NBCUniversal’s Q3 earnings were better than most analysts had forecasted, lifted by higher-than-expected viewership of the Summer Olympics in Paris. The company had solid earnings out of its streaming and film divisions, but a weaker performance from its theme park and cable businesses.
NBCUniversal’s streaming platform Peacock added 3 million subscribers in the quarter, largely connected to signups to watch Olympics coverage. Peacock enjoyed tremendous growth in revenues, which surged 82% to $1.5 billion. Losses from streaming were down more than $100 million compared to a brutal Q3 2023 period. Universal’s film studio posted results that were 12% higher for the quarter than the same period last year, based on the global success of DESPICABLE ME 4 and domestic distribution for TWISTERS.
The company’s theme park division saw a quarterly decline in revenues of 5% compared to last year, “driven by lower guest attendance.” Comcast CEO Brian Roberts pointed to the revenue potential from a new theme park it will open in May 2025 at its Orlando location. The Universal Epic Universe is being billed as the world’s “most technologically sophisticated” theme park.
Comcast’s cable division lost 345,000 customers, resulting in Charter Communications becoming the largest cable provider in the U.S. The slow and steady decline of Comcast’s cable business was already baked into expectations, given the downward trajectory of the linear TV business overall.
In fact, during NBCUniversal’s Q3 earnings call, President Michael Cavanagh floated the idea of spinning off its cable divisions as a separate company. He also suggested openness to “streaming partnerships” as they continue to look for a profitable model to run that business. Cavanagh’s comments point to a still uncertain future for the media giant, as it considers how best to organize its various assets.