Dish Network saw a significant shift in its pay TV subscriber numbers that outweigh Sling TV gains. They lost approximately 64,000 net pay TV subscribers during this period.
Marking a notable contrast to the gain of 30,000 subscribers in the same quarter the previous year and the decline of 294,000 subscribers in the second quarter of the current year.
The company revealed in a regulatory filing that they managed to add about 117,000 Sling TV subscribers in the latest quarter, closing September with a total of 2.12 million Sling TV subscribers.
This was a drop from their performance in the third quarter of 2022 when they added 214,000 Sling TV subscribers. Dish attributed this decline in net Sling TV subscriber additions to lower activations and higher disconnections among TV subscribers in 2023.
In terms of their traditional Dish satellite TV business, Dish experienced a net decline of around 181,000 customers in the third quarter, finishing September with a total of 6.72 million subscribers.
According to Hollywood Reporter, Dish Network’s pay TV segment has experienced a notable decline. They had 8.84 million pay TV users as of September 2023, down from 10.02 million in September 2022 and 10.98 million in 2021.
Their quarterly revenue dropped from $4.10 billion in 2022 to $3.70 billion. Additionally, Dish reported a third-quarter loss of $139 million, a sharp contrast to the $412 million profit from the previous year.
This financial performance led to an over 8 percent drop in Dish’s stock during pre-market trading on Monday, reflecting the market’s reaction to these developments.