Comcast Corporation (CMCSA): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le monde complexe de Comcast Corporation, une puissance des médias et des télécommunications qui a révolutionné la façon dont nous consommons le divertissement et nous nous connectons numériquement. De son étendue infrastructure réseau aux plates-formes de streaming innovantes comme Peacock, Comcast a magistralement tissé un modèle commercial complexe qui couvre les services de câble, la production de contenu et les télécommunications de pointe. En intégrant stratégiquement les réseaux multimédias, les technologies avancées et divers sources de revenus, ce géant d'entreprise s'est positionné à la pointe des écosystèmes de communication numérique et de divertissement modernes.

Comcast Corporation (CMCSA) - Modèle commercial: partenariats clés

NBCUniversal Media Networks and Content Producers

NBCUniversal de Comcast maintient des partenariats stratégiques avec plusieurs producteurs de contenu et réseaux multimédias:

Partenaire	Détails de collaboration	Valeur annuelle
Universal Studios	Production de contenu de films et de télévision	3,2 milliards de dollars
Animation de rêve	Développement de contenu animé	1,5 milliard de dollars
Réseaux de ciel	Distribution des médias internationaux	14,3 milliards de dollars

Fournisseurs de technologies

Comcast collabore avec les principaux partenaires de l'infrastructure technologique:

• Systèmes Cisco: Solutions d'infrastructure réseau (contrat de 2,7 milliards de dollars)
• Groupe ARRIS: Modem câblé et équipement réseau (partenariat de 1,9 milliard de dollars)
• Harmonic Inc .: Télo-données vidéo (450 millions de dollars d'accord annuel)

Créateurs et studios de contenu

Les partenariats de contenu stratégique comprennent:

Studio / créateur	Type de contenu	Valeur de partenariat
Discovery Warner Bros.	Contenu en streaming	1,1 milliard de dollars
Disney	Contenu de divertissement	750 millions de dollars
Paramount Global	Distribution des médias	620 millions de dollars

Internet et fournisseurs de services mobiles

Partenariats de connectivité réseau:

• AT&T: Services de réseau en gros (3,4 milliards de dollars)
• Verizon: accords d'interconnexion (2,8 milliards de dollars)
• T-Mobile: opérations de réseau virtuel mobile (1,6 milliard de dollars)

Agences de publicité et de marketing

Collaborations de stratégie promotionnelle:

Agence	Focus du service	Dépenses annuelles
Groupe WPP	Marketing intégré	420 millions de dollars
Groupe publique	Publicité numérique	350 millions de dollars
Groupe de médias Omnicom	Campagnes multicanaux	280 millions de dollars

Comcast Corporation (CMCSA) - Modèle d'entreprise: Activités clés

Provision de services de câble et Internet

Comcast fournit des services de câble et Internet à environ 57,4 millions de relations clients totales au T2 2023. Les abonnés à large bande résidentiels ont atteint 32,7 millions, avec des abonnés vidéo résidentiels à 19,1 millions.

Catégorie de service	Abonnés totaux	Revenus annuels
Internet par câble	32,7 millions	24,3 milliards de dollars
Vidéo câblée	19,1 millions	15,7 milliards de dollars

Production et distribution de contenu

NBCUniversal génère du contenu sur plusieurs plateformes avec des dépenses de production de contenu annuelles de 12,5 milliards de dollars en 2023.

• Budget de production cinématographique: 4,2 milliards de dollars
• Production de contenu télévisé: 6,8 milliards de dollars
• Investissement de contenu en streaming: 1,5 milliard de dollars

Gestion de la plate-forme de streaming (paon)

La plate-forme de streaming Peacock a atteint 28 millions d'abonnés payés au quatrième trimestre 2023, avec un investissement annuel de contenu en streaming de 1,5 milliard de dollars.

Maintenance d'infrastructure réseau

Comcast a investi 11,2 milliards de dollars dans les mises à niveau des infrastructures et de la technologie réseau en 2023.

Zone d'investissement des infrastructures	Dépenses annuelles
Mises à niveau du réseau	6,5 milliards de dollars
Développement technologique	4,7 milliards de dollars

Intégration des télécommunications et des services médiatiques

Les revenus consolidés totaux de Comcast pour 2023 étaient de 116,4 milliards de dollars, avec des services intégrés dans les secteurs du câble, des médias et des télécommunications.

