Sky sees customer revenue drop as revenue declines 15%

In brief

Sky’s revenue dropped by 15% year on year to $4.3bn in the third quarter of 2022.

Parent company Comcast reported Sky’s direct-to-consumer revenue, which includes pay-TV subscription, decreased by 15% year on year from $4.1bn to $3.5bn, while its advertising revenue went down by 16% to $471m when comparing Q3 2022 to the same period last year.

Content revenue also declined, by 9% year on year, to $273m.

For the nine months ending 30 September 2022, total customer relationships, including streaming customers, has decreased by 41,000, Comcast said.

Comcast also registered a write-down of $8.6bn related to “goodwill and intangible assets” in Sky due to “macroeconomic conditions” in its territories.