The decline of cable has led to a significant decline in viewership and revenue for cable stations, particularly in the home shopping channels QVC and HSN. The company, the owner of QVC, Inc., has reported financial challenges, including a 7.2% drop in pay TV subscribers to 66.4 million households this year and a drop in carriage fees from 54.3 million households by the end of 2026. This has been particularly impactful for QVC as its cable universe has shrunk significantly over the past decade, with eMarketer predicting a decline in pay-TV subscriptions of over 90.3% in 2016. The smaller cable universe means fewer customers to capture and this has led QVC to face financial challenges. The cable company has also issued a “going concern” notice, which warns investors and creditors that it faces a high risk of failure within the near future. S&P Global Ratings has downgraded QVC Group Inc. from a previous rating due to increased refinancing risk and a negative outlook for the company.