As a longtime subscriber to Altice USA, I must admit that the latest financial quarter results have left me a bit worried. The continuous loss of video subscribers and the decrease in overall revenue are concerning signs for any company, especially one in the competitive field of cable and internet services.
During the third financial quarter, Altice USA experienced a decline in its video subscriber base, much like other cable industries, as they grapple with the effects of cord-cutting and an increasing preference for streaming services among television audiences.
During the last quarter, the cable company headed by CEO Dennis Mathew saw a decrease in video customers, losing approximately 77,000 more. This brought their total number of Optimum pay TV customers down to slightly over 2.1 million. This loss follows a similar trend from earlier this year when they lost 72,800 video customers during the second quarter, and another 77,600 in the third quarter of 2023.
From September 30, 2024, looking back at the previous year’s third quarter, I noticed a 4% decrease in Altice USA’s overall revenue, going from $2.3 billion to $2.2 billion. Specifically, the video TV revenue dropped by nearly $61 million during this recent financial quarter, with figures standing at $715 million compared to $775.8 million recorded in Q3 of 2023.
Instead of reporting a profit in the third quarter last year of $66.8 million for Altice USA’s shareholders, they reported a loss this year totaling $43 million.
In July 2024, Altice USA introduced Entertainment TV, a budget-friendly internet TV bundle for its Optimum clients, to attract and maintain pay-TV subscribers, with each subscription costing just $30 monthly.
On Mondays, Altice USA introduced two new television packages: the Extra TV package featuring more than 125 channels for a monthly fee of $85, and the Everything TV package boasting over 200 channels available for $140 each month.
Competitors such as Charter Communications and Comcast are likewise aiming at individuals who have stopped paying for traditional TV services (cord-cutters) and those who have never subscribed to them (cord nevers), by introducing their own streaming television options.
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2024-11-05 00:24