Verizon lost 86,000 net pay TV subscribers to its consumer video service Fios in the second quarter, compared with a loss of 78,000 in the first quarter and a loss of 62,000 in the same period last year, the telecom giant said on Thursday. Six.
In the past, the company has often cited the “continuous shift from traditional linear video to over-the-top services,” amid the growth of streaming services, as a key driver of subscribers. video reduced. Ending June with more than 3.4 million consumers subscribed to Fios pay TV.
Verizon, led by President and CEO Hans Vestberg, recorded a total of 268,000 broadband network additions, including 36,000 Fios Internet network additions at Verizon Consumer, ending June with more than 6.6 million Fios and more than 7.3 million total broadband subscribers. The total number of broadband network additions increased by 39,000 compared to the first quarter of 2022, the company noted.
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. Friday’s quarterly earnings report was the third since the deal did not include any business results.
Verizon’s second-quarter revenue was little changed at $33.8 billion, but its earnings fell 10.7% to $5.3 billion.
“As a market leader, in a very competitive industry, we are determined to improve our financial and operational performance in the second half of the year,” said Vestberg. “With a network-as-a-service platform, new consumer migration plans, and recent pricing actions, we are weighing in our decisions to improve our profitable growth opportunities.” us today and in the future.”
