While viewer numbers for the Phoenix are low I'd wager each viewer is more valuable to sky than your average warriors supporter because of it being a different demographic to most of their content with limited cross pollination with rugby in comparison. I.e. these are customers which primarily have sky for the nix and would leave without them, whereas warriors supporters would probably still keep it for the crugby content.
While viewer numbers for the Phoenix are low I'd wager each viewer is more valuable to sky than your average warriors supporter because of it being a different demographic to most of their content with limited cross pollination with rugby in comparison. I.e. these are customers which primarily have sky for the nix and would leave without them, whereas warriors supporters would probably still keep it for the crugby content.