Sky Hits 24M Customers; Revenue Drops 3% To $19.2B

'Chernobyl' HBO

In its first full year under the ownership of Comcast, British pay-TV broadcaster Sky hit a landmark of 24M customers across Europe, but its revenue dropped 3%.

According to Comcast’s fourth-quarter earnings published on Thursday, Sky added 77,000 new customers in the final three months of 2019, taking its total userbase to 24M, including pay-TV and Now TV streaming subscribers.

Sky posted a revenue of $19.2B last year, compared with $19.8B in 2018, according to Comcast’s earnings. Its Q4 revenue was flat at $5B year-on-year. Adjusted EBITDA rose 7.1% to $3.1B in 2019.

Comcast said that excluding the impact of currency fluctuations, Sky’s revenue increased 1.7%, reflecting “growth in content and direct-to-consumer revenue, partially offset by lower advertising revenue.” Sky launched shows including its Emmy and Golden Globe-winning HBO co-production Chernobyl last year.

Comcast completed its $30B acquisition of Sky in October 2018 and owns 75% of the company’s shares. They are increasingly collaborating, announcing the launch of an international news channel, NBC Sky World News, and plans to develop a major new TV and film studio just north of London.

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