Verizon Lost 72,000 Video Customers in Q4 2020

Today, Verizon reported a 72,000 customer loss for its Fios Video service. With the Q4 losses, Verizon Fios Video was down nearly 300,000 video customers in 2020.

In a report shared by Verizon after its Q4 earnings call today, the company cited “the ongoing shift from traditional linear video to over-the-top offerings” for the loss.

While Verizon has lost video customers, the company continues to add internet customers. Fios Internet saw 95,000 net additions in Q4 2020, including both household and business customers.

“Verizon finished the fourth quarter with strong financial performance,” said Verizon CEO Hans Vestberg. “2020 was marked by transformational change, including the launch of our 5G nationwide network. We witnessed a mass shift toward virtual collaboration, touchless retail and delivery, remote work, distance learning, and telemedicine.”

Today, Verizon also shared the success it had with its Disney+ partnership. When Disney+ launched in 2019, Verizon offered unlimited wireless customers 12 months of the streaming service free. The company says that over 2/3 of customers who started with that free trial have continued their subscription, either being billed directly by Verizon or switching to a Verizon Mix & Match plan with Disney+ included. Verizon is also offering wireless customers a free year of the recently launched Discovery+.

Vestberg commented on more potential partnerships with streaming services, saying “We’re not going to have a hundred different type of offerings, but you know Discovery+ and Disney+, they are so-called Super A brands we want to work with. We will look for more of these.”