Dish Network reported a loss of 116,000 net new video customers in the third quarter, its sixth consecutive period of losses, as gains at its over-the-top Sling TV services were again not enough to stop the traditional pay TV bleeding.
Revenue for the quarter was flat at $3.75 billion, compared to $3.73 billion in the same period last year.
Dish has lost net subscribers in the past six quarters – its last period of growth was 35,000 additions in the first quarter of 2015 – and some analysts noted that the losses to the satellite business are likely heavier given that Dish combines subscribers for both Sling TV and satellite TV.
In a research note, MoffettNathanson principal and senior analyst Craig Moffett estimated that Dish’s satellite business shed about 320,000 net subscribers, about even with the second quarter. On the bright side, Moffett estimated that Sling TV added 204,000 subscribers in the period, up from the estimated 15,000 additions a year ago. Overall, Moffett wrote the satellite TV business has shed 949,000 subscribers over the past year, or about 8.1% of its legacy subscriber base.