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Tag: Cable Communications

  • Q3-16: Comcast Cable Communications division video numbers improve

    Q3-16: Comcast Cable Communications division video numbers improve

    BENGALURU: Comcast Corporation’s (Comcast) Cable Communications division (Comcast Cable, Cable) reported 8.8 percent increase in video revenue for the quarter ended 30 September 2016 (Q3-16, current quarter) as compared to the corresponding year ago quarter. The division reported video revenue at $5,591 million for Q3-16 as compared to $5,348 million in Q3-15.

    Overall, Cable Communications revenue which includes revenues from video, high speed internet, voice, business services, advertising and ‘other’ segments increased 6.9 percent y-o-y in Q3-16. The growth in revenue was driven by increase in high speed internet, business services and video revenues.

    Cable Communications reported revenue of $12,557 million in the current quarter while it was $11,751 million in Q3-15. Video revenue is the major contributor to Comcast’s Cable Communications segment, followed by high speed internet. Operating Cash Flow (OCF) from Comcast Cable Communications increased 5.5 percent y-o-y in the current quarter to $4,986 million from $4,726 million.

    Cable Communications Business Services revenue stream had the highest year-over-year (y-o-y) growth in Q3-16 among all the other streams at 15.5 percent (grew to $1,399 million from $1,211 million).  High speed internet revenue grew 8.8 percent y-o-y in Q3-16 to $3,405 million from $3,129 million.

    Overall, Comcast consolidated revenue also increased 14.2 percent y-o-y to $21,319 million in the current quarter as compared to $18,669 million. Q3-16 revenue includes $1.6 billion of revenue generated by the broadcast of the 2016 Rio Olympics, of which $1.2 billion was related to advertising revenue says Comcast. Excluding the Olympics, consolidated revenue increased 5.5 percent. Consolidated operating income increased 11 percent y-o-y in Q3-16 to $4,440 million from $4,001 million.

    Cable Communications segment subscription numbers

    Overall, Comcast Cable Communications reported a q-o-q (quarter-over quarter) addition of 216,000 customer relationships to 28.301 million in Q3-16. During the corresponding year ago quarter, customer relationships were 27.421 million with net additions of 166,000.

    Comcast Cable Communications closed the current quarter with 24.316 million video customers, an increase of 32,000 video customers from the immediate trailing quarter. High Speed Internet customers increased by 320,000 to 24.316 million, while Voice customers increased by 2,000 to 11.6413 million in the current quarter vis-a-vis the immediate trailing quarter.

    In Q3-16, single play customers increased by 72,000 to 8.488 million, double play customers increased by 141,000 to 9.54 million, triple play customers increased by 4,000 to 10.273 million as compared to the immediate trailing quarter.

    NBCUniversal (NBCU)

    NBCUniversal (NBCU) revenue increased 28.3 percent in Q3-16 to $9,178 million from $7,151 million in Q3-15. Revenue for NBCUniversal increased 22.5 percent, primarily driven by 2016 Rio Olympics revenue of $1.6 billion included in the Broadcast Television and Cable Networks segments.

    Cable Networks revenue in Q3-16 grew to $2,942 million from $2,412 million; Broadcast Television revenue increased 56.6 percent y-o-y to $3,087 million from $1,971 million; Theme Parks revenue increased 60.7 percent y-o-y to $1,440 million from $896 million.

    The segment saw 31.4 percent y-o-y increase in operating cash flow or OCF in Q3-16 at $2,146 million as compared to $1,633 million. OCF from Filmed Entertainment segment declined 6.1 percent) in Q3-16 to $353 million from $376 million.   OCF from Cable Networks in Q2-16 increased 7 percent y-o-y to $893 million from $835 million in Q3-15. OCF from Theme Parks increased 62.7 percent to $706 million from $434 million.

