April 24, 2018
Verizon Communications April 24 announced it lost 22,000 video subscribers in the first quarter, ended March 31. It lost 13,000 video subs in the previous-year period. The telecom said the losses were “indicative” of the continued cord-cutting trend regarding traditional linear pay-TV bundles.
Verizon shed 84,000 Fios TV subs over the past year. It ended the period with 4.59 million subs compared to 4.68 subs last year.
Meanwhile, Verizon added 66,000 high-speed Internet customers in the quarter, ending the period with more than 5.9 million subs. That 228,000 more broadband subs than a year ago.
In Verizon’s media business, Oath, gross revenue decreased about 13% from fourth-quarter 2017, to $1.9 billion, which the telecom attributed to seasonally lower display advertising performance.
In February, Verizon melded its struggling mobile streaming video app, Go90, into Oath, which also includes AOL, HuffPost, Engadget, TechCrunch, Tumblr and Yahoo.
Oath represents Verizon’s mobile-first media strategy targeting global audiences and future growth from premium content distribution and “programmatic advertising” opportunities.
“We began 2018 with strong momentum, and we expect it to continue throughout the year,” CEO Lowell McAdam said in a statement. “We are positioning Verizon for long-term growth while executing our strategy today and leading the way for the next cycle of growth for the industry.”