Comcast Corporation (CMCSA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de Comcast Corporation, una potencia de medios y telecomunicaciones que ha revolucionado cómo consumimos el entretenimiento y nos conectamos digitalmente. Desde su infraestructura de red en expansión hasta plataformas de transmisión innovadoras como Peacock, Comcast ha tejido magistralmente un modelo de negocio complejo que abarca servicios de cable, producción de contenido y telecomunicaciones de vanguardia. Al integrar estratégicamente las redes de medios, la tecnología avanzada y las diversas fuentes de ingresos, este gigante corporativo se ha posicionado a la vanguardia de los ecosistemas modernos de comunicación digital y entretenimiento.

Comcast Corporation (CMCSA) - Modelo de negocios: asociaciones clave

NBCUniversal Media Networks y productores de contenido

NBCUniversal de Comcast mantiene asociaciones estratégicas con múltiples productores de contenido y redes de medios:

Pareja	Detalles de colaboración	Valor anual
Universal Studios	Producción de contenido de cine y televisión	$ 3.2 mil millones
Animación de DreamWorks	Desarrollo de contenido animado	$ 1.5 mil millones
Redes de cielo	Distribución de medios internacionales	$ 14.3 mil millones

Proveedores de tecnología

Comcast colabora con socios de infraestructura tecnológica líderes:

• Cisco Systems: soluciones de infraestructura de red (contrato de $ 2.7 mil millones)
• ARRIS Group: Cable Modem y Network Equipment (asociación de $ 1.9 mil millones)
• Harmonic Inc.: Tecnologías de entrega de video (acuerdo anual de $ 450 millones)

Creadores de contenido y estudios

Las asociaciones de contenido estratégico incluyen:

Estudio/creador	Tipo de contenido	Valor de asociación
Descubrimiento de Warner Bros.	Transmisión de contenido	$ 1.1 mil millones
Disney	Contenido de entretenimiento	$ 750 millones
Paramount Global	Distribución de medios	$ 620 millones

Proveedores de servicios de Internet y móviles

Asociaciones de conectividad de red:

• AT&T: Servicios de red mayoristas ($ 3.4 mil millones)
• Verizon: Acuerdos de interconexión ($ 2.8 mil millones)
• T-Mobile: Operaciones de red virtual móvil ($ 1.6 mil millones)

Agencias de publicidad y marketing

Colaboraciones de estrategia promocional:

Agencia	Enfoque de servicio	Gasto anual
Grupo WPP	Marketing integrado	$ 420 millones
Publicis groupe	Publicidad digital	$ 350 millones
Grupo de medios de Omnicom	Campañas multicanal	$ 280 millones

Comcast Corporation (CMCSA) - Modelo de negocios: actividades clave

Provisión de servicios de cable e internet

Comcast proporciona servicios de cable e Internet a aproximadamente 57.4 millones de relaciones con los clientes totales al cuarto trimestre de 2023. Los suscriptores de banda ancha residencial alcanzaron 32.7 millones, con suscriptores de videos residenciales en 19.1 millones.

Categoría de servicio	Suscriptores totales	Ingresos anuales
Internet de cable	32.7 millones	$ 24.3 mil millones
Video por cable	19.1 millones	$ 15.7 mil millones

Producción y distribución de contenido

NBCUniversal genera contenido en múltiples plataformas con gastos anuales de producción de contenido de $ 12.5 mil millones en 2023.

• Presupuesto de producción cinematográfica: $ 4.2 mil millones
• Producción de contenido de televisión: $ 6.8 mil millones
• Inversión de contenido de transmisión: $ 1.5 mil millones

Gestión de la plataforma de transmisión (Peacock)

La plataforma de transmisión de Peacock alcanzó los 28 millones de suscriptores pagados en el cuarto trimestre de 2023, con una inversión de contenido de transmisión anual de $ 1.5 mil millones.

Mantenimiento de infraestructura de red

Comcast invirtió $ 11.2 mil millones en infraestructura de red y actualizaciones de tecnología durante 2023.

Área de inversión de infraestructura	Gasto anual
Actualizaciones de la red	$ 6.5 mil millones
Desarrollo tecnológico	$ 4.7 mil millones

Integración de telecomunicaciones y servicios de medios

Los ingresos consolidados totales de Comcast para 2023 fueron de $ 116.4 mil millones, con servicios integrados en los sectores de cable, medios y telecomunicaciones.

