Media company executives, including Walt Disney Co. The industry’s shift to streaming, which introduced a different set of economics, fueled concerns that helped lead to the strikes. Since January 2021, Comcast has lost $5.5 billion on Peacock, according to research firm SVB MoffettNathanson. It was the first price hike for the service that launched three years ago. Peacock’s premium plan now will cost $5.99 a month, while the ad-free offering will charge $11.99. Peacock generated $820 million in revenue in the quarter but posted a loss of $651 million, swelling from a $437-million loss during the year-earlier period.Ĭomcast recently announced an increase in Peacock’s subscription fees by as much as $2 a month. The company’s streaming service, Peacock, added 2 million paying subscribers to reach 24 million customers, about double its total from a year ago. ‘There’s going to be blood in the water,’ said one analyst.
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The upbeat earnings from Philadelphia marked a stark contrast to the scene 2,700 miles away in Los Angeles, where writers have been walking picket lines outside the company’s Universal Studios complex since early May.Ĭompany Town ‘A lot of blood in the water.’ Why actors’ and writers’ strikes are a big blow to Hollywood studiosĪs SAG-AFTRA members join writers on picket lines, the fallout will disrupt Hollywood film and TV productions worldwide. Wall Street applauded Comcast’s results, sending its shares soaring 5.7% to $45.35 a share.
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Movie” - delivered in a big way.Ĭomcast said it generated $3.4 billion in free cash flow companywide during the quarter that ended June 30.
Increased attendance at its Universal Studios theme parks and ticket sales from Universal movies - including “The Super Mario Bros. The media unit contributed $10.9 billion in revenue and $2.2 billion in adjusted earnings - a 7.5% increase from the year before. NBCUniversal helped propel Comcast’s earnings. The bulk of Comcast’s business is in delivering broadband internet, cable TV channels and phone service to more than 30 million customers. The Philadelphia cable giant beat analyst estimates by generating $30.5 billion in revenue in the second quarter, up 1.7% from the year-earlier period. Comcast’s performance - and the sprawling nature of its businesses - illustrate why industry observers expect companies will dig in for a long and bitter fight against the Writers Guild of America and the performers’ union, SAG-AFTRA.
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