In its second quarter results for 2021, Charter reported that its residential video customers decreased by 63,000 in the second quarter of 2021, compared to an increase of 102,000 in the second quarter of 2020. Charter currently has 15.4 million residential video customers.
The release noted that revenue for video was slightly up due to those moving from packages with promotional rates to full price packages, along with rate adjustments. However, lower priced packages and bundles and the decline in customers offset the gains.
During a conference call following the release of the company’s Q2 results, Charter execs went on to explain that the pay TV industry is changing and the company is mindful of the need to evolve its video business to keep customers.
When asked about Charter’s recent carriage deal with ViacomCBS which included “future distribution” of streaming services including Paramount+, Pluto TV, BET+, and Noggin, Charter CEO Tom Rutledge said the company “recognized that the video business is changing” and called the deal “a modern agreement.” ” It’s different than prior agreements because they have direct-to-consumer products and those were integral to the discussion,” he added.”