• Ingresos de comunicaciones por cable: $ 58.7 mil millones
• Ingresos NBCUniversal: $ 40.2 mil millones
• Ingresos del cielo: $ 17.5 mil millones

Comcast Corporation (CMCSA) - Modelo de negocios: recursos clave

Infraestructura extensa de red de cable y banda ancha

A partir del cuarto trimestre de 2023, Comcast opera:

• Aproximadamente 58 millones de conexiones de cable y banda ancha
• Más de 190,000 millas de ruta de infraestructura de red de fibra

Recurso de red	Cantidad
Nodos de cable	125,000
Total de millas de red	193,000
Centros de datos	17

Estudios de producción de medios y bibliotecas de contenido

Recursos de contenido propiedad de NBCUniversal:

• Más de 6,000 horas de contenido original anualmente
• 35+ redes de televisión
• 12 estudios de producción de películas

Tecnología avanzada de telecomunicaciones

Inversiones de infraestructura tecnológica:

• Inversión de tecnología anual de $ 3.2 mil millones
• Capacidades de actualización de la red DOCSIS 4.0
• Programa de desarrollo de red 10G

Gran base de clientes y redes de suscriptores

Segmento de suscriptores	Número de suscriptores
Suscriptores de cable	22.1 millones
Internet de banda ancha	32.4 millones
Suscriptores móviles	5.2 millones

Fuerza laboral calificada en sectores de medios y tecnología

Estadísticas de la fuerza laboral:

• Total de empleados: 186,000
• Tecnología anual promedio de capacitación de la fuerza laboral: 240 horas por empleado
• Inversión anual de desarrollo de la fuerza laboral: $ 425 millones

Comcast Corporation (CMCSA) - Modelo de negocios: propuestas de valor

Soluciones integrales de entretenimiento y comunicación

Comcast ofrece una amplia gama de servicios con las siguientes métricas clave:

Categoría de servicio	Suscriptores totales	Ingresos anuales
Televisión por cable	21.4 millones de suscriptores	$ 22.1 mil millones
Servicios de internet	32.1 millones de suscriptores	$ 28.5 mil millones
Servicios de voz	11.6 millones de suscriptores	$ 8.3 mil millones

Paquetes de televisión por Internet y cable de alta velocidad

Los paquetes de Internet y cable de Comcast incluyen:

• Velocidades de Internet de Xfinity que van desde 50 Mbps hasta 1.2 Gbps
• Costo promedio de paquete de Internet mensual: $ 64.99
• Paquetes de TV por cable con opciones de canal 125-250

Contenido original a través de NBCUniversal y Peacock

Producción de contenido y estadísticas de plataforma de transmisión:

Plataforma	Suscriptores	Inversión de contenido anual
Transmisión de pavo real	28 millones de suscriptores	$ 3.2 mil millones
NBCUniversal Studios	N / A	$ 2.7 mil millones

Servicios agrupados para clientes de viviendas y comerciales

Ofertas de servicio agrupados:

• Paquetes de triple juego: Internet + TV + Teléfono
• Costo promedio del paquete: $ 129.99 por mes
• Paquetes de servicios comerciales con soporte dedicado

Experiencias integradas de medios y telecomunicaciones

Métricas de ecosistema de servicio integrado:

Integración de servicios	Tasa de penetración	Satisfacción del cliente
Hogares multiservicio	68% de la base de clientes	Calificación de 4.2/5
Acceso a contenido multiplataforma	92% de suscriptores	Calificación de 4.3/5

Comcast Corporation (CMCSA) - Modelo de negocios: relaciones con los clientes

Canales de atención al cliente 24/7

Comcast opera múltiples canales de atención al cliente con las siguientes métricas:

Canal de soporte	Volumen anual	Tiempo de respuesta promedio
Soporte telefónico	42.6 millones de interacciones con los clientes	7.2 minutos
Chat en vivo	18.3 millones de interacciones	4.5 minutos
Apoyo en las redes sociales	6.7 millones de interacciones	3.8 minutos

Gestión de cuentas en línea de autoservicio

Las plataformas digitales XFinity proporcionan opciones integrales de autoservicio:

• Descargas de aplicaciones móviles: 22.4 millones de usuarios activos
• Gestión de cuentas en línea: el 67% de los clientes usan plataformas digitales
• Pago de factura a través de canales digitales: $ 8.3 mil millones procesados ​​anualmente

Recomendaciones de servicio personalizadas

Comcast utiliza análisis de datos avanzados para la personalización:

Métrico de personalización	Valor
Recomendaciones de contenido personalizadas	Tasa de precisión del 73%
Actualizaciones de servicio específicas	$ 486 millones ingresos adicionales generados

Programas de fidelización y retención de clientes

Estadísticas del programa Xfinity Rewards:

• Miembros del programa de fidelización total: 14.2 millones
• Tasa de retención de clientes: 84.6%
• Inversión anual del programa de lealtad: $ 127 millones

Plataformas de interacción con el cliente digital y físico

Métricas de participación del cliente omnicanal:

Plataforma de interacción	Interacciones anuales
Tiendas minoristas	8.3 millones de visitas al cliente
Portales de soporte en línea	62.4 millones de interacciones digitales
Centros de servicio al cliente	5,6 millones de interacciones en persona

Comcast Corporation (CMCSA) - Modelo de negocios: canales

Tiendas minoristas directas

Comcast opera 1,276 tiendas minoristas de Xfinity en los Estados Unidos a partir de 2023. Estas tiendas generan aproximadamente $ 3.2 mil millones en ingresos minoristas anuales.

