YouTube TV has hit another growth milestone, crossing 6.5 million paying subscribers in the third quarter of 2023 according to new estimates.
The live TV streaming service owned by Google offers cable channels and cloud and digital video recording (DVR) functionality over the internet. It has now become the company’s fastest-growing product, reports CordCuttersNews.
The data from Leichtman Research Group shows YouTube TV gained around 600,000 new subscribers in the last quarter alone, making it the fastest-growing “over-the-top” TV streaming platform. The service now controls over 40% market share among major competitors like Hulu Live TV, Sling TV, and FuboTV.
YouTubeTV is on the rise while traditional cable suffers
While streaming TV services are rapidly expanding – adding over 1.3 million subscribers last quarter – traditional cable providers continue to leak customers. Cable lost close to 1 million subscribers while other legacy pay TV services dropped nearly 780,000. The total subscriber loss across the market still amounted to over 450,000 as cord-cutting accelerates.
YouTube TV has found strong demand with its combination of cable-like channel bundles and access on many devices. Features that differentiate it like multi-view for watching up to three live channels also appeal to sports fans. However, the service did face criticism last year for raising prices as content licensing costs climbed. It now costs $72.99 a month with $10 off the first three months of service.
The continued growth of YouTube TV comes as parent company Google looks to integrate streaming video more directly into its products. Google TV platform improvements and new partnerships are expanding to more smart TVs and streaming devices in 2023.
Google’s AI chatbot, Bard, is rapidly evolving also and now boasts an improved ability to analyze YouTube video content. The update marks a significant enhancement in Bard’s capabilities, allowing it to interpret and respond to detailed queries about YouTube videos.
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