Charter reported the loss of 1.23 million video customers in 2024, although the losses in the last quarter were the lowest for over two years. At this rate, it is only a matter of time before it becomes the largest video operator in the United States by losing fewer customers than Comcast.
Charter Communications, which operates under the Spectrum brand, ended 2024 with 12.33 million residential video customers, down from 13.50 million the previous year, and 14.50 million the year before that.
The company is the second largest provider of television subscription services in the United States, but is likely to become the leading provider in the country by losing fewer customers than Comcast.
Charter has 28.03 million residential internet customers, which is just over half a million fewer than it had a year before.
The company reported revenues of $55.08 billion for 2024, of which $23.36 billion came from internet services and $15.13 billion was from video, with the $9.65 billion spent on programming being its largest operational expense.
In the last quarter, Spectrum launched a new platform it calls Life Unlimited, with a simplified pricing and packaging strategy. Spectrum TV Select video customers will receive bundled online video services at no extra cost, including advertiser supported versions of Max, Disney+, Peacock, Paramount+, ESPN+, AMC+, and Discovery+, among others.
“Our multi-year investments in network evolution, expansion and execution are delivering tangible results,” said Chris Winfrey, the chief executive of Charter. “By having the best network, the best products and delivering customers the most value with unmatched service, we are well-positioned for customer and profitability growth and have clear visibility to free cash flow growth following this unique one-time investment cycle.”