Verizon lost 84,000 video subscribers in Q1

Verizon sign
While Verizon’s consumer businesses held mostly steady during the COVID-19 crisis, its media segment was negatively impacted by the virus. (FierceWireless)

Verizon’s Fios TV subscriber losses continued their slow but steady declines in the first quarter of 2020.

The company posted a net loss of 84,000 Fios video subscribers, up from a net loss of 55,000 in the same quarter one year ago. The company now has approximately 4.07 million Fios TV subscribers, down 5.9% annually. Fios Video business subscribers stayed flat year over year.

The company once again attributed the decline in video subscribers to the “ongoing shift from traditional linear video to over-the-top offerings.” However, Verizon’s consumer business segment reported 59,000 Fios Internet net additions as “work-from-home, in-home schooling, and other related measures increased the demand for high-quality broadband offerings.”

Consolidated revenue for the consumer segment fell 1.7% to $21.76 billion and operating income rose slightly to $7.28 billion.

RELATED: Verizon lost 51,000 video subscribers in Q4

As Verizon’s video business has steadily declined, the company has leaned more into partnerships with streaming services. Earlier this year, Verizon announced new “Mix & Match” pricing for its video, internet and phone services and YouTube TV appeared as a prominent option for Verizon customers wanting live TV. Last year, Verizon announced it would give a free year of Disney+ to both 4G LTE and 5G unlimited subscribers along with new Fios Home Internet and 5G Home Internet customers.

While Verizon’s consumer businesses held mostly steady during the COVID-19 crisis, its media segment was negatively impacted by the virus. Total Verizon Media revenues were $1.7 billion, down 4% year over year, which the company said was “driven almost entirely by COVID-19 impacts. Prior to the COVID-19 crisis, year over year revenue trends continued the steady improvement seen in full-year 2019. Verizon Media has seen increased levels of customer engagement on its platforms, but advertising rates have declined in the current environment.”

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