This, according to the company in its latest set of results, represented a net organic loss of 13,100 video subscribers during the quarter. The net loss excluded migrations to its enhanced video service and represented customers churning to competitors’ platforms, such as other digital TV, OTT and satellite providers, or customers terminating their video service or moving out of its service footprint. Telenet notes that within the mix of video subscribers, the proportion of analogue basic TV subscribers continued to contract, reaching 90,300 as of June 30.
Looking at its enhanced video service, Telenet says that as of June 30, 1,695,600 of its video customers had upgraded to it, with the customer base growing by 7,100 RGUs in the second quarter. The increased net subscriber uptake was driven by both the continued roll-out of its Signal Switch project and a solid video attach rate to the new “ONE” FMC bundles, demonstrating limited cord cutting in its footprint.
Telenet’s total premium entertainment subscriber base, including Streamz, Streamz+, Play More and Play Sports, equalled approximately 36% of its total enhanced TV customer base at the end of Q2, which was broadly stable compared to the same quarter last year and slightly down relative to March 31 as a result of seasonal patterns in its PlaySports offering due to the conclusion of both the national and international football championships.
Telenet’s total revenues in H1 amounted to €1,283.3 million or 1% more than in the first half of 2020. Adjusted EBITDA was €688.7 million (-1%) and net profit €211.7 million (+14%).