Verizon Fios TV Subs Drop Back to 2011 Levels
Pay TV service lost another 82,000 customers in the first quarter
Verizon reported the loss of another 82,000 Fios TV customers in the first quarter, leaving the pay TV service with just 3.77 million customers.
That's the lowest total since the first quarter of 2011, when Verizon's then red-hot Fios TV service added 192,000 subscribers.
Verizon Fios TV once elicited consumer clamoring in cable-dissonant markets like New York. The service peaked in 2017, reaching just over 4.6 million customers before it stopped growing that year.
In its earnings release Wednesday, Verizon attributed to sustained erosion to its pay TV service to "the ongoing shift from traditional linear video to over-the-top offerings."
It should be noted that Verizon isn't out of the wireline business--it added 98,000 Fios consumer broadband customers in the first quarter.
Overall in the first quarter, Verizon reported total revenue of $22.8 billion, an increase of 4.7% year over year.
Also gone are the halcyon days of 2011 when wireline services made up more than 50% of Verizon's revenue.
The company, now fixated on 5G services, reported total wireless service revenue of $16.7 billion in Q1, a 2.4% increase year over year
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Daniel Frankel is the managing editor of Next TV, an internet publishing vertical focused on the business of video streaming. A Los Angeles-based writer and editor who has covered the media and technology industries for more than two decades, Daniel has worked on staff for publications including E! Online, Electronic Media, Mediaweek, Variety, paidContent and GigaOm. You can start living a healthier life with greater wealth and prosperity by following Daniel on Twitter today!