April 24, 2020
Verizon April 24 disclosed it lost 84,000 Fios TV pay-TV subscribers in the first quarter ended March 31. The loss, which mirrored ongoing secular changes within the premium television ecosystem, was up more than 52% from a loss of 55,000 subs in the previous-year period.
The telecom continues to lose subs to alternative video distribution channels such as over-the-top, dropping 254,000 subs in the past 12 months to just stay above four million.
At the same time, Fios Internet added 59,000 broadband subscribers in the quarter, in addition to 153,000 subs gained since last year.
Verizon said video consumption increased 41% during the quarter — a surge through April 13 that it attributed to increasing numbers of subs quarantined in their homes due to the coronavirus pandemic.
“We will emerge from this crisis stronger, knowing we provided critical connectivity to our customers, and especially our first responders, while maintaining our commitment to investing in our 5G and Fiber strategies,” CEO Hans Vestberg said in a statement.