Comcast revenue is flat despite Peacock, theme park recovery

Peacock has climbed to more than 15 million subscribers in the US, according to Comcast’s Q3 financial report, but overall revenue was down 1.5%.
October 28, 2022

Comcast’s Peacock and theme park gains in Q3 were not enough to trigger growth in overall revenue compared to the same period in 2021, according to the latest financial report that was released yesterday.

The company’s overall revenue was down 1.5% to US$29.8 billion, and NBCUniversal’s decreased by 4.3% to US$9.5 billion.

However, Peacock’s paid subscriber tally in the US has jumped by 70% since Q3 2021, to more than 15 million. The streamer earned US$506 million in revenue, but had an adjusted EBITDA loss of US$614 million. This is compared to US$230 million in revenue and an adjusted EBITDA loss of $520 million in the same quarter last year. There was higher spending at the SVOD, and its ad revenue also increased, which helped to offset NBCUniversal’s overall ad revenue decrease.

Peacock has been building up its catalogue of kids content lately, most recently greenlighting a new Caillou series at WildBrain. And it has also slowly expanded beyond the US to operate in the UK, Ireland, Germany, Austria, Switzerland and Italy.

NBCUniversal’s media revenue—which covers production, programming distribution and advertising—dropped 22% to US$5.2 billion, but its studio business grew by 31% to US$3.2 billion. The theatrical success of family-friendly movies Minions: The Rise of Gru (pictured) and Jurassic World: Dominion contributed to this studio success, along with increased content licensing revenues.

NBCUniversal’s biggest category growth came from its theme parks segment, which was up 42% to US$2.1 billion. Greater attendance and visitor spending in the US and Japan parks were significant drivers as theme parks continue their recovery from pandemic shutdowns and lower-than-usual attendance. The company’s theme park segment revenue dropped sharply to US$385 million in Q3 2020, but climbed back up to US$1.4 billion in Q3 2021.

Comcast’s broadcaster Sky took a hit this quarter, with overall revenue down 14% to US$4.2 billion, thanks to lower ad revenue and decreased revenue in Italy and Germany.

“Despite the challenges that may lie ahead, we are in an enviable strategic and financial position, and our future remains bright,” said Comcast CEO Brian Roberts in the report.

About The Author
News editor for Kidscreen. Ryan covers tech, talent and general kids entertainment news, with a passion for kids rap content and video games. Have a story that's of interest to Kidscreen readers? Contact Ryan at rtuchow@brunico.com

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