Worst-Case Scenario: Comcast NBCU
➕ What if Brian Roberts turns the tables on Hulu/Disney
Welcome to the latest in my series of Worst-Case Scenarios, a look at the potential risks facing our media/entertainment behemoths. Previous worst-case scenarios covered Apple TV+ , Amazon, Disney, and Warner Bros. Discovery.
It’s probably an over-used trope in opinion writing, but Comcast NBCUniversal’s last few months have been a a great example of “the good, the bad and the ugly.”
The good? Universal delivered two blockbuster films in Jurassic World: Dominion ($989 million globally) and Minions: The Rise of Gru ($867 million).
The bad? Peacock had zero growth in the last quarter. Ouch.
The ugly? Comcast lost 500,000 pay-TV subscribers. And broadband growth was flat.
Comcast might actually have one of the worst worst-case scenarios to imagine here too, because if things start to go south across all of entertainment, not only are their traditional entertainment assets like NBC and Universal at risk, but it’s also one of the cable companies collecting big paychecks each month for broadband and cable TV.
In this edition, I will cover:
Comcast’s cash generation compared to its entertainment/media peers.
The impact of wireless broadband (not good).
Peacock’s biggest content mistake so far.
Why Comcast should buy Hulu from Disney.
So let’s get started.