Comcast cable video subscribers down 2.034 million in 2022

PHILADELPHIA — Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter and year ended December 31, 2022.

Cable Communications

Total Customer Relationships decreased by 71,000 to 34.3 million in the fourth quarter of 2022. Excluding the negative impact from Hurricane Ian, we estimate that total customer relationships decreased by 36,000. Total broadband customer net losses were 26,000. Excluding the negative impact from Hurricane Ian, we estimate that total broadband net additions were 4,000. Total video customer net losses were 440,000 and total voice customer net losses were 288,000. In addition, Cable Communications added 365,000 wireless lines in the quarter.

For the twelve months ended December 31, 2022, total customer relationships increased by 75,000. Residential customer relationships increased by 54,000 and business customer relationships increased by 21,000. Total broadband customer net additions were 250,000. Total video customer net losses were 2.0 million and total voice customer net losses were 1.2 million. In addition, Cable Communications added 1.3 million wireless lines in 2022.

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  16,582  16,142
Net Additions (losses)         (512)   (521)   (561)   (440)   (2,034)

NBCUniversal

Media revenue increased 2.6% to $6.0 billion in the fourth quarter of 2022, due to higher advertising revenue and distribution revenue. Excluding $263 million generated by Telemundo’s broadcast of the FIFA World Cup, Media revenue decreased 1.9%. Advertising revenue increased 4.0%, primarily due to incremental revenue from the FIFA World Cup as well as an increase in Peacock advertising revenue.

For the twelve months ended December 31, 2022, revenue from the Media segment increased 2.7% to $23.4 billion, primarily due to higher distribution revenue and advertising revenue. Excluding $1.7 billion of incremental revenue from the Beijing Olympics, the NFL’s Super Bowl and the FIFA World Cup in 2022 and $1.8 billion of incremental revenue from the Tokyo Olympics in 20215, Media revenue increased 3.0%.

Sky

Total Customer Relationships increased by 129,000 to 23.1 million in the fourth quarter of 2022. For the twelve months ended December 31, 2022, total customer relationships increased by 88,000.

Customer Relationships* (thousands, except customer data):

                                                                      2020
                                    --------------------------------------
                                        1Q      2Q      3Q      4Q      FY
                                    ------  ------  ------  ------  ------
Customer relationships              23,216  23,002  22,981  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
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  22,986  23,115
Net additions (losses)               (106)   (255)     320     129      88
Average monthly direct-to-consumer
 revenue per customer relationship  $56.35  $53.81  $51.25  $51.30  $52.81

* 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.