Tipo de tienda	Número de ubicaciones	Ingresos anuales promedio por tienda
Tiendas minoristas de Xfinity	1,276	$ 2.5 millones
Centros de servicio corporativo	87	$ 1.8 millones

Sitio web en línea y aplicaciones móviles

Las plataformas digitales de Comcast incluyen Xfinity.com y aplicaciones móviles con 12.4 millones de usuarios mensuales activos. Los canales digitales generan $ 2.7 mil millones en transacciones en línea.

• Sitio web de Xfinity.com
• Aplicación Xfinity Stream
• Xfinity mi aplicación de cuenta
• Aplicación Xfinity wifi

Centros de llamadas de servicio al cliente

Comcast mantiene 42 Centros de llamadas de servicio al cliente con 17.500 representantes de servicio al cliente. El volumen de llamadas anual llega 58.3 millones de interacciones con los clientes.

Métrico del centro de llamadas	Valor anual
Centros de llamadas totales	42
Representantes de servicio al cliente	17,500
Interacciones anuales del cliente	58,300,000

Plataformas de marketing digital

Comcast utiliza 7 canales de marketing digital primarios con un gasto de publicidad digital anual de $ 1.6 mil millones.

• Ads de Google
• Publicidad de Facebook
• Marketing de LinkedIn
• Publicidad de YouTube
• Promociones de Instagram
• Anuncios de Twitter
• Redes de visualización programática

Minoristas de electrónica de terceros

Comcast distribuye productos a través de 3.742 Ubicaciones minoristas de electrónica de terceros, generando $ 1.1 mil millones en ventas anuales.

Detallista	Número de ubicaciones	Contribución anual de ventas
Best Buy	1,030	$ 425 millones
Walmart	1,287	$ 378 millones
Objetivo	542	$ 197 millones
Otros minoristas	883	$ 100 millones

Comcast Corporation (CMCSA) - Modelo de negocios: segmentos de clientes

Suscriptores residenciales de cable e internet

A partir del cuarto trimestre de 2023, Comcast reportó 22.5 millones de clientes de banda ancha residencial en los Estados Unidos. El segmento residencial incluye:

• Servicios de Internet de alta velocidad
• Paquetes de televisión por cable
• Servicios telefónicos de casa

Segmento de clientes	Suscriptores totales	Ingresos mensuales promedio por suscriptor
Banda ancha residencial	22.5 millones	$84.37
Televisión por cable	19.3 millones	$72.50

Clientes de telecomunicaciones comerciales

Comcast Business sirve 2.6 millones de clientes comerciales En varios sectores:

• Corporaciones de nivel empresarial
• Pequeñas y medianas empresas
• Instituciones gubernamentales

Segmento de negocios	Total de clientes	Ingresos anuales
Servicios comerciales	2.6 millones	$ 8.4 mil millones

Transmitir consumidores de contenido

Peacock, la plataforma de transmisión de Comcast, informó 28 millones de suscriptores pagados A partir del cuarto trimestre 2023.

Plataforma de transmisión	Suscriptores pagados	Precio de suscripción mensual
Pavo real	28 millones	$9.99 - $14.99

Entretenimiento y entusiastas de los medios

NBCUniversal llega Aproximadamente 206 millones de espectadores mensuales a través de varias plataformas.

Clientes empresariales pequeños y medianos

Comcast Business se dirige a 1,4 millones de pequeñas y medianas empresas con soluciones de telecomunicaciones especializadas.

Tamaño de la empresa	Total de clientes	Gasto promedio de servicio mensual
Pequeñas empresas	1.1 millones	$250
Empresas medianas	0.3 millones	$750

Comcast Corporation (CMCSA) - Modelo de negocio: Estructura de costos

Mantenimiento de infraestructura de red

En 2023, Comcast invirtió $ 9.3 mil millones en infraestructura de red y gastos de capital. La compañía mantiene aproximadamente 189,000 millas de ruta de red de fibra.

