July 30, 2020
As expected, Comcast legacy cable pay-TV business represents a widening economic fissure, losing 477,000 pay-TV subscribers in the second quarter, ended June 30. That was more than double the 224,000 video subs lost in the previous-year period. The cable giant has lost more than 1.2 million video subs in the past 12 months as consumers increasingly turn away from linear TV to over-the-top video distribution, including SVOD and AVOD.
Offsetting the video losses is high-speed Internet, which counts Comcast as the largest ISP in the country. With high-speed Internet a prerequisite for OTT video, Comcast had the best second quarter high-speed Internet net adds in 13 years, adding more than 340,000 broadband subscribers compared with 182,000 in the previous-year period. That does not include more than 600,000 free “Internet Essentials” customers that are receive service during the coronavirus pandemic, but were not included in reported results because they do not pay for the access.
Comcast has added more than 1.6 million broadband subscribers in the past 12 months, to end Q2 with 29.4 million subscribers.
“We are optimistic about the runway ahead,” Comcast CEO Brian Roberts said on the fiscal call.