Verizon lost 80,000 TV subscribers according to their Q4 2022 report.
The telecom juggernaut reported it ended 2022 with 3.234 million Fios video subscribers in its consumer division, down from the 3.573 million subscribers it had at the end of 2021. In comparison, Fios broadband internet subscribers gained 59,000 subscribers, up from 55,000 the previous year. Verizon reported 1.29 million broadband users, compared to 409,000 subscribers in 2021. “Total broadband net additions of 416,000 was the best total broadband performance in over a decade, reflecting a strong demand for FiOS and fixed wireless products,” the company said.
Last year, Verizon offered early access to the beta version of its new streaming hub +play, which lets users find, sign up for and pay for several streaming services in one location using their existing cell phone or home internet bill. At launch, hub +play offered streaming services such as NFL+, NBA League Pass, AMC+ and Peloton, among others.
To attract users, Verizon collaborated with Netflix to offer consumers a free year of Netflix Premium if they subscribe to another service through the hub.
During an earnings conference call, Verizon CEO Hans Vestberg said that convergence of wireless and broadband services was a trend and opportunity in the U.S., although the market was more advanced in Europe. Vestberg also noted that although Verizon was navigating a difficult economic environment due to elevated inflation, Verizon services remain strong.