Today we learned that Charter Communications, the parent company of Spectrum, has once again lost 320,000 TV customers in the 3rd quarter of 2023. Spectrum also reported that they lost over 288,000 voice customers as many Americans turned away from traditional phone lines and TV services. Spectrum did add 63,000 internet customers during that time for both residential and business customers.
“We continue to make significant progress against the multi-year strategic initiatives we outlined last year,” said Chris Winfrey, President and CEO of Charter. “These initiatives drive continuing improvements in the quality of our products, and when combined with our customer-friendly pricing and packaging and high-quality service, will drive significant, long-term growth in shareholder value.”
To help offset slow internet growth and declining TV subscribers, Spectrum did add 594,000 wireless customers in the 3rd quarter of 2023.
Spectrum did see revenues up .02% to $13.584 billion. Internet revenue grew by 3.7% year-over-year.
Spectrum says video revenue is down about 8.6% to $4.004 billion. 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, a decline in video customers during the last year and the aforementioned $63 million of residential customer credits recorded in September 2023, partly offset by promotional rate step-ups and video rate adjustments that pass through programmer rate increases. Spectrum also gave out $68 million of total customer credits related to the temporary loss of Disney programming in September 2023.
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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