Spectrum is best known for its TV services but in 2024 less than 50% of its customers are cable subscribers.
In the first quarter of 2023, 52.5% of Spectrum residential customers did not pay for a TV service. Now in 2024 at the end of the first quarter that number has jumped to 56%.
Yesterday, Charter Communications, the parent company of Spectrum, announced it has lost 405,000 TV customers in the first quarter of 2024. This is on top of the 320,000 TV customers it lost in the fourth quarter of 2023.
On top of that, Spectrum, for the second quarter in a row, lost 72,000 Internet customers.
Charter Communications saw revenue grow 0.2% year-over-year to $13.679 billion. Revenue from video dropped 8.1% year-over-year. Residential customer revenue dropped 0.4%.
To help offset slow Internet growth and declining TV subscribers, Spectrum added 486,000 wireless customers during the first quarter of 2024.
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