In the report released on Thursday, it was revealed that Peacock, NBCUniversal’s streaming service, saw an increase in fourth-quarter revenue and reduced its loss to approximately $372 million compared to a loss of $825 million during the same period last year. Furthermore, Comcast announced that the full-year loss for 2024 is projected to narrow by nearly $1 billion from the $2.75 billion loss experienced in 2023.
In the fourth quarter of Comcast’s media division, Peacock’s full-year earnings skyrocketed by 46% to reach $4.9 billion. For the final three months alone, Peacock brought in $1.3 billion, marking an increase from $1.0 billion during the same period last year. As of December, Peacock boasted more paying subscribers than it did at the same time last year; however, Comcast did not disclose the exact number of subscribers compared to the 36 million reported as of September’s end.
In August, Peacock achieved its most successful month yet, capturing the highest proportion of TV usage in the U.S. within the streamer’s four-year lifespan, primarily due to the Paris Summer Olympics. Yet, it’s worth noting that Peacock implemented price hikes, which took effect on July 18 for new customers and August 17 for existing subscribers.
In terms of streaming earnings, Comcast’s Chief Financial Officer, Jason Armstrong, previously noted that “2023 represented the high point for our annual losses with Peacock, and we anticipate significant reductions in losses for 2024.
During the final quarter, the revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) of NBCU’s studio division experienced growth. This surge was primarily fueled by the box office triumph of Wicked, a production featuring Ariana Grande, Cynthia Erivo, Michelle Yeoh, and other talented actors.
In late November, Comcast, with Brian Roberts as chairman and CEO, and Michael Cavanagh as president, announced plans to spin off their cable networks into a separate company, with Mark Lazarus as CEO. This move aims to launch a fresh growth path for these assets, according to the company.
2024 was an extraordinary year for us, marking the peak of our company’s financial success in its 60-year journey. We smashed records with unprecedented revenue, EBITDA, and earnings per share, while generating substantial free cash flow. The credit for these impressive outcomes goes to the remarkable achievements of our teams across our six growth sectors.
In a fiercely competitive connectivity landscape, we managed a 5% increase in revenue. We also added another 1.2 million mobile lines and witnessed a 5% surge in Business Services revenue. The Studios, too, performed remarkably well, securing the number 2 spot in worldwide box office earnings. To top it all off, our streaming platform, Peacock, experienced a whopping 46% growth in revenue, fueled by a captivating mix of sports and entertainment content, with the Paris Olympics being a standout success.
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2025-01-30 15:24