The content and experiences division of cable giant Comcast – which includes US media heavyweight NBCUniversal – brought in second-quarter revenue of $10.8 billion.
That sector of Comcast secured a year-on-year quarterly revenue rise of 4%, with Comcast unveiling its financials for the three months up to June 30, 2023, earlier today.
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In that division, a huge revenue increase by Peacock, the streaming service which is a subsidiary of NBCUniversal, was recorded, albeit accompanied by a substantial overall loss.
The content and experiences division also increased its earnings before interest, taxation, depreciation, and amortization (EBITDA). That has risen from $2 billion to $2.18 billion, an increase of 7.5%.
This is the first full quarter during which there has been no permanent NBCUniversal chief executive – previous incumbent Jeff Shell stepped down from that post in April after acknowledging an inappropriate relationship with an employee, following a complaint that triggered an investigation.
The media section of that division brought in revenue of $6.19 billion, a slight increase year-on-year.
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By GlobalDataDomestically, the advertising sub-division recorded a loss of 4.9%.
However, the international networks involved in that sector saw their revenue rise 6.7%, to just over $1 billion. The equivalent 2022 number was $970 million.
The media division contains Peacock. In the second quarter, that service saw its revenue rise to $820 million, an increase of 85%.
However, it also recorded a loss in the quarter of $651 million, year-on-year up from a loss of $444 million.
Peacock now has 24 million subscribers, up from 13 million this time last year. In total, Comcast recorded net video subscription losses of 543,000.
Meanwhile, in the earnings call accompanying the release of these results, Comcast president Mike Cavanagh said the company would potentially be interested in future rights to the National Basketball Association.
He said: “Obviously the NBA’s coming up [the expiry of its current domestic broadcast arrangements], that’s a fantastic property. We don’t necessarily need it, given the portfolio we have, but given its strength and our historical involvement in the sport, it’s something I’d like to see us take a look at, but we’ll see where that goes.”
Image: Noam Galaj/Getty Images
