Comcast’s Peacock platform hits 41m subscribers

Comcast reported first quarter overall revenues at $29.8bn, compared to a year-earlier $30.05bn. Adjusted EBITDA for the company rose to $9.5bn.

Revenue for Comcast’s media unit – which includes NBCUniversal and Peacock – was up about 1% to $6.44bn, and revenue in the Universal film studios unit rose 3% to $2.83bn on the back of films such as Kung Fu Panda 4, Migration and digital sales of Wicked.
The media unit received a boost from Peacock, with revenue up 16%. The streamer’s quarterly loss narrowed to $215m, compared with a loss of $639m in the same quarter a year prior.  

Competitors including Disney and Warner Bros. Discovery have each seen their streaming platforms reach profitability in recent quarters.
Comcast’s domestic broadband revenue was up 1.7% to $6.56bn, but it lost 199,000 total domestic broadband customers. Competition has increased in recent years due to the rise of alternative home internet options, including 5G. 

Comcast CEO Brian Roberts said the company was showing financial discipline during a challenging environment for the media industry. “With our significant free cash flow generation, disciplined approach to capital allocation and the strength of our diversified businesses, I am confident that we are well-positioned to navigate an evolving environment and capture future opportunities.”