Sky suffer a £575MILLION drop in revenueJuly 30, 2020
Sky suffer a £575MILLION drop in revenue as TV subscribers switch off with the suspension of Premier League football and a lack of sport to blame during the coronavirus pandemic
- Sky have reported a £575million fall in revenue amid the coronavirus crisis
- The broadcaster lost 5 per cent of its sports subscribers during the lockdown
- They cancellation of Premier League fixtures contribution to the huge plunge
Sky have reported a £575million fall in revenue after their sports subscribers switched off during the coronavirus lockdown.
The broadcaster, owned by American TV company Comcast, reported a 15.5 per cent fall in revenues from $4.8billion to $4bn (£3.7m to £3m) with the pandemic impacting the sporting calendar.
Sky blamed the plunge on the cancellation of Premier League, Bundesliga and Serie A fixtures as well as a decrease in customers receiving Sky broadband and mobiles services.
Sky have reported a £575million fall in revenue during the coronavirus lockdown
The broadcaster blamed the suspension of the Premier League and other football fixtures
The company said the total number of customer relationships to all of its services fell by 214,000 in the quarter as a result, which they also blamed on the lack of televised sporting fixtures and the suspension of sales of some services.
Sky issued payment holidays in an attempt to keep customers but 5 per cent of sports subscribers still cancelled their memberships.
Content revenue also took a hit because of the lack of sport with a 38 per cent decline to $234million (£179.5million).
Sky lost 5 per cent of their sports subscribers while there was no televised football matches
The broadcaster said for the six months to the end of June adjusted profits fell by 9.4 per cent to $1.3billion (£1billion).
The Premier League was suspended in March following the outbreak of the virus.
There was a three-month gap with fixtures eventually returning mid-way through June as Sky televised 100 games in 40 days.
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