Benzinga - by Anusuya Lahiri, Benzinga Editor.
Comcast Corp (NASDAQ: CMCSA) stock is trading higher Monday amid reports of Peacock hitting 30 million paying subscribers and Comcast's conviction over the streaming service to get bigger.
Comcast's President Mike Cavanagh shared insights at the UBS Global Media and Communications conference, revealing that Peacock, NBCUniversal's streaming service, has reached an average revenue per user (ARPU) of $10 per month, cites the Hollywood Reporter.
Launched three years ago, Peacock has shown significant growth and serves as NBCUniversal's primary gateway to streaming.
Cavanagh mentioned a recent $8.5 billion payment from Walt Disney Co (NYSE: DIS) as part of Hulu's ownership change.
He also highlighted NBCUniversal's reputation as a creator-friendly studio, focusing on originality and creativity rather than formulaic series. This approach has led to successful partnerships with creators like Steven Spielberg, Christopher Nolan, and Jordan Peele.
In contrast to Disney's franchise-centric strategy, NBCUniversal fosters a conducive environment for original ideas.
Regarding theme parks, Cavanagh noted that Disney is their primary competitor. However, Comcast adopts a different strategy by incorporating their own and external IP, as seen with Harry Potter and Nintendo attractions.
Cavanagh acknowledged Comcast's solid financial position regarding mergers and acquisitions but emphasized that any potential deals must meet a high standard. He expressed confidence in the company's organic growth strategy, suggesting that acquisitions are unnecessary for NBCUniversal's success.
In October, Comcast reported a third-quarter FY23 revenue growth of 0.9% year-on-year to $30.12 billion, beating the consensus of $29.7 billion. Adjusted EPS of $1.08 beat the consensus of $0.95.
Price Action: CMCSA shares traded higher by 1.81% at $42.97 on the last check Monday.
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