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Sky suffer a £575MILLION drop in revenue as subscribers switch off during Premier League suspension

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. 

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).

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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