Categoría de costos de infraestructura	Gasto anual
Actualizaciones de infraestructura de red	$ 5.6 mil millones
Mantenimiento de la red de fibra óptica	$ 1.7 mil millones
Operaciones del centro de datos	$ 1.2 mil millones

Producción de contenido y licencias

Comcast NBCUniversal gastó $ 2.5 mil millones en producción de contenido y licencias en 2023.

• Costos de producción de cine y televisión: $ 1.4 mil millones
• Licencias de contenido de transmisión: $ 680 millones
• Adquisición de contenido deportivo: $ 420 millones

Inversiones de tecnología y equipos

La inversión en tecnología total para 2023 alcanzó los $ 3.8 mil millones.

Categoría de inversión tecnológica	Cantidad
Hardware y equipo	$ 1.9 mil millones
Desarrollo de software	$ 1.2 mil millones
Infraestructura de ciberseguridad	$ 700 millones

Salarios de empleados y gastos operativos

Los gastos totales relacionados con los empleados de Comcast en 2023 fueron de $ 22.4 mil millones.

• Total de empleados: 186,000
• Compensación promedio de empleados: $ 120,430
• Gastos generales operativos: $ 5.6 mil millones

Costos de marketing y adquisición de clientes

Los gastos de marketing para 2023 totalizaron $ 4.1 mil millones.

Categoría de gastos de marketing	Cantidad
Marketing digital	$ 1.3 mil millones
Publicidad tradicional	$ 1.8 mil millones
Campañas de adquisición de clientes	$ 1 mil millones

Comcast Corporation (CMCSA) - Modelo de negocios: flujos de ingresos

Tarifas mensuales de suscripción de cable e Internet

A partir del cuarto trimestre de 2023, Comcast informó:

Tipo de suscripción	Número de suscriptores	Ingresos mensuales promedio por suscriptor
Televisión por cable	19.3 millones	$84.72
Internet	32.4 millones	$93.55

Suscripciones de plataforma de transmisión (pavo real)

Detalles de ingresos por suscripción de Peacock para 2023:

• Total de suscriptores: 28 millones
• Tasas de suscripción mensuales:
  • Premio: $ 11.99
  • Premium Plus: $ 14.99
• Ingresos anuales de Peacock: $ 456 millones

Ingresos publicitarios en las plataformas de medios

Desglose de ingresos publicitarios para 2023:

Plataforma	Ingresos publicitarios totales
Redes de cable	$ 3.2 mil millones
TV transmitido	$ 2.7 mil millones
Plataformas digitales	$ 1.5 mil millones

Servicios de telecomunicaciones comerciales

Ingresos de segmento de negocios de Comcast para 2023:

• Ingresos totales: $ 7.8 mil millones
• Ingresos de soluciones empresariales: $ 3.2 mil millones
• Servicios de negocios pequeños y medianos: $ 4.6 mil millones

Licencias y distribución de contenido

Ingresos de licencia de contenido para 2023:

Tipo de contenido	Ingresos por licencias
Licencias de programas de cine y televisión	$ 2.1 mil millones
Distribución de contenido internacional	$ 1.3 mil millones

Comcast Corporation (CMCSA) - Canvas Business Model: Value Propositions

You're looking at the core offerings Comcast Corporation is pushing right now to defend its turf and grow in a competitive landscape. Here's the breakdown of what they are selling, grounded in the latest numbers from their Q3 2025 report.

Multi-gig symmetrical internet speeds via DOCSIS 4.0 and fiber optionality

Comcast is using its network transformation, dubbed Project Genesis, to push symmetrical multi-gigabit speeds over existing coaxial infrastructure, aiming to match fiber performance. The company previously announced a goal to reach more than 50 million homes and businesses with multi-gig Internet speeds by the end of 2025. They've already seen success in trials; Comcast completed its first DOCSIS 4.0 test in the Philadelphia area in 2023, achieving symmetrical speeds over 4 Gbps using full duplex technology. For customers, this translates into new X-Class Internet products offering tiers like X-300 Mbps, X-500 Mbps, X-1 Gbps, and X-2 Gbps upload and download speeds. To address churn, they introduced a simplified pricing model featuring a 5-Year Internet Price Guarantee and four national speed tiers.

Bundled value proposition: Xfinity Internet, Mobile, and streaming (e.g., StreamSaver)

The convergence play is central, using Xfinity Mobile as a major incentive to stabilize broadband. In Q3 2025, Comcast added a record 414,000 Domestic Wireless Customer Line Net Adds, bringing the total lines to 8.9 million. Wireless revenue for that quarter rose 14% to $1.25 billion. New go-to-market tactics include offering a Free Xfinity Unlimited Mobile Line Included for 1-Year with certain broadband plans. The bundling strategy is designed to drive uptake, as seen in Q2 2025 when they offered a one-year free mobile line and a 2 years of Peacock Premium offer.

