Sky has become the second major European broadcaster in two days to show signs that the worst of the coronavirus pandemic is in the rear-view mirror.
Following an encouraging set of ITV earnings on Wednesday, Comcast revealed that Sky’s revenues rose by 28% to $5.2B in the second quarter of the year after improvements in advertising, direct-to-consumer (things like sports subscriptions), and content sales.
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For the six months ended June 30, Sky’s revenue increased 18.9% to $10.2B, compared with $8.6B over the same period in 2020. The improvement was not far off ITV, which posted a 26% increase in revenues to £1.8B ($2.5B) in the first half of 2021.
It was not all good news, however. Sky’s adjusted EBITDA fell 25.3% to $560M in Q2, while its total customer relationships decreased by 248,000 to 23.2M. It marks a trend of customer contraction under Comcast, as streamers continue to make inroads into the wallets of TV audiences.