Comcast cable video subscribers down 408,000 in 3Q 2021

PHILADELPHIA — Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended September 30, 2021.

Cable Communications

Total Customer Relationships increased by 255,000 to 34.0 million in the third quarter of 2021. Residential customer relationships increased by 237,000 and business customer relationships increased by 18,000. Total broadband customer net additions were 300,000, total video customer net losses were 408,000, and total voice customer net losses were 158,000. In addition, Cable Communications added 285,000 wireless lines in the quarter.

Video Customers (thousands):

                                                                  2019
                              ----------------------------------------
                                  1Q      2Q      3Q      4Q        FY
                              ------  ------  ------  ------  --------
Total                         21,865  21,641  21,403  21,254
Net Additions (losses)         (121)   (224)   (238)   (149)     (733)

                                                                  2020
                              ----------------------------------------
                                  1Q      2Q      3Q      4Q        FY
                              ------  ------  ------  ------  --------
Total                         20,845  20,367  20,094  19,846
Net Additions (losses)         (409)   (477)   (273)   (248)   (1,408)

                                                                  2021
                              ----------------------------------------
                                  1Q      2Q      3Q      4Q        FY
                              ------  ------  ------  ------  --------
Total                         19,355  18,956  18,549
Net Additions (losses)         (491)   (399)   (408)

NBCUniversal – Media

Media revenue increased 47.5% to $6.8 billion in the third quarter of 2021, reflecting higher advertising revenue and distribution revenue. Excluding $1.8 billion of revenue generated by the broadcast of the Tokyo Olympics, Media revenue increased 9.2%. Advertising revenue increased 73.0%, reflecting the broadcast of the Tokyo Olympics, higher pricing, and additional Peacock sales, partially offset by the timing of other sporting events and a decline in ratings. Distribution revenue increased 36.2%, driven by the broadcast of the Tokyo Olympics, contractual rate increases in the current period, and increases at Peacock, partially offset by a decline in subscribers at our networks.

Sky

Total Customer Relationships decreased by 233,000 to 23.0 million in the third quarter of 2021, primarily reflecting the negative impact of the reduction in Sky’s broadcast rights to Serie A in Italy, partially offset by an increase in customer relationships in the U.K. For the nine months ended September 30, 2021, total customer relationships decreased by 259,000.

                                                                    2019
                                  --------------------------------------
                                      1Q      2Q      3Q      4Q      FY
                                  ------  ------  ------  ------  ------
Customer relationships            22,998  23,302  23,203  23,280  23,280
Net additions (losses)               112     304    (99)      77     394
Average Revenue per relationship  $55.71  $55.98  $54.39  $57.68  $56.09

                                                                    2020
                                  --------------------------------------
                                      1Q      2Q      3Q      4Q      FY
                                  ------  ------  ------  ------  ------
Customer relationships            23,216  23,002  22,981  23,224  23,224
Net additions (losses)              (65)   (214)    (21)     244    (56)
Average Revenue per relationship  $52.76  $50.82  $57.17  $58.83  $54.56

                                                                    2021
                                  --------------------------------------
                                      1Q      2Q      3Q      4Q      FY
                                  ------  ------  ------  ------  ------
Customer relationships            23,446  23,198  22,966
Net additions (losses)               221   (248)   (233)
Average Revenue per relationship  $58.06  $60.35  $59.60

* Customer relationships represent the number of residential customers that subscribe to at least one of Sky’s four primary services of video, broadband, voice and wireless phone service. Sky reports commercial customers, including hotels, bars, workplaces and restaurants, generally based on the number of locations receiving our services. In the first quarter of 2021, we implemented conforming changes to our methodology for counting commercial customers in Italy and Germany, which are now counted as described above, consistent with customers in the United Kingdom. Previously these customers were counted based on a residential equivalent unit in Italy and the number of active venues or rooms in Germany. This change resulted in a reduction in Sky’s total customer relationships of 714,000 as of December 31, 2020. The impact of the change in methodology to customer relationship net additions for any period was not material. For comparative purposes, we have updated Sky’s historical total customer relationships and average monthly direct-to-consumer revenue per customer relationship to reflect this adjustment.