SkyTV advised the market it was forecasting total subscribers of about 830,000 as at June 30, a reduction of about 45,000 core residential pay TV subscribers.
That would be partially offset by an increase of 25,000 other subscribers, including in Neon and FanPass. SkyTV chief financial officer Jason Hollingworth said the numbers were based on factors such as the roll-off of subscriber contracts following the Rugby World Cup in 2015.
Ms Kinnaird said pay TV subscribers were key for SkyTV and the numbers released yesterday represented about 28,000, or more, lines lost than Forsyth Barr had forecast.
"The post-RWC churn appears to have come in the second half this time around. This additional 28,000 subscribers represents a drop of between $25 million to $26 million in revenue and a $17million fall in reported profit on an annualised basis.
"SkyTV does not expect this level of customer loss to continue as it traditionally loses significant customers after a Rugby World Cup year.''
Mr Hollingworth said a positive impact on subscriber numbers was expected from events such as the Rio Summer Olympics in August and the Lions' rugby tour in June next year.
The company had previously appointed Citigroup to provide advice on growth and capital management initiatives and the board expected to update the market by June 30.
Shares fell 69 cents to $4.80 following the market announcement, after earlier touching a three-week low of $4.75.
They have dropped 25% in the past 12 months.
