Fastest-Growing Google Product YouTube TV Reached 6.5 Million Subscribers in Q3 2023

According to data from the Leichtman Research Group, the number of YouTube TV subscribers reached 6.5 million during the third quarter of 2023.

The number of subscribers on the Google streaming platform is now up 600,000 from the previous quarter.

These figures demonstrate that YouTube TV is Google's fastest-growing product. YouTube TV continues to attract more subscribers, having only recently hit the 6 million mark.

YouTube TV Outperforms Other Streaming Platforms

The research showcases YouTube TV as the most successful streaming platform in terms of subscribers. It estimates that live TV streaming services have clocked 18 million subscribers.

The research shows that YouTube TV was the only live-streaming service provider that gained new subscribers in Q3 2023. Its performance is iconic, as other streaming platforms have been losing users amid increased costs and a highly competitive environment.

Hulu+ ranked second with 4.6 million subscribers, while Sling TV has an estimated 2.12 million subscribers. Fubo had the least number of subscribers, with 1.477 million.

The number of YouTube TV subscribers increased during the quarter despite increasing prices. The YouTube TV subscription rose by $8 to $72.99 per month. The price increase went into effect in April.

YouTube TV offers access to over 100 live TV channels from its broadcast partners, including ABC, CBS, ESPN, and Fox. The platform is usually used as an alternative to traditional cable TV. However, the monthly subscription for the platform has seen it charge nearly the same as most cable television service providers.

Streaming Platforms Added 1.327 Million Subscribers

Online paid streaming platforms added 1,327,000 subscribers during the third quarter of 2023, an increase from the 1.3 million increase reported during the second quarter of 2022.

The research further shows that the largest pay-TV providers account for around 96% of the market. Despite the market dominance, these platforms lost around 465,000 net video subscribers during the third quarter of 2023. The net loss was higher than the approximately 385,000 loss reported during the third quarter of 2022.

In comparison, cable TV providers have continued to bleed subscribers. These platforms reported a net loss of around 1,015,000 video subscribers during Q3 2023, a significant increase from the 985,000 subscribers reported in Q3 2022.

Streaming platforms have been outshining cable TV and traditional viewing options. However, increased streaming costs have seen some US subscribers cancel subscriptions, with cumulative costs higher than cable TV's.

A report by the Wall Street Journal shows that streamers are now turning to bundles, discounts, and ad-supported plans as the number of customer defections increases. In the report, customers complained that the cost of streaming services was equal to that of cable services.

While commenting on these results, the president and principal analyst at Leichtman Research Group, Bruce Leichtman, said tha

Similar to recent years, pay-tv net losses in the third quarter were more modest than in the first two quarters of the year due to the strength of sports on Internet-delivered vMVPD services.

YouTube TV has been largely focused on sports, driving the viewership numbers.

It's the last week of the regular season. Drop your Superbowl LVIII predictions below. pic.twitter.com/LE1HAyg7Qy

- YouTube TV (@YouTubeTV) January 7, 2024

While sports have been a lucrative go-to option for streaming service providers, industry giants like Netflix have refused to diversify. Netflix is set to air The Netflix Slam" in March this year, featuring tennis stars Rafael Nadal and Carlos Alcaraz.

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