People are cutting the cord at a faster rate than previously expected, according to market research firm eMarketer. The firm says that there will be 22.2 million cord cutters over the age of 18 this year, more than the 15.4 million that was previously expected.
That figure is up more than 33% over the previous year.
As a result, eMarketer is lowering it television ad spend expectations for 2017. While ad spend is expected to expand 0.5% to $71.65 billion in 2017, that figure is lower than the $72.72 billion that it previously expected.
"eMarketer expected a slowdown this year in TV ad sales, after 2016 benefited from both the Olympics and US presidential election," the company said. "However, traditional TV advertising is slowing even more than expected, as viewers switch their time and attention to the growing list of live streaming and over-the-top [OTT] platforms."
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