July 26, 2024
The hemorrhaging continues.
Charter Communications July 26 reported a loss of 393,000 Spectrum video subscribers, and 154,000 high-speed internet customers in the second quarter, ended June 30.
The nation’s No. 2 cable TV operator and internet service provider has lost about 10% of its video subscribers since the previous-year fiscal period, ending the quarter with 12.7 million subs compared with 14 million last year. Spectrum ended the period with 28.3 million broadband subscribers, down less than 1% from last year.
The video sub loss was almost identical to the first quarter, in which it shed 392,000 Spectrum video subscribers — but more than the 248,000 subs lost in Q4. Charter has lost 1.36 million Spectrum video subscribers in the past 12 months.
The losses mirror ongoing trends affecting cable TV and high-speed internet providers. Comcast last week reported declines in both pay-TV and high-speed customers.
In the quarter Paramount Global and Charter inked an extended distribution deal, which in addition to Paramount’s portfolio of linear cable networks and CBS owned-and-operated broadcast stations, includes first time access to ad-supported Paramount+ with Showtime and BET+ Essential — both at no additional cost to Charter’s Spectrum TV customers.
For Charter CEO Chris Winfrey, he would rather focus on the Paramount deal and Xumo, the joint streaming video entertainment venture with Comcast.
“We are executing well on several transformational initiatives, growing pre-tax earnings efficiencies, and improving our service and sales capabilities,” Winfrey said in a statement. “We remain fully focused on driving customer growth, with a unique, high quality product set that continues to evolve, creating long term value for shareholders.”
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