Sky shines again as Comcast claims ‘great start’ to 2021 | Major Businesses | Business | News | Rapid TV News
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Media giant Comcast has reported a first quarter of the year with strongperformance from its cable division, which posted its third consecutive quarter of double-digit EBITDA growth, and maybe most notably, recovery and increasing momentum at NBCUniversal and Sky.
Comcast logo 30 April 2021
For the quarter ended 31 March 2021, overall Comcast revenue increased 2.2% on an annual basis to $27.2 billion with net income soaring 55.1% compared with Q1 2020 to $3.3 billion. Adjusted net income increased 8.1% to $3.5 billion and adjusted EBITDA increased 3.5% to $8.4 billion. Profits were boosted by capital expenditures decreasing 1.2% year-on-year to $1.9 billion in the first quarter of 2021. Cable Communications’ capital expenditures increased 8.0% to $1.4 billion. NBCUniversal’s capital expenditures decreased 54.4% to $172 million and, indicating the return of sports programming, Sky's capital expenditures increased 37.6% to $271 million.

And looking at the leading European pay-TV provider, customer relationship additions in the quarter increased by 221,000, marking the best first quarter result in six years despite the lockdowns imposed throughout Europe. Overall, Sky posted Q1 revenue of $4.997 billion, up 10% annually, with direct-to-consumer revenues rising 10.6% to $4.065 billion, content revenues up 10.3% to $358 million and advertising revenues increasing on an annual basis by 11.9% to $574 million.

The quarter also the Peacock direct-to-consumer service grow substantially. It now has 42 million sign-ups to date across the US. During Q1 it benefited from the recent addition of exclusive US streaming rights to WWE Network and The Office.

Overall revenue in the Comcast Media business line increased 3.2% year-on-year to $5.0 billion in the first quarter of 2021, reflecting higher distribution revenue and other revenue, partially offset by lower advertising revenue. Distribution revenue increased 9.1%, driven by contractual rate increases, partially offset by a decline in subscribers. Other revenue increased 5.3% due to an increase in revenue from our digital properties. Advertising revenue decreased 3.4%, reflecting ratings declines, partially offset by higher pricing and sports volume, as well as advertising revenue from Peacock which had not yet launched in the prior year period.

The first quarter results showed that studios revenue fell 0.6% on a yearly basis to $2.4 billion in the first quarter of 2021, primarily reflecting said Comcast lower theatrical revenue, offset by higher content licensing revenue. Content licensing revenue increased 14.1%, primarily due to a new licensing agreement for content that became exclusively available for streaming on Peacock during the quarter.