Comcast has lately lost both TV and internet customers, indicating that cord cutting is still a major issue.
Comcast’s second-quarter financial report, released this morning, revealed that the corporation lost 419,000 cable TV customers. Every day, over 4,604 subscribers join. Comcast also lost 120,000 internet customers during the second quarter of 2024.
“We grew Adjusted EPS by high single digits and continued to invest aggressively in our businesses while returning $3.4 billion to shareholders,” said Brian L. Roberts, Chairman and CEO of Comcast Corporation. “Broadband ARPU increased by 3.6%, and our connectivity businesses saw 6% revenue growth, while our Adjusted EBITDA margin across Connectivity & Platforms reached a record-high 41.9%.” Media resumed Adjusted EBITDA growth, led by Peacock, which recorded the largest year-over-year improvement for any quarter since its inception in 2020.
READ MORE: Comcast NBCU Will Provide A Free Olympics Stream For The Military Community
In Studios and Theme Parks, we faced difficult comparisons to the previous year, but our upcoming film and TV projects, as well as the launch of Epic Universe, promise well for the future. More broadly, I am thrilled about the prospects for development that await our teams as they innovate and collaborate to connect our customers, viewers, and guests to the moments that matter. Starting this Friday, our company will use advanced technology and storytelling expertise to provide millions of households in the U.S. with unparalleled television and streaming coverage of the Paris Summer Olympics and other televised events, ensuring an unforgettable experience.
All of this comes as cord cutting 2.0 gains traction as Americans seek cheaper alternatives to connect to the internet at home. It is still in its early stages, but with new options for residential internet, cord cutting 2.0 is becoming a reality.
Comcast hopes that investment in wireless, internet, and other areas would help offset its TV division’s losses. We’ll have to wait and see whether it happens.
Radiant TV, offering to elevate your entertainment game! Movies, TV series, exclusive interviews, music, and more—download now on various devices, including iPhones, Androids, smart TVs, Apple TV, Fire Stick, and more.
