US pay TV subs down 20% and falling For generations, most of the US was sold a big and expensive pay TV bundle - this is now breaking apart US pay TV subscriptions (m) Incumbents 125 Netflix 100 75 50 25 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source: JP Morgan, Netflix Benedict Evans –– January 2020 37