Cord cutting is continuing to hit Comcast hard as the company has recently lost both TV and internet customers. In Comcast’s 4th quarter earnings report released this morning, the company reported it lost 389,000 video customer losses. That works out to over 4,200 Subscribers Every Day. The company lost 34,000 broadband customers for the quarter, a jump over the 18,000 it lost in the 3rd quarter. Comcast now has 32 million total broadband customers.
Comcast saw traditional pay TV customers leave at a slightly slower rate in the 3rd quarter of 2023 vs the 2nd quarter of 2023 when they lost 490,000 video customers.
“We capped off 2023 and the fourth quarter with excellent operational and financial performance,” said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation. “For the third consecutive year, we generated the highest Revenue, Adjusted EBITDA and Adjusted EPS in our company’s history. At the same time, we invested in future growth, returned $16 billion to shareholders and maintained a healthy balance sheet. We drove strong revenue and Adjusted EBITDA growth in our Connectivity & Platforms businesses and continued to expand and upgrade our network to fuel broadband. We also reported the highest Adjusted EBITDA on record at Theme Parks; were the #1 studio in worldwide box office for the first time since 2015; and maintained Peacock’s position as the fastest growing streamer in the U.S. 2024 is already off to a great start – I couldn’t be more proud of how our company came together to deliver a record-breaking NFL Wild Card game on Peacock and the nation’s biggest night on the Internet ever. Our unique and complementary capabilities will enable us to capitalize on the many opportunities ahead, and the Board’s confidence in our future is reflected in today’s announcement that we are increasing our dividend for the 16th consecutive year.”
This all comes as cord cutting 2.0 is starting to take hold as Americans look for cheaper ways to get home internet. It is still in its early years but with new options for home internet cord cutting 2.0 is finally a reality.
To help offset these losses, Comcast also reported adding 310,000 wireless customers.
Comcast has been hoping that investing in its wireless, internet, and other areas will help offset the losses in its TV division. For now, we will have to wait and see if that happens.
Peacock did see subscribers increase by 3 million in the 4th quarter, with 31 million subscribers. Peacock still lost $825 million in the 4th quarter of 2023.