Verizon reported losing 29,000 Fios TV subscribers in the fourth quarter, along with a slowdown in wireline broadband users.
The loss, compared to a gain of 21,000 Fios video subs in the fourth quarter of 2016, is a trend likely to befall others in the pay TV industry as quarterly earnings are reported in coming weeks. Verizon said the losses “reflect the shift from traditional linear video to over-the-top offerings.” Verizon lost 75,000 Fios TV during all of 2017, ending the year with 4.6 million Fios video subscribers.
“In Fios video, the business faced ongoing headwinds as observed throughout the linear TV market,” Verizon CFO Matthew Ellis said on Tuesday’s earnings call.
As for its wireline broadband segment, Verizon added 47,000 Fios internet customers, compared to a gain of 68,000 in Q4 2016.
Despite the losses and subscriber slowdown, Verizon reported Fios revenue of $2.95 billion, up 2.3 percent from the year ago period.
Verizon chairman and CEO Lowell McAdam said on the quarter’s earnings call that the company is not planning a big media acquisition to beef up its video segment.
“I can say unequivocally there is nothing going on right now with us considering a large media play,” McAdam said.
Pointing to Verizon’s recently inked streaming deals with the NBA and NFL McAdam added, “We think being a great partner being able to monetize through advertising and being independent is a very good place to play for us right now.”
To see how Verizon did on the wireless side in the fourth quarter, check out Wireless Week coverage here.