Sun. Dec 3rd, 2023
Dish Network Loses Subscribers in Q3, Stock Drops 8%

Dish Network, a leading pay TV provider, reported a loss of approximately 64,000 net pay TV subscribers in the third quarter. This marks a decline compared to a gain of 30,000 subscribers in the same period last year and a larger decline of 294,000 subscribers in the second quarter of this year. The company added around 117,000 Sling TV subscribers in the latest quarter, bringing the total to 2.12 million Sling TV subscribers.

According to the regulatory filing, Dish attributed the decrease in net Sling TV subscriber additions to lower activations and higher disconnects in 2023. The company also cited increased competition from other subscription video-on-demand and live-linear OTT service providers, many of which offer sports programming as a reason for the decline.

In addition to the loss in Sling TV subscribers, Dish also recorded a net decline of about 181,000 customers in its traditional Dish satellite TV business. The total number of pay TV users for Dish Network as of September 2023 was 8.84 million, which is less than the previous year’s figures of nearly 10.02 million subscribers in September 2022 and 10.98 million subscribers in 2021.

Dish Network’s quarterly revenue for the third quarter was $3.70 billion, down from $4.10 billion in the same period last year. The company also reported a third-quarter loss of $139 million, compared to a profit of $412 million in the previous year.

As a result of the subscriber losses and financial performance, Dish’s stock dropped over 8 percent in Monday’s pre-market trading.