• Revenus de communication par câble: 58,7 milliards de dollars
• NBCUniversal Revenus: 40,2 milliards de dollars
• Sky Revenue: 17,5 milliards de dollars

Comcast Corporation (CMCSA) - Modèle d'entreprise: Ressources clés

Infrastructure de réseau de câbles et de haut débit

Depuis le quatrième trimestre 2023, Comcast fonctionne:

• Environ 58 millions de connexions de câbles et à large bande
• Plus de 190 000 miles de route d'infrastructure de réseau de fibres

Ressource réseau	Quantité
Nœuds de câble	125,000
Total des kilomètres du réseau	193,000
Centres de données	17

Studios de production des médias et bibliothèques de contenu

Ressources de contenu détenues par NBCUniversal:

• Plus de 6 000 heures de contenu original par an
• 35+ réseaux de télévision
• 12 studios de production de films

Technologie avancée de télécommunications

Investissements infrastructures technologiques:

• Investissement technologique annuel de 3,2 milliards de dollars
• Capacités de mise à niveau du réseau DOCSIS 4.0
• Programme de développement de réseau 10G

Grands réseaux de clientèle et d'abonnés

Segment de l'abonné	Nombre d'abonnés
Abonnés au câble	22,1 millions
Internet à large bande	32,4 millions
Abonnés mobiles	5,2 millions

Travaux de travail qualifiés dans les secteurs des médias et de la technologie

Statistiques de la main-d'œuvre:

• Total des employés: 186 000
• Formation moyenne annuelle de la technologie de la technologie: 240 heures par employé
• Investissement annuel sur le développement de la main-d'œuvre: 425 millions de dollars

Comcast Corporation (CMCSA) - Modèle d'entreprise: propositions de valeur

Solutions complètes de divertissement et de communication

Comcast offre une gamme diversifiée de services avec les mesures clés suivantes:

Catégorie de service	Abonnés totaux	Revenus annuels
Télévision par câble	21,4 millions d'abonnés	22,1 milliards de dollars
Services Internet	32,1 millions d'abonnés	28,5 milliards de dollars
Services vocaux	11,6 millions d'abonnés	8,3 milliards de dollars

Packages de télévision Internet et câble à grande vitesse

Les forfaits Internet et câble de Comcast comprennent:

• Les vitesses Internet xfinity allant de 50 Mbps à 1,2 Gbit / s
• Coût mensuel moyen du package Internet: 64,99 $
• Packages de télévision par câble avec des options de 125-250 canaux

Contenu original via NBCUniversal et Peacock

Statistiques de la production de contenu et de streaming:

Plate-forme	Abonnés	Investissement de contenu annuel
Pavage en streaming	28 millions d'abonnés	3,2 milliards de dollars
NBCUniversal Studios	N / A	2,7 milliards de dollars

Services groupés pour les clients à domicile et aux entreprises

Offres de services groupés:

• Packages à triple jeu: Internet + TV + téléphone
• Coût moyen du forfait: 129,99 $ par mois
• Packages de services commerciaux avec support dédié

Expériences intégrées des médias et des télécommunications

Métriques de l'écosystème de service intégré:

Intégration de service	Taux de pénétration	Satisfaction du client
Ménages multi-services	68% de la clientèle	4.2 / 5
Accès de contenu multiplateforme	92% des abonnés	4.3 / 5

Comcast Corporation (CMCSA) - Modèle d'entreprise: Relations clients

Canaux de support client 24/7

Comcast exploite plusieurs chaînes de support client avec les mesures suivantes:

Canal de support	Volume annuel	Temps de réponse moyen
Support téléphonique	42,6 millions d'interactions client	7,2 minutes
Chat en direct	18,3 millions d'interactions	4,5 minutes
Support des médias sociaux	6,7 millions d'interactions	3,8 minutes

Gestion de compte en ligne en libre-service

Les plates-formes numériques Xfinity offrent des options de libre-service complètes:

• Téléchargements d'applications mobiles: 22,4 millions d'utilisateurs actifs
• Gestion des comptes en ligne: 67% des clients utilisent des plateformes numériques
• Paiement de facture via les canaux numériques: 8,3 milliards de dollars traités par an

Recommandations de services personnalisés

Comcast utilise l'analyse avancée des données pour la personnalisation:

Métrique de personnalisation	Valeur
Recommandations de contenu personnalisés	Taux de précision de 73%
Mises à niveau de service ciblées	486 millions de dollars de revenus supplémentaires générés

Programmes de fidélité et rétention de la clientèle

Xfinity récompense les statistiques du programme:

• Membres du programme de fidélité totale: 14,2 millions
• Taux de rétention de la clientèle: 84,6%
• Investissement annuel du programme de fidélité: 127 millions de dollars

Plates-formes d'interaction des clients numériques et physiques

Métriques d'engagement client omnicanal:

Plate-forme d'interaction	Interactions annuelles
Magasins de détail	8,3 millions de visites aux clients
Portails d'assistance en ligne	62,4 millions d'interactions numériques
Centres de service à la clientèle	5,6 millions d'interactions en personne

Comcast Corporation (CMCSA) - Modèle d'entreprise: canaux

Magasins de détail directs

Comcast fonctionne 1 276 magasins de vente au détail Xfinity aux États-Unis à partir de 2023. Ces magasins génèrent environ 3,2 milliards de dollars de revenus de vente au détail annuels.

Type de magasin	Nombre d'emplacements	Revenu annuel moyen par magasin
Magasins de détail Xfinity	1,276	2,5 millions de dollars
Centres de services d'entreprise	87	1,8 million de dollars

Site Web en ligne et applications mobiles

Les plates-formes numériques de Comcast incluent Xfinity.com et applications mobiles avec 12,4 millions d'utilisateurs mensuels actifs. Les canaux numériques génèrent 2,7 milliards de dollars en transactions en ligne.

• Site Web xfinity.com
• Application xfinity stream
• Xfinity mon application de compte
• Application wifi xfinity

Centres d'appels de service client

Comcast maintient 42 centres d'appels de service à la clientèle avec 17 500 représentants du service à la clientèle. Le volume d'appel annuel atteint 58,3 millions d'interactions client.

Métrique du centre d'appel	Valeur annuelle
Centres d'appels totaux	42
Représentants du service à la clientèle	17,500
Interactions annuelles du client	58,300,000

Plateformes de marketing numérique

Comcast utilise 7 canaux de marketing numérique primaires avec une dépense publicitaire numérique annuelle de 1,6 milliard de dollars.

• Publicités Google
• Publicité Facebook
• Marketing LinkedIn
• Publicité YouTube
• Promotions Instagram
• Publicités Twitter
• Réseaux d'affichage programmatique

Détaillants d'électronique tiers

Comcast distribue des produits à travers 3 742 emplacements de vente au détail d'électronique tiers, générant 1,1 milliard de dollars de ventes annuelles.

Détaillant	Nombre d'emplacements	Contribution des ventes annuelle
Meilleur achat	1,030	425 millions de dollars
Walmart	1,287	378 millions de dollars
Cible	542	197 millions de dollars
Autres détaillants	883	100 millions de dollars

Comcast Corporation (CMCSA) - Modèle d'entreprise: segments de clientèle

Abonnés au câble et Internet résidentiels

Au quatrième trimestre 2023, Comcast a rapporté 22,5 millions de clients à large bande résidentiels aux États-Unis. Le segment résidentiel comprend:

• Services Internet à grande vitesse
• Packages de télévision par câble
• Services téléphoniques à domicile

Segment de clientèle	Abonnés totaux	Revenus mensuels moyens par abonné
Haut débit résidentiel	22,5 millions	$84.37
Télévision par câble	19,3 millions	$72.50

Clients de télécommunications d'entreprise

Comcast Business sert 2,6 millions de clients commerciaux Dans divers secteurs:

• Sociétés de niveau d'entreprise
• Petites et moyennes entreprises
• Institutions gouvernementales

Segment d'entreprise	Total des clients	Revenus annuels
Services aux entreprises	2,6 millions	8,4 milliards de dollars

Streaming Content Consumers

Peacock, la plate-forme de streaming de Comcast, a rapporté 28 millions d'abonnés payés au Q4 2023.

