April 15 (Reuters) - Comcast CMCSA.O unveiled a five-year price lock for its Xfinity Internet service on Tuesday, aiming to stem subscriber losses and bolster its broadband business as competition in the sector intensifies.
WHY IT'S IMPORTANT
Comcast has been losing broadband subscribers to wireless giants such as AT&T T.N, T-Mobile TMUS.O and Verizon VZ.N, which offer plans, bundling internet with high-speed mobile data services, that have proven to be popular with customers.
BY THE NUMBERS
The offer gives new Xfinity Internet customers plans starting at $55 a month, locked in for five years with no annual contract required. It also includes a free unlimited wireless line for one year. Customers are free to cancel at any time.
KEY QUOTE
"We're addressing two significant consumer pain points – rising costs and transparency," said Steve Croney, Chief Operating Officer, Connectivity and Platforms, Comcast.
CONTEXT
Comcast said in January it would roll out packages that bundle wireless with higher-tier internet services after losing 139,000 broadband customers in the fourth quarter, well above the more than 100,000 it had projected in December.
The company has since named former Apple AAPL.O executive Jon Gieselman as chief growth officer for the residential domestic businesses within its Connectivity and Platforms division.
Earlier this month, rival Verizon announced a three-year price lock for new and existing customers on its myPlan and myHome network offerings.
(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Krishna Chandra Eluri)
((HarshitaMary.Varghese@thomsonreuters.com;))
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