SKY TV viewers plunge, but CEO calls second half subscriber losses 'pleasing'

August 24, 2018
Sky tv remote

SKY TV lost nearly 7 per cent of its subscribers - over 57,000 - in the year to June, while also recording a net loss of $240m.

In releasing its annual result this morning, SKY described it as "pleasing" to lose only 11,049 subscribers in the second half of the past financial year, after haemorrhaging 46,006 subscribers in the first six months.

The network also suffered a $240m net loss after reducing the value of SKY's Goodwill asset from $1.43 billion to $1.07 billion.

It's underlying net profit was $119.3m.

"The SKY management team has worked hard to take costs out of the business, and we are pleased to report costs are down $47 million for the year," outgoing CEO John Fellet said in a statement.

"By global standards, 40% market penetration for a Pay TV service is significant.

"It is important to highlight that 768,000 customers choose to pay for SKY’s services.

"By global standards, 40% market penetration for a Pay TV service is significant.

"Over the next few years we anticipate that more customers will transition from our satellite service to our online products."

SHARE ME

More Stories