• Home
  • News
  • Insights
  • Columns
    • From The Archives
    • Hawk Talk
    • The Take
    • The Streaming Madman
  • Topics
    • Advertising
    • Business
    • Entertainment
    • Industry
    • Programming
    • Technology
    • Sports
    • Subscriptions
  • Reports
    • Streaming Analytics in the Age of AI
Menu
  • Home
  • News
  • Insights
  • Columns
    • From The Archives
    • Hawk Talk
    • The Take
    • The Streaming Madman
  • Topics
    • Advertising
    • Business
    • Entertainment
    • Industry
    • Programming
    • Technology
    • Sports
    • Subscriptions
  • Reports
    • Streaming Analytics in the Age of AI
Subscribe

Unpacking Comcast’s Q4: Peacock Soars, ‘Wicked’ Wins, But Broadband Blows It

The Streaming Wars Staff
January 31, 2025
in Finance, Business, News, Subscriptions
Reading Time: 3 mins read
0
Unpacking Comcast’s Q4: Peacock Soars, ‘Wicked’ Wins, But Broadband Blows It

Comcast closed out 2024 with a strong quarter, delivering $31.9 billion in revenue—beating the Wall Street overlords’ expectations. However, despite growth in streaming and film, the company’s stock dropped nearly 13% as broadband subscriber losses overshadowed positive earnings results.

Peacock’s Revenue Growth and Loss Reduction

Peacock, NBCU’s streaming service, continues to show progress in its financials. The service generated $1.3 billion in Q4 revenue, up 28% year-over-year, and trimmed its quarterly EBITDA losses to $372 million—a dramatic improvement from the $825 million loss in Q4 2023.

For the full year, Peacock’s revenue surged 46% to $4.9 billion, while losses narrowed by nearly $1 billion compared to 2023. Subscriber count remained at 36 million, unchanged from Q3 but up 16% year-over-year.

NBCU execs remain bullish on Peacock’s long-term profitability, citing upcoming NBA rights, which will add 50 exclusive regular-season and playoff games starting in the second half of 2025. Management also pointed to recent price increases and higher ad revenue as additional revenue drivers for 2025.

NBCU Studios Rides ‘Wicked’ Box Office Success

NBCU’s studios division posted an 85% EBITDA increase, driven by the theatrical success of Wicked and The Wild Robot. Studio revenue grew 7% year-over-year to $3.27 billion, with theatrical revenue alone up 50%.

Wicked’s global box office revenue of $717 million helped Universal maintain a dominant market position in film. Executives credited lower marketing and promotional expenses with further improving profitability.

NBCU’s Streaming & Broadcast Strategy Post-SpinCo

Following the planned spinoff of most linear cable networks into a standalone entity (SpinCo), NBCU is restructuring around broadcast and streaming. Key assets remaining with NBCU include:

  • NBC Network & NBC Sports
  • Bravo, a key driver of Peacock viewership
  • Peacock, which continues to be NBCU’s streaming priority
  • Universal Studios & Theme Parks

Comcast does not see SpinCo as critical to Peacock’s success. CEO Brian Roberts noted that 98% of Peacock’s viewership does not come from the spun-off networks. NBCU will now double down on aligning its streaming and broadcast strategy, emphasizing leveraging NBC to drive Peacock and vice versa.

“We’re not running a Peacock-only strategy,” Comcast President Mike Cavanagh emphasized. “We’re running a broadcast-plus-streaming strategy and looking to optimize that over the years ahead.”

NBCU expects the NBA to be a major subscriber growth driver in 2025, alongside existing sports rights such as Sunday Night Football, the Premier League, and the Olympics.

Comcast’s Pay-TV and Broadband Challenges

The traditional pay-TV business continues to shrink. Comcast lost 311,000 domestic video customers in Q4, an improvement from the 389,000 lost in Q4 2023. Comcast shed 1.6 million video subscribers for the full year, bringing its total to 12.5 million.

However, broadband subscriber losses accelerated, with 139,000 net broadband losses in Q4, far more than the 34,000 lost in Q4 2023. Executives cited increased competition from fiber providers like AT&T and Verizon and ongoing pricing pressure in key markets.

Despite subscriber declines, broadband revenue still increased 2% to $6.5 billion in Q4. Comcast is shifting its strategy to bundle broadband with wireless to reduce churn and launching skinny sports & news TV bundles to appeal to cord-cutters.

Looking Ahead: Streaming Growth, NBA, and M&A Possibilities

NBCU executives signaled openness to partnerships and bundling but made it clear they don’t need external deals to succeed. “We’re not looking to need anything other than our own assets and our own focus,” Cavanagh said, though he added, “We will consider anything.”

Comcast ended 2024 with record revenue, EBITDA, and EPS, but broadband losses remain a serious investor concern. The company enters 2025 with a leaner, more streaming-focused NBCU, a major new NBA content play, and a still-growing Peacock business—but it will have to manage significant broadband headwinds.

Tags: broadbandcomcastcompetitionearningsnbanbcuniversalpay-TVpeacockrevenuestreamingsubscriber growthUniversal StudiosWicked
Share220Tweet138Send

Related Posts

How to Burn $3 Billion and Still Not Know Your Name

How to Burn $3 Billion and Still Not Know Your Name Skip Buffering

May 14, 2025
Designing OTT Services for Gen Z, According to Accedo’s Nikki Perugini

Designing OTT Services for Gen Z, According to Accedo’s Nikki Perugini Nikki Perugini

May 14, 2025
Netflix Goes East: Inside the $1 Billion Bet on Fort Monmouth

Netflix Goes East: Inside the $1 Billion Bet on Fort Monmouth The Streaming Wars Staff

May 14, 2025
YouTube Scores Exclusive Global Stream for NFL Brazil Opener

YouTube Scores Exclusive Global Stream for NFL Brazil Opener The Streaming Wars Staff

May 14, 2025
Next Post
Popcornflix Resurfaces After Chicken Soup for the Soul’s Collapse

Popcornflix Resurfaces After Chicken Soup for the Soul’s Collapse

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent News

How to Burn $3 Billion and Still Not Know Your Name

How to Burn $3 Billion and Still Not Know Your Name

Skip Buffering
May 14, 2025
Designing OTT Services for Gen Z, According to Accedo’s Nikki Perugini

Designing OTT Services for Gen Z, According to Accedo’s Nikki Perugini

Nikki Perugini
May 14, 2025
Netflix Goes East: Inside the $1 Billion Bet on Fort Monmouth

Netflix Goes East: Inside the $1 Billion Bet on Fort Monmouth

The Streaming Wars Staff
May 14, 2025
YouTube Scores Exclusive Global Stream for NFL Brazil Opener

YouTube Scores Exclusive Global Stream for NFL Brazil Opener

The Streaming Wars Staff
May 14, 2025

The sharpest takes in streaming. No ads. No fluff. Just the truth, curated by people who actually work in the industry.

About

About

Have a Tip?

Contact

Podcast

Sponsorship

Join the Newsletter

Copyright © 2024 by 43Twenty.

Privacy Policy

Term of Use

No Result
View All Result
  • Home
  • News
  • Insights
  • Columns
    • From The Archives
    • Hawk Talk
    • The Streaming Madman
    • The Take
  • Topics
    • Advertising
    • Business
    • Entertainment
    • Industry
    • Sports
    • Programming
    • Subscriptions
    • Technology
  • Reports
    • Streaming Analytics in the Age of AI

Copyright © 2024 by 43Twenty.