Verizon Loses 78,000 Video, Adds Broadband Subscribers in First Quarter
Verizon lost 78,000 net pay TV subscribers for its Fios consumer video service in the first quarter, compared with a loss of 69,000 in the fourth quarter and a loss of 82,000 in the year-ago period, the telecom giant said on Friday.
The company has in the past often cited “the ongoing shift from traditional linear video to over-the-top offerings,” amid the growth of streaming services, as a key driver of video subscriber declines. Verizon, led by chairman and CEO Hans Vestberg, recorded 229,000 total broadband net additions, “the best quarter in over a decade, including 194,000 fixed wireless net additions” and 35,000 wireline broadband net additions. The results included 55,000 Fios Internet net additions at Verizon Consumer. They were “driven by record-low churn levels with gross additions lower compared to first-quarter 2021” when the company had added 98,000 users.