Comcast’s streaming platform continues to see downstream results from its special protection of a Jan. 13 NFL Wild Card activity, as Peacock closed out the first fourth of 2024 with roughly 34 million paying clients.
Comcast revealed that it exited March with approximately 3 million more Peacock channels than it did during the year-ago time in the monthly income statement of the cable tycoon. Revenue at the streaming segment improved 54 % year- over- year to$ 1.1 billion, while losses narrowed to$ 639 million on the quarter, 9.2 % lower than the$ 704 million lost during the analogous period in 2023.
Speaking to investors Thursday night, Comcast chairman Michael Cavanagh credited the special Dolphins- Chiefs activity, which drew some 23 million viewers to Peacock, as a catalyst in the service’s new growth spurt. ” We’re very pleased with the quarter…where we ended at 33.5 million users”, Cavanagh said. ” We anticipated it to be significantly more successful than we anticipated, and engagement was significantly higher than we anticipated.”

Cavanagh noted that Peacock should start to gain steam suddenly starting this summer, as the program will supply all life events from the Paris Olympics, despite the possibility of slowdown in the current sports third. ( Earlier this month, NBCUniversal stated that it anticipates surpassing its previous all-time high of$ 1.25 billion in ad sales during its two- and-a-half-week stay in France. ) After the Summer Games wind down, enthusiasts are expected to congregation to Peacock’s sports offerings, which include actions from the Big Ten Conference as well as an NFL stone that features a Sept. 6 Eagles- Packers activity from São Paolo, Brazil.
We are pleased with the progress we’re making, and it’s very similar to how we’ve described Peacock as bringing our current advantages and assets into a digital future, Cavanagh said. ” We are at a point where we are really seeing traction in our approach to providing a service to consumers that is a combination of both entertainment and sports, and how those two things come together,” said one employee.
Cavanagh made the suggestion that Peacock subs might eventually face a price increase earlier in the call. ” Peacock has been on a great trajectory”, he said. Our content offering offers such a fantastic value proposition that we should have some real pricing authority over time.
Comcast said first- quarter revenue rose 1.2 % to$ 30.1 billion and net profit increased 0.6 % to$ 3.86 billion. Both metrics beat consensus estimates.
At the media division, NBCUniversal revenue rose 3.6 % to$ 6.37 billion, while adjusted EBITDA fell 6.1 % to$ 827 million. Advertising revenue was flat at$ 2.02 billion, and distribution revenue improved 7.2 % to$ 2.91 billion on the quarter.
Comcast continued to lose ground on the legacy cable front, finishing the quarter with 13.6 million pay- TV customers. That marked a year- over- year loss of 12.3 % from 15.5 million video subs, and a 3.5 % sequential decline from 14.1 million customers at the end of 2023. The business is still negotiating with Diamond Sports Group to renew their carriage contract, which expires on April 30.

Comcast now boasts some 32.2 million broadband subscribers, a tally which helped the connectivity and platforms unit rake in$ 20.3 billion on the quarter.