Comcast domestic video subscribers down 311,000 in 4Q 2024

PHILADELPHIA — Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended December 31, 2024.

Connectivity & Platforms

Total Customer Relationships for Connectivity & Platforms decreased by 58,000 to 51.6 million, primarily reflecting a decrease in domestic customer relationships, partially offset by an increase in international customer relationships. Total domestic broadband customer net losses were 139,000, including the modest negative impact associated with Hurricanes Milton and Helene. Total domestic wireless line net additions were 307,000 and total domestic video customer net losses were 311,000.

Residential Connectivity & Platforms Customer Relationships (in thousands)*

                                                    2022                            2023                            2024
                          ------------------------------  ------------------------------  ------------------------------
                              1Q      2Q      3Q      4Q      1Q      2Q      3Q      4Q      1Q      2Q      3Q      4Q
                          ------  ------  ------  ------  ------  ------  ------  ------  ------  ------  ------  ------
Domestic                  31,993  31,955  31,928  31,860  31,826  31,761  31,722  31,648  31,555  31,426  31,324  31,172
- Net Additions (Losses)     184    (38)    (26)    (68)    (34)    (65)    (39)    (74)    (94)   (128)   (103)   (151)
International             17,908  17,788  17,884  17,939  18,051  17,884  17,958  17,847  17,782  17,638  17,716  17,811
- Net Additions (Losses)   (122)   (120)      96     55      111   (167)      74   (111)    (65)   (144)      78      95

* 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.

Domestic Video (in thousands)

                                                  2022                            2023                            2024
                        ------------------------------  ------------------------------  ------------------------------
                            1Q      2Q      3Q      4Q      1Q      2Q      3Q      4Q      1Q      2Q      3Q      4Q
                        ------  ------  ------  ------  ------  ------  ------  ------  ------  ------  ------  ------
Customers               17,664  17,144  16,582  16,142  15,528  14,985  14,495  14,106  13,618  13,199  12,834  12,523
Net Additions (Losses)   (512)   (521)   (561)   (440)   (614)   (543)   (490)   (389)   (487)   (419)   (365)   (311)

Media

Revenue for Media increased primarily due to higher domestic distribution revenue. Domestic distribution revenue increased primarily due to higher revenue at Peacock, driven by an increase in paid subscribers compared to the prior year period.

International networks revenue increased primarily due to the positive impact of foreign currency and an increase in revenue associated with the distribution of sports networks. Domestic advertising revenue was consistent primarily due to an increase in revenue at Peacock, offset by lower revenue at our networks.

Peacock paid subscribers (in millions)

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