It's been another tough year for pay TV, as more and more people are cutting the cord.

But it also doesn't look good for the streaming service, as the platform faces declining subscribers, declining ad revenue and stubborn losses while Netflix continues to maintain its dominance.

Still, the era of cable bundles is giving way to a new kind of bundling that could provide a path forward for both streaming and cable providers. Media executives told CNBC this month that 2024 could finally be the year media companies seriously consider bundling.

"The franchise Disney deal is a sign of the times," said Macquarie analyst Tim Nolen.

disney and cable TV giant Charter CommunicationsThe companies are feuding over fees on the eve of the National Football League season, with Charter CEO Chris Winfrey saying it's not a "typical shipping dispute." Disney-owned channels including ESPN have been off the air for nearly two weeks to millions of customers on Charter's Spectrum service.

The blackout ended in September, hours before ESPN's Monday Night Football kicked off, giving Spectrum TV Select Plus subscribers access to the ad-supported Disney+ tier as well as ESPN+.

Nolen added that similar arrangements were likely to emerge in 2024, given the broad subscriber base and positive revenue impact for pay TV and broadband companies. John Malone, chairman of Liberty Media and a cable TV pioneer who also sits on the board of directors of Warner Bros. Discovery, predicted earlier this year that streaming services would become more integrated into cable bundles.

Mergers and acquisitions can also lead to more bundling. Paramount CEO Bob Bakish and Warner Bros. DiscoveryChief Executive Officer David Zaslav met last week to discuss a possible merger of the two companies, although talks are still in the early stages.

Despite the huge demand for streaming bundles, top players have historically been apprehensive about striking such deals. Companies must calculate average revenue per user (ARPU) and user growth when offering services at discounted prices.

Discounted bundles may shrink ARPU, but this loss can be offset if subscribers grow significantly as a result of the bundle. Media companies that also own cable networks may worry that streaming bundles cannibalize their cable plans.

The top streaming platforms are already making some big moves in 2023. In a long-awaited move, Disney agreed to buy Comcast's remaining one-third stake in Hulu. Disney also began rolling out its combined Disney+ and Hulu platforms earlier this month, with a full launch scheduled for March 2024. Disney already offers a three-way bundle of Disney+, ESPN+, and Hulu.

Paramount WorldwideEarlier this month, it was reported that Apple was considering bundling Apple TV+ and Paramount+. Verizon, which offers cellphone and home internet plans, is reportedly preparing to offer Verizon customers an ad-supported Max and Netflix package for $10 a month, $7 cheaper than a separate subscription.

Integrating streaming into pay-TV bundles could provide the industry with some much-needed benefits. Advertising revenue from pay TV has slumped and is expected to fall 18% this year, according to media investment firm GroupM. Nolen said ad-supported streaming platforms, often included in bundles, can generate higher ARPU for cable companies due to the ad revenue generated.

Much like pay TV providers, streaming platforms have had to deal with subscriber churn over the past year, albeit at a slower pace. Streaming leader Netflix, for example, has pivoted to raising prices on its plans while launching ad-supported packages to offset subscriber losses.

Zaslav last month warned of "generational disruption," pointing to the company's streaming service Max, which he has said is "losing billions of dollars." However, Warner Bros. Discovery did turn a profit in its streaming division, according to its latest quarterly earnings report.

Ampere Analytics said the Disney licensing agreement provides a framework for cable companies to shift their business models into the streaming era and stabilize subscriber trajectories.

"Charter can protect and hopefully improve pricing for its user base," Nolen said. "Disney and Warner Bros. Discovery have the greatest potential advantage in the bundling trend, given their broad service portfolios and the fact that they have already begun bundling that content together," he said.

Disney, Warner Bros. Discovery Channel, Paramount, Netflix and Apple did not immediately respond to CNBC's request for comment.

—CNBC’s Alex Sherman contributed to this report.

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