Comcast cable video subscribers down 521,000 in 2Q 2022

PHILADELPHIA — Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended June 30, 2022.

Cable Communications

Total Customer Relationships decreased by 28,000 to 34.4 million in the second quarter of 2022. Residential customer relationships decreased by 38,000 and business customer relationships increased by 10,000. Total broadband customers of 32.2 million were flat compared to the first quarter of 2022, total video customer net losses were 521,000, and total voice customer net losses were 286,000. In addition, Cable Communications added 317,000 wireless lines in the quarter.

For the six months ended June 30, 2022, total customer relationships increased by 166,000. Residential customer relationships increased by 147,000 and business customer relationships increased by 19,000. Total broadband customer net additions were 262,000, total video customer net losses were 1.0 million, and total voice customer net losses were 568,000. In addition, Cable Communications added 635,000 wireless lines in the current period.

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  17,144
Net Additions (losses)         (512)   (521)

NBCUniversal

Media revenue increased 3.6% to $5.3 billion in the second quarter of 2022, primarily reflecting higher distribution revenue, partially offset by lower advertising revenue. Distribution revenue increased 8.4%, driven by increases at Peacock and contractual rate increases, partially offset by a decline in subscribers at our networks. Advertising revenue decreased 1.3%, reflecting a decline in ratings in the current year period and a higher number of sporting events in the prior year period, partially offset by higher pricing and additional Peacock sales.

For the six months ended June 30, 2022, revenue from the Media segment increased 19.8% to $12.2 billion compared to 2021, primarily due to 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 in the first quarter of 2022, Media revenue increased 5.2%.

Sky

Total Customer Relationships decreased by 255,000 to 22.7 million in the second quarter of 2022. For the six months ended June 30, 2022, total customer relationships decreased by 361,000.

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  22,666
Net additions (losses)               (106)   (255)
Average monthly direct-to-consumer
 revenue per customer relationship  $56.35  $53.81

* 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.