blackout rules evolve.
- Ad Revenue Shift: Cable networks push targeted ads to offset subscriber losses.
- Regional Variations: Rural satellite users stick longer than urban millennials.
Getting the Most from Pay TV Bundles
- Compare vMVPDs like YouTube TV vs. traditional cable for your must-have channels.
- Time upgrades for seasonal promotions, especially NFL or election seasons.
- Negotiate retention deals when threatening to cancel—often yields free months.
- Stack bundles strategically to avoid overlap (e.g., Charter + standalone Paramount+).
- Monitor data caps, as streaming-heavy bundles consume bandwidth quickly.
While not a full resurrection, Q3 2025 proves pay TV’s pulse still beats. As operators blend linear and nonlinear worlds, the “cord” evolves into a hybrid lifeline—temporary truce in the streaming wars, or foundation for reinvention?