Here's a look at the mobile penetration:

Metric	Q3 2025 Value	Context
Domestic Wireless Line Net Additions	414,000	Best Quarterly Result on Record
Total Domestic Wireless Lines	8.9 million	Surpassed 14% Penetration of Domestic Residential Broadband Customers
Q1 2025 Total Lines	8.15 million	Up from 8.15 million in Q1 2025

Premium, diverse entertainment content through Peacock and linear channels

Peacock is showing clear progress toward profitability, driven by premium content like the theatrical success of Jurassic World Rebirth, which grossed nearly $900 million globally year-to-date. In Q3 2025, Peacock narrowed its operating loss to $217 million, an improvement of $219 million compared to the prior year period. Peacock revenue in Q3 2025 was $1.36 billion, with subscriber numbers holding steady at 41 million paid subscribers. The Media division's EBITDA grew 28.0% to $832 million in Q3 2025, largely driven by Peacock's improved performance.

The streaming platform's financial trajectory:

• Q3 2025 Peacock Revenue: $1.36 billion
• Q3 2025 Peacock Operating Loss: $217 million
• Q2 2025 Peacock Revenue: Roughly $1.23 billion
• Q2 2025 Peacock Operating Loss: Narrowed to approximately $101 million
• Q1 2025 Paid Subscribers: 41 million

Reliable connectivity and advanced services for Small to Medium-sized Enterprises (SMEs)

Comcast Business is a significant, growing component, nearing a major revenue milestone. For the full-year 2024, Comcast Business generated $9.7 billion in revenue, and in Q1 2025, it delivered mid-single-digit revenue and EBITDA growth with margins of roughly 57%. By Q3 2025, Business Services Connectivity Revenue increased 6.2% to $2.6 billion, with EBITDA at $1.5 billion and a margin of 56.4%. This unit is now nearing $10 billion in annual revenue.

Immersive, world-class experiences at Universal Theme Parks (Epic Universe opening May 2025)

The opening of Epic Universe in Orlando in May 2025 immediately became a value driver. In Q3 2025, Theme Parks EBITDA increased 13.1% to $958 million, directly fueled by the new park. For the quarter ending June 30, 2025 (Q2 2025), Theme Parks revenue jumped 18.7% to $2.7 billion, reflecting the successful launch. The early results showed the park driving higher per capita spending and attendance across the entire Universal Orlando Resort.

Theme Park Financial Impact (Post-Epic Universe Opening):

Metric	Q3 2025 Value	Q2 2025 Value
Theme Parks EBITDA	$958 million	N/A
Theme Parks Revenue	$2.7 billion	$2.35 billion (19% increase)

Finance: draft 13-week cash view by Friday.

Comcast Corporation (CMCSA) - Canvas Business Model: Customer Relationships

You're looking at how Comcast Corporation manages its relationship with its massive customer base as of late 2025. It's a multi-pronged approach, balancing digital efficiency with necessary in-person support. Honestly, the sheer scale of their operations means automation has to carry the bulk of the load.

Automated and self-service options via Xfinity apps and digital platforms

Comcast Corporation has pushed customers heavily toward digital channels, recognizing that for many, self-service is the fastest route. Today, 84% of all customer interactions are completed through digital channels. This is supported by continuous AI refinement. The company's AI-driven virtual assistant handles over one million inquiries every month across platforms like Xfinity Assistant. The goal is clear: make the digital path frictionless. If onboarding takes 14+ days, churn risk rises, so speed in digital resolution is key.

• AI-based Virtual Technician resolves up to 70% of issues without a human agent.
• Historical chatbot success metrics show a peak query resolution rate of 95%.
• The redesigned Xfinity App offers 24/7 real-time access to account info and billing.

Dedicated sales and support teams for Comcast Business enterprise clients

For Comcast Business, the relationship model shifts to a more dedicated, enterprise-focused structure. Comcast Business describes itself as the largest provider of connectivity to small businesses in America. Their Dedicated Internet service has expanded to reach more than 3.5 million businesses nationwide, offering symmetrical speeds up to 300/300 Mbps. This expansion represents a 50% increase in available symmetrical speeds over HFC and extends reach to 40% more businesses since February 2025. Support for these clients is backed by robust Service Level Agreements (SLAs) that include 99.99% uptime, plus 24/7 expert support.

New go-to-market strategy with a 5-year Internet Price Guarantee

To combat customer churn driven by price unpredictability, Comcast Corporation rolled out a significant new offering. This nationwide guarantee locks in the monthly rate for five years with no annual contract required. The starting price point for this stability is as low as $55 per month. This new structure is defintely an attempt to simplify the value proposition.

