Today we learned that Charter Communications, the parent company of Spectrum, has once again lost 320,000 TV customers in the 4th quarter of 2023. This is on top of the 320,000 TV customers it lost in the 3rd quarter of 2023. Spectrum also reported that they lost over 251,000 voice customers as many Americans turned away from traditional phone lines and TV services. Spectrum did also lose for the first time 61.000 internet customers during that time for both residential and business customers.
This is the first quarter Spectrum has reported a loss of internet subscribers in recent memory. In the 4th quarter, Spectrum lost almost 2,800 TV customers every day in the 4th quarter of 2023.
“Our rural footprint expansion is exceeding our deployment and penetration targets,” said Chris Winfrey, President and CEO of Charter. “Our network evolution and convergence efforts remain on course. And we are beginning to see the benefits of investments in our employees and digital service to improve the customer experience. We are executing on a clear strategy to ensure we offer consumers the best products and services, all while saving them money. Not only now, but in the future.”
To help offset slow internet growth and declining TV subscribers, Spectrum did add 546,000 wireless customers during the 4th quarter of 2023.
Spectrum says video revenue is down about 8.1% to $3.905 billion year-over-year. Spectrum says this drop in video revenue was driven by driven by a higher mix of lower priced video packages within Charter’s video customer base. Spectrum did see revenues up .03% overall to $13.7 billion. Internet revenue grew 3% year-over-year.
Overall, Spectrum, like Comcast and others, is facing the fact that cord cutting is continuing to speed up with no signs that it will slow down.
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