Comcast cable video subscribers down 512,000 in 1Q 2022
Thursday, April 28th, 2022PHILADELPHIA — Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended March 31, 2022.
Cable Communications
Total Customer Relationships increased by 194,000 to 34.4 million in the first quarter of 2022. Residential customer relationships increased by 185,000 and business customer relationships increased by 9,000. Total broadband customer net additions were 262,000, total video customer net losses were 512,000, and total voice customer net losses were 282,000. In addition, Cable Communications added 318,000 wireless lines in the quarter.
Video Customers (thousands):
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) 2022 ---------------------------------------- 1Q 2Q 3Q 4Q FY ------ ------ ------ ------ -------- Total 17,664 Net Additions (losses) (512)
NBCUniversal
Media revenue increased 36.3% to $6.9 billion in the first quarter of 2022, primarily reflecting higher advertising revenue and distribution revenue. Excluding $963 million of revenue generated by the broadcast of the 2022 Beijing Olympics and $519 million of revenue generated by the broadcast of the NFL’s Super Bowl, Media revenue increased 6.9%. Advertising revenue increased 59.2%, driven by the broadcasts of the 2022 Beijing Olympics and the NFL’s Super Bowl, and additional Peacock sales. Distribution revenue increased 21.6%, reflecting the broadcast of the 2022 Beijing Olympics, increases at Peacock, as well as contractual rate increases, partially offset by a decline in subscribers at our networks.
Sky
Total Customer Relationships decreased by 106,000 to 22.9 million in the first quarter of 2022, reflecting a decrease in customer relationships in Italy, partially offset by an increase in customer relationships in the U.K. and Germany.
Customer Relationships* (thousands, except customer data):
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 2022 -------------------------------------- 1Q 2Q 3Q 4Q FY ------ ------ ------ ------ ------ Customer relationships 22,921 Net additions (losses) (106) Average monthly direct-to-consumer revenue per customer relationship $56.35
* 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.
Links: Comcast
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