NBC Universal’s Peacock streaming service hit 33 million signups in the fourth quarter, parent company Comcast reported Thursday, an addition of 11 million signups from the third quarter. While the company’s overall revenues beat Wall Street’s expectations, Comcast continued to see the impact of the coronavirus pandemic on its filmed entertainment and theme park divisions. “While this is certainly the most challenging period we have faced, I could not be more proud of how our management team and employees continue to pull together and deliver,” Comcast Chairman and CEO Brian L. Roberts said in a statement. “Today’s results are a testament to their commitment and dedication.”
The figure represents growth compared to the 26 million subscribers the new streaming service reached on 8th December, surpassing previous projections of 35 million subscribers by the end of 2024. “This confidence is shared by our board of directors, which has announced an increase in the dividend for the 13th consecutive year,” Roberts said. “In addition, it is now our expectation that we will be in a position to begin repurchasing shares again in the back half of this year.”
The ad-supported service first became available to Comcast and Cox customers on 15th April, three months before its Mid-July launch. Though still not available to Amazon Fire TV devices, Peacock compensates by offering an ample selection of originals, which includes the “Saved by the Bell” reboot and library content like “The Office” and “30 Rock." The service is available in two tiers, one for free and one with two different levels of fees.
NBCUniversal’s Q4 revenue fell 18% year to year as TV ratings declined and the rolling-out of several series was delayed due to COVID-19 production shutdowns. Cable television revenue declined by 6% from Q4 2019. The company added 538,000 broadband subscribers in the fourth quarter, up from 442,000 a year ago, driving growth amid cable revenues as it increased by 6 percent, to USD 15.7 billion. It lost 248,000 video subscribers in the quarter. Revenue for its filmed entertainment division decreased by about 8 percent to $1.4 billion. Comcast said revenue for its theme parks division fell 63% from the year-ago quarter to USD 579 million. Wall Street had forecast Q4 earnings per share (EPS) of 48 cents on $26.78 billion in revenue, according to a consensus estimate compiled by Yahoo Finance. Comcast reported an adjusted EPS of 56 cents on USD 27.708 billion in revenue. The reported overall revenue figure decline by 2.4% from the prior fourth quarter, while net income decreased by 28.5%.
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