May 12, 2020 - Economy & Business

Cord-cutting accelerates as empty restaurants, bars ditch cable

Data: MoffettNathanson Research; Chart: Axios Visuals

Cord-cutting hit a record high last quarter as shuttered businesses began letting go of their cable and satellite bills.

Why it matters: Until now, cord-cutting was mostly a consumer household-focused phenomenon.

Be smart: “Businesses have the same motivations to cut the cord as consumers – content and cost," said David Wiesenfeld, chief strategist at Tru Optik.

  • "When restaurants and bars begin to reopen, cutting the cord is the easiest way to offset lost revenue and reduce operating costs while also meeting the demands of their customers.”

By the numbers: Traditional Pay TV subscriptions fell by 1.8 million in Q1, the worst quarterly result on record, according to research firm MoffettNathanson.

  • "At 63% of occupied households, traditional Pay TV penetration has reached a level not previously seen since roughly 1995," per analysts Craig Moffett and Michael Nathanson.

Go deeper

Updated 12 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4 p.m. ET: 6,226,408 — Total deaths: 373,973 — Total recoveries — 2,672,161Map.
  2. U.S.: Total confirmed cases as of 4 p.m. ET: 1,799,747 — Total deaths: 104,702 — Total recoveries: 444,758 — Total tested: 16,936,891Map.
  3. Public health: Nearly 26,000 coronavirus deaths in nursing homes have been reported to federal health officials —Coronavirus looms over George Floyd protests across the country.
  4. Federal government: Trump lashes out at governors, calls for National Guard to "dominate" streets.
  5. World: Former FDA commissioner says "this is not the time" to cut ties with WHO.
  6. 🎧 Podcast: The virus didn't go away.

New York City to impose curfew amid ongoing protests

Photo: Lev Radin/Pacific Press/LightRocket via Getty Images

New York City will be placed under curfew on Monday from 11pm until 5am Tuesday morning following days of protests over the death of George Floyd, Gov. Andrew Cuomo and Mayor Bill de Blasio announced Monday.

The big picture: Demonstrations in New York, like in cities across the country, turned violent over the weekend as protesters clashed with police late into the night. The number of police officers on the streets of New York will double from 4,000 to 8,000.

Family-commissioned autopsy says George Floyd's death was homicide

Police watch as demonstrators block a roadway while protesting the death of George Floyd in Miami. Photo: Joe Raedle/Getty Images

Preliminary results from an independent autopsy commissioned by George Floyd's family found that his death in the custody of Minneapolis police officer Derek Chauvin was "homicide caused by asphyxia due to neck and back compression that led to a lack of blood flow to the brain," according to a statement from the family's attorney.

Why it matters: The autopsy contradicts preliminary findings from the Hennepin County medical examiner, who found “no physical findings that support a diagnosis of traumatic asphyxiation or strangulation,” according to charging documents against Chauvin. The official examination is still ongoing.