Verizon loses pay TV subscribers, adds broadband users – The Hollywood Reporter
Verizon lost 69,000 net pay TV subscribers to its FiOS consumer video service in the fourth quarter, compared with a loss of 68,000 in the third quarter and 72,000 in the same period last year, the telecom giant said on Tuesday.
In the past, the company has often cited the “continuous shift from traditional linear video to over-the-top services” as the main reason for the drop in video subscribers.
Verizon, led by President and CEO Hans Vestberg, has reached 55,000 broadband Internet subscribers, compared with 92,000 in the same period a year ago. For all of 2021, Verizon reported 360,000 broadband user network additions, its “best annual performance since 2014.”
The telecom giant has shifted its video focus away from FiOS TV to partnerships with third-party streaming services as it positions itself as a primary distribution platform for them. For example, Verizon has an agreement with The Walt Disney Co. on the Disney plan, which gives customers with select Verizon unlimited plans access to Disney’s Disney+, Hulu, and ESPN+ streaming services.
The company sold its Verizon Media unit, which includes Yahoo and AOL, last year. Tuesday’s earnings report was the first since the deal did not include any business results.
“2021 is a year of transformation for Verizon, which will act as a catalyst for us,” Vestberg said. “We are focused on executing the 5G strategy and delivering value to our customers, shareholders, employees and society.”