Verizon lost 76,000 net pay TV subscribers for its Fios consumer video service in the first quarter, compared with a loss of 78,000 customers in the year-ago period, the telecom giant said on Tuesday.
Continued video subscriber declines at the telecom giant came as the wider industry deals with a shift to streaming platforms by television viewers and away from traditional cable TV packages. The consumer unit at Verizon had 3.16 million Fios video subscribers at the end of the first quarter.
Verizon, led by chairman and CEO Hans Vestberg, gained 67,000 Fios broadband internet subscribers, compared with 60,000 in the year-ago period. Verizon has been shifting its video focus away from Fios TV to partnerships with third-party streaming services as it positions itself as a key distributor for them.
Consumer Fios revenue for the first quarter came to $2.9 billion, just down year over year Fios internet customer growth offset the declines in video subscriber declines.
As part of its video strategy, a Verizon +play platform has been unveiled to increase retention by bundling subscription services into a dedicated hub for the telecom company’s customers. The +play platform was built and is powered by U.K. tech company Bango.
In 2021, the phone giant sold its Verizon Media unit, which included the likes of Yahoo and AOL as it instead focuses on attracting consumers with bundles of fixed and mobile services.