Plate-forme de streaming	Abonnés payés	Prix ​​d'abonnement mensuel
Paon	28 millions	$9.99 - $14.99

Divertissement et amateurs de médias

NBCUniversal environ 206 millions de téléspectateurs mensuels sur diverses plates-formes.

Clients des petites et moyennes entreprises

Comcast Business cible 1,4 million de petites et moyennes entreprises avec des solutions de télécommunications spécialisées.

Taille de l'entreprise	Total des clients	Dépenses de service mensuelles moyennes
Petites entreprises	1,1 million	$250
Entreprises moyennes	0,3 million	$750

Comcast Corporation (CMCSA) - Modèle d'entreprise: Structure des coûts

Maintenance d'infrastructure réseau

En 2023, Comcast a investi 9,3 milliards de dollars dans l'infrastructure réseau et les dépenses en capital. La société maintient environ 189 000 miles de route de réseau de fibres.

Catégorie de coûts d'infrastructure	Dépenses annuelles
Mises à niveau des infrastructures réseau	5,6 milliards de dollars
Maintenance du réseau à fibre optique	1,7 milliard de dollars
Opérations du centre de données	1,2 milliard de dollars

Production et licence de contenu

Comcast NBCUniversal a dépensé 2,5 milliards de dollars pour la production et les licences de contenu en 2023.

• Coûts de production de films et de télévision: 1,4 milliard de dollars
• Licence de contenu en streaming: 680 millions de dollars
• Acquisition de contenu sportif: 420 millions de dollars

Investissements technologiques et équipements

L'investissement total technologique pour 2023 a atteint 3,8 milliards de dollars.

Catégorie d'investissement technologique	Montant
Matériel et équipement	1,9 milliard de dollars
Développement de logiciels	1,2 milliard de dollars
Infrastructure de cybersécurité	700 millions de dollars

Salaires des employés et dépenses opérationnelles

Les dépenses totales liées aux employés de Comcast en 2023 étaient de 22,4 milliards de dollars.

• Total des employés: 186 000
• Compensation moyenne des employés: 120 430 $
• Offres opérationnelles: 5,6 milliards de dollars

Coûts de marketing et d'acquisition des clients

Les dépenses de marketing pour 2023 ont totalisé 4,1 milliards de dollars.

Catégorie de dépenses de marketing	Montant
Marketing numérique	1,3 milliard de dollars
Publicité traditionnelle	1,8 milliard de dollars
Campagnes d'acquisition de clients	1 milliard de dollars

Comcast Corporation (CMCSA) - Modèle d'entreprise: Strots de revenus

Frais d'abonnement par câble et Internet mensuel

Au quatrième trimestre 2023, Comcast a rapporté:

Type d'abonnement	Nombre d'abonnés	Revenus mensuels moyens par abonné
Télévision par câble	19,3 millions	$84.72
Internet	32,4 millions	$93.55

Abonnements à la plate-forme de streaming (paon)

Détails des revenus d'abonnement Peacock pour 2023:

• Total des abonnés: 28 millions
• Taux d'abonnement mensuels:
  • Premium: 11,99 $
  • Premium Plus: 14,99 $
• Revenus annuels de Peacock: 456 millions de dollars

Revenus publicitaires sur les plateformes médiatiques

Répartition des revenus publicitaires pour 2023:

Plate-forme	Revenus publicitaires totaux
Réseaux câblés	3,2 milliards de dollars
Diffuser la télévision	2,7 milliards de dollars
Plates-formes numériques	1,5 milliard de dollars

Services de télécommunications d'entreprise

Comcast Business Segment Revenue pour 2023:

• Revenu total: 7,8 milliards de dollars
• Revenus de solutions d'entreprise: 3,2 milliards de dollars
• Small and Medium Business Services: 4,6 milliards de dollars

Licence et distribution de contenu

Revenu de licence de contenu pour 2023:

Type de contenu	Revenus de licence
Licence de cinéma et de télévision	2,1 milliards de dollars
Distribution internationale de contenu	1,3 milliard de dollars

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.