For the first time in eight years, pay TV is rising.
According to the latest “Cord-Cutting Monitor” report from analyst firm MoffettNathanson, the number of subscriptions to linear video packages actually rose during the third quarter of 2025.
The estimates, which include subscriptions to virtual multichannel video programming distributors (vMVPDs) like YouTube TV, show that the pay-TV industry had 303,000 subscriber additions in the third quarter, marking the first quarterly gain since 2017.
However, the research notes that the increase was “reasonably small” and seasonal given that it happened during the quarter when the NFL season began, meaning it could potentially see subscribers drop out again at the beginning of Q1 next year.
While much of the sequential growth came from the vMPVD segment, traditional video subscriptions via cable TV were down.
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Gains led by YouTube TV and Charter
The research overall found that the vMVPD category has been led by YouTube TV, which added an estimated 750,000 subscribers in the third quarter. MoffettNatanson emphasizes that its estimate is a conservative one and could even be an undercount.
According to the firm, the bigger takeaway is that Charter Communications has seen significant improvements in pay TV subscriptions, especially after it secured a partnership with the Walt Disney Company two years ago.
The deal gave the House of Mouse streaming rights to Charter’s video subscribers at no extra cost. It came after similar agreements with Warner Bros. Discovery, Paramount, and NBCUniversal.
These deals also allowed for Charter to market its video offerings again, promoting it as “free live TV,” with a discount on bundled streaming services like the Disney+ and Hulu bundle, ESPN unlimited, HBO Max Basic with Ads and more, to reach young viewers.
The research also suggests that since Charter renewed its commitment to video, the company has been able to cut its quarterly subscriber losses by two-thirds.
Charter is also likely to bring its new video packaging strategy as well as its agreements to Cox Communications when the two finally close their merger next year.
Though Charter’s improvements stood out the most, MoffettNatanson’s monitor also found that Comcast has seen some improvements for the last eight quarters where decline has been the “slowest,” meaning that cord-cutting is happening at a slower rate.
Meanwhile, satellite TV providers like DirecTV and EchoStar have also seen some minor improvements, the report found.
MoffettNatanson points out that while traditional distributors are still declining, vMVPDs are continuing to grow at an annual rate of 4.6%.
Over the past 15 years, the shift in cord-cutting has been dramatic. As cited in a report by S&P Global last month, households that subscribe to traditional cable TV peaked in 2012 at 101 million, but the figure is now less than half that.
The rise of live-TV streaming bundles with services like Sling—which launched in 2015—have traditionally not been enough to offset that decline.
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