Spectrum lost 320k subs in Q3
October 27, 2023
Charter Communications has revealed that its Spectrum brand has lost 320,000 TV subs in the third quarter of 2023. It also reported that it paid out $68 million in customer credits due to its carriage dispute with Disney that led to a blackout.
“We continue to make significant progress against the multi-year strategic initiatives we outlined last year,” said Chris Winfrey, President and CEO of Charter. “These initiatives drive continuing improvements in the quality of our products, and when combined with our customer-friendly pricing and packaging and high-quality service, will drive significant, long-term growth in shareholder value.”
To help offset slow internet growth and declining TV subscribers, Spectrum did add 594,000 wireless customers in the 3rd quarter of 2023. Spectrum saw revenues up very marginally to $13.584 billion. Internet revenue grew by 3.7 per cent YoY.
Spectrum says video revenue is down about 8.6 per cent to $4 billion and this drop was driven by a higher mix of lower priced video packages within Charter’s video customer base, a decline in video customers during the last year and the residential customer credits recorded in September 2023.