The media business has been in a constant state of flux for over 20 years now as the digital revolution of the early 21st century has changed the way we consume media.
While print media was the first segment to experience this dramatic shift, television programming, both broadcast and cable, has undergone an even more dramatic shift over the past ten years.
💵💰Don’t miss the move: Subscribe to TheStreet’s free daily newsletter 💰💵
After decades of poor customer service, ridiculous price increases, and decreasing quality of shows, 10 years ago, Americans finally had enough.
Since 2014, cable and satellite television providers have lost over 20 million U.S. subscribers. This revolution has been aided by the emergence of streaming platforms like Netflix, Disney, and Max.
But new data from eMarketer suggests the exodus will only get larger.
Related: Comcast flags an alarming shift in consumer behavior
By 2026, an estimated 80 million U.S. households are expected to have cut off cable, while global streaming subs are expected to climb to 1.68 billion by 2027.
More than 50% of cord-cutters say they miss nothing about cable TV, and 30% of those who still have the service say they are likely to cancel.
MSNBC’s Steve Kornacki is moving on from political coverage.
NBC makes move amid uncertain future
In this environment, companies built on cable, like Comcast (CMCSA) , which owns NBCUniversal, are particularly vulnerable.
Related: Fox News gets huge ‘bump’ from a wave of surprising viewers
After years of losing the battle against cable attrition, Comcast recently announced plans to break up its cable programming empire, spinning off its 24-hour cable channels, MSNBC and CNBC.
Comcast will continue on with NBC News and NBC Sports.
Comcast’s move is similar to Fox, which saw the writing on the wall years ago when it sold its movie studio and most of its broadcast television properties to Disney while keeping Fox News and Fox Sports.
Amid the Comcast shakeup, the future for many cable on-air personalities is up in the air. However, one major contributor already knows where he is landing.
Steve Kornacki, who has made a name for himself analyzing election data and breaking it down into bite-sized pieces, is leaving MSNBC for a new deal with NBC News and NBC Sports, according to the Los Angeles Times.
Related: Comcast is about to look a lot different: What it means for you
The 45-year-old political vet has been building his sports bona fides in recent years, becoming part of the NBC Sports Football Night in America program in 2020.
Kornacki has also been a part of NBC’s horse racing and Olympics coverage.
Comcast is on shaky ground
While Kornacki’s future with the company seems strong, Comcast’s own future is much more bleak.
During the company’s January earnings call, President Mike Cavanagh said Comcast lost 139,000 broadcast subscribers last year, nearly 40% more than the 100,000 it was forecast to lose.
They blamed the decline on the discontinuation of the Affordable Connectivity Program (ACP), which ended last February. This government program provided eligible households with a discount of up to $30 a month for internet service.
They also noted that Comcast, which offers internet under the name Xfinity, is facing “intense” competition in the broadband sector, specifically in fiber internet, since its competitors have larger coverage areas.
Comcast shares were down 0.3% to $36.28 shortly after the opening trading bell Wednesday.
Related: Veteran fund manager unveils eye-popping S&P 500 forecast
