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"With five out of the top seven publicly traded linear pay TV platforms, including the top three, reporting customer numbers, it appears the industry's record-bad third-quarter subscriber losses could indeed surpass 1 million users, as some analysts have predicted," Fierce Cable reports.

The big picture: We're still waiting on Dish and Altice earnings, but so far 632,000 Pay-TV subscriber losses have been reported in Q3:

  • Verizon: Lost 18,000 Fios TV users
  • AT&T: Lost 251,000 for DirecTV and 134,000 for U-verse
  • Comcast: Lost 125,000 Pay-TV subscribers
  • Charter: Lost 104,000 Pay-TV subscribers (Legacy Charter lost 11,000; Time Warner lost ~86,000; Bright House lost 7,000)

Why it matters: Pay-TV losses are forcing the top cable, satellite and video providers to double down on other products and services.

  • Broadband services, particularly wireless broadband, for the most part is a higher-margin business than video, and margins only increase as consumers double down on streaming digital video. Comcast, Verizon and AT&T executives all discussed ways Pay-TV declines are leading to higher broadband revenues through increased video streaming.Comcast CEO and Chairman Brian Roberts said on last week's Q3 earnings, "We've anticipated this shift that's coming ... I think we've taken our innovation machine and pointed it as well now to broadband and broadband-only homes, and I think you'll see more of that coming in the future."AT&T SVP and CFO John Stephens said on last week's earnings call that the number of TV-and-wireless bundles have grown by 20% since the DTV (DirecTV) deal closed.Verizon EVP and CFO Matthew Ellis confirmed to investors two weeks ago that it still intends to launch its fixed wireless broadband offering in 2018.
  • Data and advertising: The MVPD's with content investments are hoping an expanded data set will lead them to more lucrative digital advertising opportunities. Verizon: With the addition of Oath, Verizon's Matthew Ellis says the company's addressable market "has expanded from millions of wireless and wireline customers to about one billion global content consumers."AT&T: AT&T's John Stephens says its advertising business is growing in "double digits," largely due to an increase in data-based digital TV ad buying. He suggested on its earnings call that "the indications are that this can be effective" for Time Warner's business (when/if the future merger goes through), based on what it has seen in its ad tech business and its entertainment group.
  • Streaming video: AT&T's DirecTV Now seems to be leading the pack. DirectTV added nearly 300,000 subscribers in Q3, bringing its total to nearly 800,000 customers in less than a year.

Go deeper

Dion Rabouin, author of Markets
13 mins ago - Economy & Business

Miami mayor: Bitcoin's appeal is that governments can't manipulate it

Miami Mayor Francis Suarez is pushing to make bitcoin a part of his city's economic future, and in an interview with "Axios on HBO," he pushed back against the economic orthodoxy of people like Treasury Secretary Janet Yellen who say it's a bad idea.

Why it matters: Miami's inclusion of bitcoin as a way to pay city employees or as part of the city's emergency cash holdings, as Suarez has proposed, would add legitimacy to the cryptocurrency and further entrench it in the U.S. economic system.

Dion Rabouin, author of Markets
15 mins ago - Politics & Policy

Miami mayor acknowledges Big Tech plans could hurt the city's poor

Photo: "Axios on HBO"

Miami Mayor Francis Suarez's ambitions to attract Big Tech has generated a lot of headlines — but it will likely come with some negative impacts for current residents, for which the mayor admits there may not be solutions.

What he's saying: "Gentrification is real," Suarez told "Axios on HBO." But even with his efforts to promote affordable housing, he argues that "government has a limited amount of resources and a limited amount of ability to stop things that are market driven."

Trump's assault on Chinese tech left loose ends galore

Illustration: Sarah Grillo/Axios

President Trump's haphazard war on Chinese tech has left the Biden administration with a raft of unfinished business involving efforts to restrict Chinese firms and products in U.S. markets.

Why it matters: The Chinese and American tech industries are joined at the hip in many ways, and that interdependence has shaped decades of prosperity. But now security concerns and economic rivalries are wrenching them apart.