While cord-cutting is not a new phenomenon, the COVID-19 pandemic seems to have triggered the shift away from the pay TV market and toward Over-the-Top (OTT) video streaming services to move even faster. Traditional pay TV services, such as cable, satellite, and Internet Protocol Television (IPTV) in North America, have been losing their subscriber bases over the past few years. During 1Q 2020, when the lockdowns due to COVID-19 began, the pay TV market was hit harder, with a loss of more than 2 million subscribers in North America alone. European operator Sky also reported a loss of 65,000 customers in 1Q 2020. While pay TV operators experienced plunging user bases, video streaming services reported a significant growth in their user bases throughout the first quarter of 2020.
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