Download Speed	Guaranteed Monthly Price
400Mbps	$55/month
600Mbps	$70/month
1.1Gbps	$85/month
2.1Gbps	$105/month

The guarantee includes unlimited data, but bringing your own hardware for unlimited data adds $30 per month. Furthermore, failing to maintain paperless billing and automatic payments results in an extra charge of $10 each month, or $8 if paying by credit or debit card.

Proactive customer experience improvements through AI-embedded network tools

Proactive service is increasingly managed by machine learning embedded directly into the network fabric. Comcast Corporation's AI systems monitor performance metrics across the DOCSIS 3.1 infrastructure, ingesting over 1.5 petabytes of telemetry data per day to detect anomalies before they impact customers. This AI-driven network intelligence allows automated systems to reroute traffic and balance loads within milliseconds. This focus on predictive and proactive maintenance aims to reduce the need for in-home technician visits, which have seen a 37% reduction over the past three years.

High-touch, in-person service at Xfinity retail stores and theme park guest services

Despite the digital push, Comcast Corporation maintains a physical presence for high-touch support. As of April 16, 2025, there are 630 Xfinity locations in the United States. For context, California accounts for 80 of these locations, representing about 13% of the total footprint. These stores are positioned as local tech hubs for personalized support. Separately, for its theme park segment, the company opened its most ambitious park, Epic Universe, on May 22, 2025, where guest services are a critical component of the overall customer experience.

Comcast Corporation (CMCSA) - Canvas Business Model: Channels

You're looking at how Comcast Corporation moves its vast array of products-from pipes to premium content-out to the customer base as of late 2025. It's a mix of physical presence, direct digital access, and traditional media distribution, all working together.

Xfinity retail stores and direct sales force for residential services

The physical touchpoints for residential services remain important for hands-on demos and immediate service needs. As of October 26, 2025, Comcast Corporation maintains 611 Xfinity retail store POI locations across the USA. These locations are where you can explore TV, Internet, Voice, and Mobile innovations in an interactive environment, swap equipment, or pay bills.

Comcast Business direct sales and account managers for B2B services

For the B2B side, Comcast Business relies on a direct sales and account management structure targeting SMB, midmarket, and enterprise clients. The unit saw its Business Services Connectivity Revenue increase 6.2% to $2.6 Billion in the third quarter of 2025. The strategy includes expanding its reach through acquisitions; for instance, the purchase of Nitel added 6,600 clients across verticals like financial services, healthcare, and education to their channel distribution strategy.

Peacock direct-to-consumer (DTC) streaming platform

Peacock is the key direct-to-consumer channel for Comcast's content. The subscriber base has scaled significantly; by the end of March 2025, the platform had 41 million paying subscribers, and management guided that it passed 50 million subscribers in early 2025. The financial performance reflects this scale: in Q3 2025, Media EBITDA increased 28.0%, largely driven by Peacock, which narrowed its EBITDA losses to $217 Million-an improvement of $219 Million year-over-year. Revenue for Peacock in Q2 2025 was $1.2 Billion, up 18% from the prior year period. Executives expect Peacock revenue growth to be above 20% for the full year 2025.

NBC and Telemundo broadcast and cable television networks

The broadcast and cable networks serve as a massive distribution and promotional channel, especially for driving audiences to Peacock. Following the spin-off of most linear cable networks into the entity now called Versant, Comcast Corporation retained core broadcast and key entertainment assets within NBCUniversal.

The remaining core broadcast and content channels include:

• NBC broadcast network and its owned stations, like WMAQ-TV in Chicago.
• Telemundo, the Spanish-language network, and its owned stations, including WSNS-TV.
• Bravo, a high-rated cable network.

These primary networks, specifically NBC and Bravo, collectively reach 100 million U.S. households monthly, which helps power the Peacock streaming service.

Universal Destinations & Experiences physical theme park locations

The physical theme parks are a critical channel for monetizing Intellectual Property (IP) through experiences. Universal Destinations & Experiences operates 5 established resort locations serving China, Japan, Singapore, and the United States. The newest channel addition is the debut of Epic Universe in Orlando on May 22, 2025.

Here's a look at the financial performance and scale:

Metric	Data Point	Context/Period
Theme Parks Revenue	$2.72 Billion	Q3 2025
Revenue Year-over-Year Change	+18.7%	Q3 2025
Theme Parks EBITDA	$958 Million	Q3 2025
EBITDA Year-over-Year Change	+13.1%	Q3 2025
Total Visitors (All Parks)	57 million	2023
Number of Parks Operated	5	As of late 2025 (excluding new additions like Epic Universe in initial reporting)

The opening of Epic Universe, which features five immersive worlds, is transforming Universal Orlando into what Comcast calls a premier weeklong destination.

