Advanced Television

Peacock subs up 55% YoY

April 26, 2024

US media conglomerate Comcast has reported its Q1 results. Net income rose 0.6 per cent to $3.86 billion (€3.6bn) compared with $3.83 billion  a year earlier. EBITDA declined 0.6 per cent to around $9.4 billion. The company’s revenue grew to $30.06 billion, up 1.2 per cent on the same period last year.

Comcast reported that the NBCUniversal streaming service, Peacock, saw paid subscribers increase by 55 per cent YoY to 34 Million, including net additions of 3 million in Q1. Peacock revenue increased 54 per cent to $1.1 billion.

“Our team is continuing to execute exceptionally well in a dynamic and competitive marketplace,” said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation. “We delivered double-digit growth in Adjusted EPS and free cash flow while returning $3.6 billion to shareholders, investing aggressively in our businesses, and maintaining our strong balance sheet. We grew broadband ARPU over 4 per cent, delivered 7 per cent revenue growth in our connectivity businesses, and expanded our Adjusted EBITDA margin across Connectivity & Platforms. In Studios, following a record year with eight Oscars including Best Picture, our film group continues to leverage our incredible IP with hits like Kung Fu Panda 4; and Peacock remains one of the fastest growing domestic streamers with impressive acquisition, retention and engagement trends. Overall, I am proud of our ability to consistently perform at the highest levels and continue to position the company for long-term growth.”

Further Q1 highlights:

  • Adjusted EPS increased 13.9 per cent to $1.04; Generated Free Cash Flow of $4.5 Billion
  • Total Return of Capital to Shareholders Increased 13.5 per cent to $3.6 Billion Through a Combination of $1.2 Billion in Dividend Payments and $2.4 Billion in Share Repurchases
  • Connectivity & Platforms Adjusted EBITDA Increased 1.5 per cent to $8.2 Billion and Adjusted EBITDA Margin Increased 30 Basis Points to 40.5 per cent. Excluding the Impact of Foreign Currency, Connectivity & Platforms Adjusted EBITDA Increased 1.3 per cent and Adjusted EBITDA Margin Increased 50 Basis Points
  • Domestic Broadband Average Rate Per Customer Increased 4.2 per cent, Driving Domestic Broadband Revenue Growth of 3.9 per cent to $6.6 Billion, Even as Comcast Lost 65,000 Broadband Subscribers during the Quarter.
  • Domestic Wireless Customer Lines Increased 21 per cent Compared to the Prior Year Period to 6.9 Million, Including Net Additions of 289,000 in the First Quarter
  • Kung Fu Panda 4 Debuted in March and Grossed Over $480 Million in Worldwide Box Office Year-to-Date, Contributing to the Panda Franchise’s Cumulative Total of $2.3 Billion. Oppenheimer Won 7 Oscars at the Academy Awards, Began Streaming Exclusively on Peacock Beginning in February and Was the Most Watched Pay 1 Movie in Peacock’s History

Along with the aforementioned broadband subscriber decline, Comcast also lost 487,000 video customers in the US. The news saw Comcast shares fall more than 7 per cent on April 25th despite the upbeat financials and Peacock lifts.

Categories: Articles, Business, Results, VOD

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