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eMarketer has reduced its estimate for TV advertising spending in the U.S. this year by nearly $1 billion due to an uptick in cord-cutting, or people ditching their expensive cable bundles for cheaper streaming options.

Why it matters: The trend reflects consumers switching from bundled cable packages to more affordable, niche bundled services that can be accessed on TV box tops or on mobile. YouTube TV and Hulu TV launched within the past year, joining the likes of Dish's SlingTV, Sony's Playstation Vue and AT&T's DirectTV Now, all at a roughly $40 monthly price point — a bargain considering the average American pays $92 monthly for cable.

Expand chart
Data: eMarketer; Notes: Pay TV viewers have access to traditional TV service, excluding streaming. Non-pay viewers either quit their service or never had access. Chart: Andrew Witherspoon / Axios

The group predicts that by 2021, the ratio of Pay TV viewers to non-Pay TV viewers will drop from 4:1 to nearly 2:1.

It also expects TV advertising spending to increase only by .2% this year, around half of its previous annual growth rates in non-election, non-Olympics years. As a result, it estimates that TV's share of total media ad spending in the US will drop from 36.6% to 34.9%, and is expected to fall below 30% by 2021, as mobile advertising becomes the dominant advertising medium in the U.S.

Go deeper

Ben Geman, author of Generate
4 mins ago - Energy & Environment

Report: John Kerry plans to visit China ahead of Biden's climate summit

John Kerry. Photo: Zach Gibson / Stringer

John Kerry, President Biden's special climate envoy, is expected to travel to China next week for meetings with officials aimed at boosting collaboration, the Washington Post reported Saturday.

Why it matters: China is the world's largest carbon dioxide emitter and the U.S. is second-largest.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: Coronavirus cases hold steady at 65,000 per day — CDC declares racism "a serious public health threat" — WHO official: Brazil is dealing with "raging inferno" of a COVID outbreak
  2. Vaccines: America may be close to hitting a vaccine wall — Pfizer asks FDA to expand COVID vaccine authorization to adolescents — CDC says Johnson & Johnson vaccine supply will drop 80% next week.
  3. Economy: Treasury says over 156 million stimulus payments sent out since March — More government spending expected as IMF projects 6% global GDP growth.
  4. Politics: Supreme Court ends California's coronavirus restrictions on home religious meetings
  5. Variant tracker: Where different strains are spreading.

Second senior Matt Gaetz aide resigns amid federal investigation

Rep. Matt Gaetz (R-Fla.) walking out of the Capitol in January 2021. Photo: Stefani Reynolds/Bloomberg via Getty Images

Devin Murphy, Rep. Matt Gaetz's legislative director, has stepped down amid a federal investigation into sex trafficking allegations against the Florida Republican congressman, the New York Times first reported and Axios has confirmed.

The latest: "It's been real," Murphy wrote in an email, obtained by Axios, to Republican legislative directors on Saturday morning, with the subject line: "Well...bye."