How Companies Make Money Vol. 2 | Streaming
This edition we visualize 7 streaming companies and the high-level financial takeaways.
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Chart Table Of Contents:
1. Comcast (CMCSA)
2. Disney (DIS)
3. Warner Bros. (WBD)
4. Roku (ROKU)
5. Paramount (PARA)
6. AMC (AMC)
7. Live Nation (LY)
1. Comcast (Q3 FY23)
Key Performance Indicators
Revenue grew +1% Y/Y to $30.1 billion ($0.4 billion beat).
Company reports NBCUniversal as part of its “content and experience segment,” which includes Media (Broadcast and streaming), Studios (box office), and Theme Parks.
Media segment (including NBC and Peacock) was flat Y/Y at $6.0 billion.
Non-GAAP EPS was $1.08 ($0.13 beat).
Takeaways
Peacock's Subscriber Growth: Peacock achieved significant growth, reaching 28 million US paid subscribers, marking an impressive 80% year-over-year increase. The quarter saw a net addition of 4 million subscribers, showcasing the platform's expanding user base.
Revenue Boost: Peacock's revenue soared by 64% year-over-year, driven by popular content such as WWE, Yellowstone, Parks And Recreation, and The Office. This growth successfully offset declines in linear network revenue.
Improved Financials: Adjusted losses from Peacock narrowed to $565 million, improving from $614 million a year ago. The positive impact of a recent price hike contributed to this improvement, with adjusted losses expected to peak at $2.8 billion in 2023, down from the previous forecast of $3.0 billion.
Challenges in Theatrical Revenue: Despite the success of Oppenheimer, which grossed $900 million globally, theatrical revenue experienced a 24% year-over-year decline to $2.5 billion. This decline was attributed to challenging comparisons with previous blockbuster releases.
Theme Park Success: Theme Park revenue bucked the trend, growing by a notable 17% to $2.4 billion. This growth was fueled by the easing of COVID-19 restrictions and the popularity of Super Nintendo World at Universal Studios Hollywood.
Disney's Hulu Acquisition: Disney is set to acquire Comcast's 33% stake in Hulu by the end of the month, in accordance with their 2019 agreement.
Strategic Disruption by Comcast: Comcast's intentional disruption of its own business with Peacock reflects a commitment to future-proofing against the decline of traditional media channels. The growth of Direct-to-Consumer (DTC) is strategically prioritized, mitigating the impact of linear networks' decline.
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