Comcast Corp. (CMCSA) launched a new business application and platform Wednesday that offers faster connections in an effort to win commercial business customers as cable cord-cutting takes off.
According to market research from eMarketer, the number of people quitting traditional cable television will jump 33% this year compared to last.
To combat the changing cable landscape, Comcast is trying to lure in new commercial customers with the promise to "streamline operations and save money" with the new Comcast Business ActiveCore platform, according to a company statement.
ActiveCore advertises a faster means of connecting branch offices to data centers or business headquarters. Commercial business was Comcast's fastest growing segment in 2016, with revenue increasing 16.1% last year.
Comcast predicts $40 billion to $50 billion in potential revenue from sales of service such as voice, video and networking technologies to commercial business. That market has been run largely by AT&T (T) and Verizon Communications Inc. (VZ) , Comcast Business president Bill Stemper told Reuters.
Comcast predicted it'll lose as many as 150,000 subscribers in the third quarter as cord cutting takes over and competition in the cable industry heats up.
Comcast stock traded up 0.3% to $38.01 at the market open on Wednesday.
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