Comcast highlights Peacock growth and prepares for NBA streaming debut

Comcast emphasized growth in its streaming and television businesses during its Q1 2025 earnings call, detailing momentum at Peacock and outlining plans to strengthen the platform’s sports content with the addition of NBA games later this year.

Peacock ended the first quarter with 41 million subscribers, up from prior periods, supported by new entitlements tied to a bundling agreement with Charter Communications.

The company reported double-digit revenue growth for Peacock and a year-over-year improvement of more than $400 million in the platform’s EBITDA losses. Comcast executives said the gains were driven by a combination of lower programming costs, including the absence of last year’s exclusive NFL wildcard game, and improved subscriber monetization strategies.

Brian Roberts, chairman and chief executive officer of Comcast, said Peacock’s business model, built around a broad content offering, is showing signs of strengthening. He cited the service’s mix of entertainment, news and sports content as key to its continued growth. Peacock’s content library now exceeds 80,000 hours, spanning original series, next-day airings from NBC and Bravo, and licensed film content through Comcast’s studios.

Executives highlighted the importance of live sports as a differentiator for Peacock.

The platform currently offers events including the NFL, the Olympics, the Premier League, the Kentucky Derby and the Big Ten Conference. Comcast confirmed that the NBA will join the lineup in the fourth quarter, with games available through both NBC and Peacock.

Mike Cavanagh, president of Comcast, called the NBA rights agreement a “big accomplishment” and said the company expects the league’s addition to help drive new subscriptions and engagement. Cavanagh emphasized that sports content not only attracts subscribers but also helps boost viewership across other categories such as entertainment and news.

During the call, Comcast also provided an update on the planned cable SpinCo transaction.

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Executives reiterated that the timing remains unchanged, with completion expected by the end of 2025. No new details were offered regarding the structure of the spin-off or its potential operational impacts, but the company reaffirmed that the transaction is part of its broader strategy to position its cable and broadband assets for long-term growth and flexibility.

In the broader media business, Comcast reported a 7% decline in total advertising revenue for the quarter, largely attributed to lower volumes and timing differences in sports content and political advertising. Excluding these impacts, advertising revenue was relatively stable. Executives said that while they have not yet seen significant effects from macroeconomic pressures, advertising remains the most economically sensitive part of the business.

Content and experience revenue benefited from the strong performance of Peacock and preparations for upcoming theatrical releases, such as “How to Train Your Dragon” and “Jurassic World: Dominion.” Comcast executives also pointed to the approaching launch of the Epic Universe theme park in Orlando as another key growth initiative for the company.