Comcast Corporation (CMCSA) - Canvas Business Model: Customer Segments

You're looking at the core groups Comcast Corporation (CMCSA) serves as of late 2025, based on the latest reported figures from the third quarter of 2025. The business model clearly segments its market across connectivity, enterprise, international, media, and experiences.

Domestic Residential Consumers (broadband, video, mobile) represent the foundational base, though it's a base under pressure in traditional video and broadband, offset by significant wireless growth.

• Total domestic wireless lines reached 8.9 million as of Q3 2025.
• The company added a record 414,000 wireless lines in Q3 2025 alone.
• Total domestic broadband connections stood at 31.4 million connections at the end of Q3 2025.
• Domestic video customers declined to 11.52 million subscribers in Q3 2025.
• The wireless penetration of the residential broadband base surpassed 14% by Q3 2025.

Metric	Q3 2025 End Count/Result	Net Change (QoQ/YoY Context)
Total Domestic Wireless Lines	8.9 million lines	Added 414,000 lines in Q3 2025
Total Domestic Broadband Customers	31.4 million connections	Net loss of 104,000 customers in Q3 2025
Total Domestic Video Customers	11.52 million subscribers	Net loss of 257,000 customers in Q3 2025

Small and Medium-sized Enterprises (SMEs) and large Enterprise/Public Sector clients show resilience, with growth in advanced service adoption.

• Business Services Connectivity revenue grew by 6.2% year-over-year in Q3 2025.
• Business Services Connectivity revenue reached $2.6 billion in Q3 2025.
• Total Connectivity & Platforms Customer Relationships stood at 51.2 million in Q3 2025, down 349,000 sequentially.

International Residential Customers in the U.K. and Italy (Sky) are now reported within broader international connectivity figures, reflecting a strategic shift away from granular segment reporting.

The International Connectivity Customer Relationships saw an increase from 17,638,000 to 17,698,000 in Q2 2025. Sky Group in the UK has seen its workforce fall by about 3,000 roles since 2023 as it transitions services.

Global Viewers and Advertisers across media and entertainment properties are characterized by streaming growth and cyclical advertising revenue.

• Peacock maintained a paid subscriber base of 41 million as of Q3 2025.
• Peacock revenue for Q3 2025 was approximately $1.36 billion.
• Domestic advertising revenue for Q3 2025 was $1.96 billion, reflecting a 41.3% decline due to the absence of the Paris Olympics revenue from Q3 2024.
• Studio revenue in Q1 2025 rose 3% to $2.83 billion.

Theme Park Guests seeking immersive, location-based entertainment are a major near-term growth driver following the launch of the new Orlando park.

The Theme Parks segment generated revenue of $2,717 million in Q3 2025, marking a 19% uplift year-over-year. The estimated investment in the Epic Universe park is $7 billion. Theme Park Adjusted EBITDA increased to $958 million in Q3 2025, up 13.1% from the prior year.

Finance: finalize the Q4 2025 cash flow forecast by next Tuesday.

Comcast Corporation (CMCSA) - Canvas Business Model: Cost Structure

You're looking at the major drains on Comcast Corporation's cash flow as of late 2025, which is critical for understanding their capital allocation strategy.

Significant Capital Expenditures (CapEx) for network infrastructure and upgrades represent a massive, ongoing commitment. For the third quarter ending September 30, 2025, Comcast reported total Capital Expenditures of $3.748B. The Connectivity & Platforms segment drove a significant portion of this, with its CapEx increasing 19.5% to $2.3 billion, which Comcast attributed primarily to higher spending on scalable infrastructure and customer premise equipment. This heavy investment is necessary to maintain the broadband foundation against competitive pressures. Conversely, Content & Experiences' CapEx decreased 19.9% to $714 million, largely because the construction for Epic Universe in Orlando was nearing completion following its May 2025 opening.

The costs associated with content are substantial, especially for NBCUniversal and Peacock. While specific Q3 2025 programming cost figures aren't explicitly detailed in the latest reports, we see cost trends in the preceding quarter. For instance, in Q2 2025, programming expenses decreased, primarily due to a lower number of domestic video customers, though this was partially offset by rate increases under domestic programming contracts. This highlights the dynamic nature of content costs, which are heavily influenced by subscriber trends and contract negotiations.

Theme parks involve significant operating expenses, though the segment showed strong financial results. For Q3 2025, Theme Parks EBITDA increased 13.1% to $958 Million, fueled by the opening of Epic Universe. This strong EBITDA suggests that while fixed costs like labor and maintenance are high, the new attraction is successfully driving revenue to cover those costs and contribute positively to the segment's profitability.

