Comcast cable video subscribers down 373,000 in 4Q 2021

PHILADELPHIA — Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter and year ended December 31, 2021.

Cable Communications

Total Customer Relationships increased by 169,000 to 34.2 million in the fourth quarter of 2021. Residential customer relationships increased by 153,000 and business customer relationships increased by 17,000. Total broadband customer net additions were 212,000, total video customer net losses were 373,000, and total voice customer net losses were 176,000. In addition, Cable Communications added 312,000 wireless lines in the quarter.

For the twelve months ended December 31, 2021, total customer relationships increased by 1.1 million. Residential customer relationships increased by 1.0 million and business customer relationships increased by 63,000. Total broadband customer net additions were 1.3 million, total video customer net losses were 1.7 million, and total voice customer net losses were 548,000. In addition, Cable Communications added 1.2 million wireless lines during the year.

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  18,176
Net Additions (losses)         (491)   (399)   (408)   (373)   (1,669)

NBCUniversal – Media

Media revenue increased 8.4% to $5.8 billion in the fourth quarter of 2021, primarily reflecting higher distribution revenue and advertising revenue. Distribution revenue increased 11.6%, driven by contractual rate increases in the current period and increases at Peacock, partially offset by a decline in subscribers at our networks.

For the twelve months ended December 31, 2021, revenue from the Media segment increased 20.3% to $22.8 billion compared to 2020, reflecting higher advertising revenue, distribution revenue, and other revenue. Excluding $1.8 billion of revenue associated with the broadcast of the Tokyo Olympics in the third quarter of 20215, revenue increased 11.0%.

Sky

Total Customer Relationships increased by 61,000 to 23.0 million in the fourth quarter of 2021, reflecting an increase in customer relationships in the U.K. and Germany, partially offset by the negative impact of the reduction in Sky’s broadcast rights to Serie A in Italy. For the twelve months ended December 31, 2021, total customer relationships decreased by 198,000.

Customer Relationships* (thousands, except customer data):

                                                                      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 monthly direct-to-consumer
 revenue per customer 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 monthly direct-to-consumer
 revenue per customer 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  23,027  23,027
Net additions (losses)                 221   (248)   (233)      61   (198)
Average monthly direct-to-consumer
 revenue per customer relationship  $58.06  $60.35  $59.60  $58.56  $59.29

* 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.