Watch out Comcast (Nasdaq: CMCSA) because Verizon (NYSE: VZ) has got your number--your video number--in Massachusetts. In 2010, Verizon became the state's second largest video provider with over 280,000 customers despite slowing down its Fiber to the Home (FTTH) network expansion efforts.
Comcast continues to hold onto the top video service spot with almost 1.6 million users. However, in areas where Verizon offers its FiOS TV package it has managed to take market share away from not only Comcast, but also Charter and the now privately-held RCN.
By serving a mix of both affluent (Bedford, Chelmsford, and Newton) and lower-income (Lynn and Lawrence) cities and towns, the service provider was able to add over 54,000 new FiOS TV subscribers in 2010, a 24 percent increase over 2009. This growth enabled Verizon to overtake Charter Communications (Nasdaq: CHTR), which saw its cable customer base decline 2 percent in 2010, as the state's second largest video service provider.
Verizon spokesman Phil Santoro said that they are "obviously very pleased with the launch and growth of FiOS TV in Massachusetts."
Despite meeting the second largest video provider milestone in the state, Verizon only added four new cities and towns in 2010 with no immediate plans to bring the service into large cities like Boston and Worcester. By comparison, Comcast lost over 32,000 subscribers, a 2 percent decline during the year.
For more:
- The Boston Globe has this article
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