Marketing and sales costs are a direct lever used to drive customer additions, particularly in the wireless space. Comcast noted that non-programming expenses in Q3 2025 included higher marketing and promotion costs, driven by new broadband and mobile offers introduced in April 2025. The success of this spending is evident in the record 414,000 domestic wireless customer line net additions in Q3 2025 alone.

The cost of streaming content is best viewed through the lens of Peacock's performance. Comcast Corporation is actively managing this cost base, and the effort is showing results. For Q3 2025, Peacock's EBITDA losses were $217 Million, a significant improvement of $219 million compared to the prior year period, when the loss was $436 million. This demonstrates a clear, measurable reduction in the high cost associated with building out the streaming service, even as subscriber growth remained flat at 41 million paid subscribers for the quarter.

Here's a quick look at the key Q3 2025 financial metrics related to cost and investment:

Cost/Investment Category	Amount (Q3 2025)	Segment/Context
Total Capital Expenditures	$3.748B	Consolidated
Connectivity & Platforms CapEx	$2.3 billion	Network Infrastructure/CPE
Content & Experiences CapEx	$714 million	Reflecting Epic Universe opening
Peacock EBITDA Loss	$217 Million	Streaming Content Cost
Peacock Loss Improvement (Y/Y)	$219 Million	Profitability Management
Theme Parks EBITDA	$958 Million	Reflecting Operating Costs/Revenue

The overall cost structure is clearly bifurcated between the heavy, ongoing CapEx for the Connectivity business and the substantial, but improving, content and marketing spend for the Media business. You see this trade-off reflected in the segment results:

• Connectivity & Platforms Adjusted EBITDA was $8.0 billion, down 3.7% year-over-year, despite increased CapEx.
• Media EBITDA increased 28.0% to $832 Million, driven by Peacock's loss reduction.

Finance: draft 13-week cash view by Friday.

Comcast Corporation (CMCSA) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Comcast Corporation's business, which is really a collection of distinct, powerful engines working together. Honestly, it's a mix of subscription stability and high-growth content plays.

The core of the operation still comes from keeping homes and businesses connected. Residential Connectivity subscriptions-that's your broadband, video, voice, and mobile services-form the foundation. For Q3 2025, Residential Connectivity & Platforms revenues were reported at $20.2 billion, though the Residential portion specifically saw a 1.5% decline to $17.60 billion. This dip reflects the strategic shift away from legacy video and toward wireless, which is definitely gaining traction.

The growth story in connectivity is clearly wireless. Domestic wireless revenue grew 14.0% to $1.25 billion in the quarter, with total domestic wireless lines reaching 8.9 million. Comcast added a record 414,000 domestic wireless customer lines in Q3 2025, which is a huge win for their converged offering strategy.

Business Services Connectivity revenue is another solid pillar, growing 6.2% to $2.6 billion in Q3 2025. That growth shows their enterprise focus is paying off, even as the residential side navigates cord-cutting.

The Content & Experiences segment provides the high-margin upside and brand power. Here's a quick look at the Q3 2025 revenue drivers for this segment:

Revenue Source	Q3 2025 Revenue Amount (Approximate)	Year-over-Year Change
Theme Parks Revenue	$2.7 billion	18.7% increase
Peacock Revenue (Media)	$1.4 billion	Not explicitly stated, but Media revenue grew 4.2% excluding Olympics impact
NBCUniversal Studios Revenue	$3 billion	6.1% increase

Theme Parks revenue jumped 18.7% to $2.7 billion, fueled by the May opening of Epic Universe in Orlando. Plus, the success of Jurassic World Rebirth contributed nearly $900 Million in worldwide box office revenue year-to-date, which feeds into the Studios revenue stream.

For Media, content licensing, distribution, and advertising are key. Peacock is showing progress, posting $1.4 billion in revenue for the quarter. The overall Content & Experiences segment generated $11.7 billion in revenue for Q3 2025, though this was down 6.8% year-over-year, largely due to the unfavorable comparison against the prior year which included the Paris Olympics revenue.

The overall picture for the full fiscal year is based on analyst expectations as of late 2025:

• Projected total revenue for FY2025 is around $126 billion (consensus).
• Total Content & Experiences Adjusted EBITDA grew 8.4% to $1,953 Million in Q3 2025.
• Connectivity & Platforms segment generated $20.2 billion in Q3 2025 revenue.
• Domestic broadband revenue increased 0.5% to $6.433 billion in Q3 2025.

You can see the revenue streams are diversified, which helps balance the cyclical nature of media and the competitive pressures in connectivity. Finance: draft 13-week cash view by Friday.