July 29, 2022
In a switch, cable pay-TV operator Charter Communications July 29 disclosed it lost 42,000 high-speed internet subscribers in the second quarter, ended June 30. With the rise in over-the-top video distributors, consumers have been migrating to broadband in order to receive streaming service.
Charter, which operates under the Spectrum brand, still saw a spike in overall residential and small business broadband subs, ending the period with 30.2 million subs compared with 29.6 million subs in the previous-year period.
Meanwhile, the pay-TV subscriber attrition continues. Spectrum lost 240,000 video subs in the quarter — a decline softened slightly by the addition of 642,000 small business accounts. Still, the pay-TV sub loss dwarfed last year’s decline of 63,000 video subs. Spectrum ended the period with almost 15.5 million video subs, down from 16 million a year ago.
CEO Tom Rutledge believes the company can continue to grow its overall business by melding fixed and mobile broadband service at a reduced price to customers.
“Our growth has always been driven by offering value-rich packages at prices customers can afford,” Rutledge said in a statement. “Looking forward, we remain well-positioned to grow our business using that same strategy.”