Today we learned that Charter Communications, the parent company of Spectrum, has once again lost 200,000 TV customers in the 2nd quarter of 2023. Spectrum also reported that they lost over 221,000 voice customers as many Americans turned away from traditional phone lines and TV services. Spectrum did add 77,000 internet customers during that time for both residential and business customers.
To help offset slow internet growth and declining TV subscribers, Spectrum did add 648,000 wireless customers in the 2nd quarter of 2023.
“We are growing our business by providing differentiated and valuable products, and high-quality service to our customers,” said Chris Winfrey, President and CEO of Charter. “We are also executing well on our evolution and expansion initiatives, and these strategic investments will lead to further customer and financial growth, creating long-term value for Charter shareholders.”
Spectrum did see revenues up 0.5% to $13.659 billion. Internet revenue grew by 3.1% year-over-year thanks to new customers and “rate adjustments,” as Spectrum says.
Spectrum says video revenue is down about 6.6% to $4.188 billion. Spectrum says this drop in video revenue was driven by “a higher mix of lower priced video packages within Charter’s video customer base and a decline in video customers during the last year, partly offset by promotional rate step-ups and video rate adjustments that pass through programmer rate increases.”
Spectrum did report that mobile services revenue totaled $539 million, up 29.8% year-over-year.
Overall, Spectrum, like Comcast and others, is facing the fact that cord cutting is continuing to grow up with no signs that it will slow down.
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