Comcast posted strong fourth-quarter earnings on the success of its studio, streaming, and theme parks divisions. Quarterly results were also lifted by receiving an initial $8.6 billion payment from Disney for the recent sale of its one-third ownership in Hulu. In 2023, Universal Studios was the top-earning studio at the box office, for the first time since 2015. Profits at the studio were $308 million, an 83% increase from 2022.
The Peacock streaming service achieved significant growth in Q4, by adding 3 million new subscribers within the three months. While the platform still lost $825 million in 2023, even this was an improvement from the year before when it lost $1 billion. In 2023, Peacock’s annual revenue passed $1 billion for the first time and their total subscriber increased by 57% to reach 31 million. The Theme Parks division also broke records, with Universal Orlando posting its highest EBITDA in its 33-year history.
This stands in stark contrast to other studios, with Paramount announcing mass layoffs to begin in February and Disney continuing to struggle with its palace intrigue to fend off activist investor Nelson Peltz. Comcast CEO Brian Roberts said, “We capped off 2023 and the fourth quarter with excellent operational and financial performance. For the third consecutive year, we generated the highest Revenue, Adjusted EBITDA, and Adjusted EPS in our company’s history.”
See also: Paramount Global Braces For New Round Of Layoffs (Deadline)