Cablevision System reported mixed results in the first quarter, shedding 28,000 basic video customers and adding about 7,000 high-speed data subscribers, as it continues to move forward with its strategy to focus on connectivity via WiFi and its wireline broadband service.
Cablevision lost about 28,000 basic video customers in the period and high speed data subscribers rose by 7,000, compared to a loss of 14,000 video customers and a gain of 8,000 HSD subscribers in the same period last year. Voice customers declined by 14,000, compared to a gain of 8,000 subscribers in the first quarter of 2014.
Overall revenue was up 2.5% to $1.6 billion and adjusted operating cash flow increased 1% to $446.6 million.
Recently, Cablevision has made several moves to build ont the connectivity strategy that CEO James Dolan first talked about in 2014, capitalizing on its robust WiFi network – it has more than 1 million hotspots throughout its footprint. In February, Cablevision rolled out its WiFi-only phone service Freewheel and was the first cable operator to launch Home Box Office’s standalone broadband product, HBO NOW. Late last month it introduced “Cord-Cutter” packages of high-speed data and a digital over-the-air antenna, and was the first cable operator to ink a distribution deal with Hulu.
"Cablevision had a solid start to 2015 with growth in net revenue, AOCF and revenue per customer," Dolan said in a statement. “As we move through the year, we will continue to address evolving consumer demand by expanding our product offerings to provide greater value and flexibility. Connectivity is the wave of the future, and we plan to leverage our industry-leading position to be the preferred choice for consumers in our market."
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