Despite our doom-laden prophecy not being met of 2 million subscribers canceling service from April through June, the 1.5 million who did cut represent the third worst quarter of losses on record, behind only Q1 2020 and Q3 2019 .
Among the individual MVPDs, Charter had the best news, with a net total of 102,000 video additions. The cable provider benefited from government programs designed to keep Americans connected, reporting that 12,000 new video subscriptions came from TV upsells from the “Remote Education.” An additional 147,000 resulted from the FCC’s “Keep Americans Connected” pledge, where providers pledged to not disconnect customers who were impacted by the pandemic and behind on their bills.
To illustrate what desperate times these are for Pay-TV service operators, the market reacted with considerable excitement that forgiving customer debts and keeping them connected helped Charter avoid a decline in subscribers for the first time since Q4 2017. In the days that followed its July 31 earnings call, Charter stock rose by $38.43 versus price before earnings, closing at $601.87 on August 7.
Google continues to not report YouTube TV’s figures since giving an update in Q4 2019 that the service had over 2 million subscribers. With a— the second in 15 months — VIP suspects there will have been some cancellations to that service.
Ours will show up in Q3. We just finally cut the cord at the end of July.
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