Olympics Boost Comcast’s $30.3B Quarter

The Summer Olympics accounted for over a quarter of NBCUniversal’s media revenue, as Comcast swapped cable subscribers for streamers.

The Tokyo Games were responsible for $1.8 billion of NBCUniversal’s $6.8 billion in media revenue and led a 73% year-over-year boost in advertising revenue. NBCUniversal, which also owns studios and theme parks, brought in $10 billion in total revenue, with $1.3 billion in adjusted EBITDA.

The 57.9% year-over-year growth for NBCUniversal was part of a strong overall performance for Comcast amid changing consumer behavior.

• Comcast’s broadband, cable, and other communications services banked $16.1 billion, lifting the entire company to $30.3 billion in Q3 revenue, up 18.7% year-over-year.
• The company shed 408,000 cable subscribers while gaining 300,000 broadband users.
• Peacock’s revenue grew 88.5% from the previous quarter to $230 million. The streaming service’s losses, however, increased to $520 million from $363 million in Q2.

Comcast paid $7.75 billion for the broadcast rights to the Olympics from 2021 to 2032. The company will have its next chance to make good on that investment in February, when China hosts the Winter Games.