Comcast domestic video subscribers down 365,000 in 3Q 2024

PHILADELPHIA — Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended September 30, 2024.

On the earnings conference call, Mike Cavanagh, Comcast President, said “…like many of our peers in media, we are experiencing the effects of the transition in our video businesses and have been studying the best path forward for these assets. To that end, we are now exploring whether creating a new well-capitalized company, owned by our shareholders and comprised of our strong portfolio of cable networks, would position them to take advantage of opportunities in the changing media landscape and create value for our shareholders. We are not ready to talk about any specifics yet, but we’ll be back to you as and when we reach firm conclusions.”

Peacock

Peacock paid subscribers increased 29% compared to the prior year period to 36 million, including net additions of 3 million in the third quarter. Peacock revenue increased 82% to $1.5 billion. Adjusted EBITDA improved compared to the prior year period.

Paid subscribers (in millions)

              2021                2022                2023           2024
------------------  ------------------  ------------------  -------------
 1Q   2Q   3Q   4Q   1Q   2Q   3Q   4Q   1Q   2Q   3Q   4Q   1Q   2Q   3Q
---  ---  ---  ---  ---  ---  ---  ---  ---  ---  ---  ---  ---  ---  ---
  3    4    6    9   13   13   16   21   22   24   28   31   34   33   36

Connectivity & Platforms

Total Customer Relationships for Connectivity & Platforms decreased by 29,000 to 51.7 million, primarily reflecting a decrease in domestic customer relationships, partially offset by an increase in international customer relationships. Domestic Residential Connectivity & Platforms relationships include a negative impact in the quarter from the end of the FCC’s Affordable Connectivity Program (“ACP”) in the second quarter of 2024. Excluding the negative impact from ACP, we estimate that total customer relationships increased by 67,000. Total domestic broadband customer net losses were 87,000. Excluding the negative impact from ACP, we estimate that total broadband net additions were 9,000. Total domestic wireless line net additions were 319,000 and total domestic video customer net losses were 365,000.

Residential Connectivity & Platforms Customer Relationships (in thousands)*

                                                    2022                            2023                    2024
                          ------------------------------  ------------------------------  ----------------------
                              1Q      2Q      3Q      4Q      1Q      2Q      3Q      4Q      1Q      2Q      3Q
                          ------  ------  ------  ------  ------  ------  ------  ------  ------  ------  ------
Domestic                  31,993  31,955  31,928  31,860  31,826  31,761  31,722  31,648  31,555  31,426  31,324
- Net Additions (Losses)     184    (38)    (26)    (68)    (34)    (65)    (39)    (74)    (94)   (128)   (103)
International             17,908  17,788  17,884  17,939  18,051  17,884  17,958  17,847  17,782  17,638  17,716
- Net Additions (Losses)   (122)   (120)      96     55      111   (167)      74   (111)    (65)   (144)      78

Domestic Video (in thousands)

                                                    2022                            2023                    2024
                          ------------------------------  ------------------------------  ----------------------
                              1Q      2Q      3Q      4Q      1Q      2Q      3Q      4Q      1Q      2Q      3Q
                          ------  ------  ------  ------  ------  ------  ------  ------  ------  ------  ------
Customers                 17,664  17,144  16,582  16,142  15,528  14,985  14,495  14,106  13,618  13,199  12,834
Net Additions (Losses)     (512)   (521)   (561)   (440)   (614)   (543)   (490)   (389)   (487)   (419)   (365)

* Residential Connectivity & Platforms customer relationships generally represent the number of residential customer locations that subscribe to at least one of our services. International Residential Connectivity & Platforms customer relationships represent customers receiving Sky services in the United Kingdom and Italy. Previously reported total Sky customer relationships of approximately 23 million as of December 31, 2022 also included approximately 5 million customer relationships receiving Sky services in Germany. Because each of our services includes a variety of product tiers, which may change from time to time, net additions or losses in any one period will reflect a mix of customers at various tiers.