    Company speak

    Comcast chairman and CEO Brian L. Roberts said, ” “I’m pleased to report that our businesses generated double digit revenue and operating cash flow growth for the third quarter of 2016. Cable delivered solid operating cash flow growth coupled with great customer metrics, and has now added 170,000 video subscribers over the past twelve months. The Rio Olympics were the most profitable and successful games in our history, and demonstrated our ability to deliver an unparalleled entertainment experience through NBCUniversal together with Comcast Cable and the X1 platform. NBCUniversal reported operating cash flow growth of over 30%, benefitting from the Olympics, continued growth at our Theme Parks, and the theatrical success of The Secret Life of Pets this quarter. I’m proud of our consistent execution and excited about the opportunities ahead for Comcast NBCUniversal.”

     

  • Q3-16: Comcast Cable Communications division video numbers improve

    Q3-16: Comcast Cable Communications division video numbers improve

    BENGALURU: Comcast Corporation’s (Comcast) Cable Communications division (Comcast Cable, Cable) reported 8.8 percent increase in video revenue for the quarter ended 30 September 2016 (Q3-16, current quarter) as compared to the corresponding year ago quarter. The division reported video revenue at $5,591 million for Q3-16 as compared to $5,348 million in Q3-15.

    Overall, Cable Communications revenue which includes revenues from video, high speed internet, voice, business services, advertising and ‘other’ segments increased 6.9 percent y-o-y in Q3-16. The growth in revenue was driven by increase in high speed internet, business services and video revenues.

    Cable Communications reported revenue of $12,557 million in the current quarter while it was $11,751 million in Q3-15. Video revenue is the major contributor to Comcast’s Cable Communications segment, followed by high speed internet. Operating Cash Flow (OCF) from Comcast Cable Communications increased 5.5 percent y-o-y in the current quarter to $4,986 million from $4,726 million.

    Cable Communications Business Services revenue stream had the highest year-over-year (y-o-y) growth in Q3-16 among all the other streams at 15.5 percent (grew to $1,399 million from $1,211 million).  High speed internet revenue grew 8.8 percent y-o-y in Q3-16 to $3,405 million from $3,129 million.

    Overall, Comcast consolidated revenue also increased 14.2 percent y-o-y to $21,319 million in the current quarter as compared to $18,669 million. Q3-16 revenue includes $1.6 billion of revenue generated by the broadcast of the 2016 Rio Olympics, of which $1.2 billion was related to advertising revenue says Comcast. Excluding the Olympics, consolidated revenue increased 5.5 percent. Consolidated operating income increased 11 percent y-o-y in Q3-16 to $4,440 million from $4,001 million.

    Cable Communications segment subscription numbers

    Overall, Comcast Cable Communications reported a q-o-q (quarter-over quarter) addition of 216,000 customer relationships to 28.301 million in Q3-16. During the corresponding year ago quarter, customer relationships were 27.421 million with net additions of 166,000.

    Comcast Cable Communications closed the current quarter with 24.316 million video customers, an increase of 32,000 video customers from the immediate trailing quarter. High Speed Internet customers increased by 320,000 to 24.316 million, while Voice customers increased by 2,000 to 11.6413 million in the current quarter vis-a-vis the immediate trailing quarter.

    In Q3-16, single play customers increased by 72,000 to 8.488 million, double play customers increased by 141,000 to 9.54 million, triple play customers increased by 4,000 to 10.273 million as compared to the immediate trailing quarter.

    NBCUniversal (NBCU)

    NBCUniversal (NBCU) revenue increased 28.3 percent in Q3-16 to $9,178 million from $7,151 million in Q3-15. Revenue for NBCUniversal increased 22.5 percent, primarily driven by 2016 Rio Olympics revenue of $1.6 billion included in the Broadcast Television and Cable Networks segments.

    Cable Networks revenue in Q3-16 grew to $2,942 million from $2,412 million; Broadcast Television revenue increased 56.6 percent y-o-y to $3,087 million from $1,971 million; Theme Parks revenue increased 60.7 percent y-o-y to $1,440 million from $896 million.

    The segment saw 31.4 percent y-o-y increase in operating cash flow or OCF in Q3-16 at $2,146 million as compared to $1,633 million. OCF from Filmed Entertainment segment declined 6.1 percent) in Q3-16 to $353 million from $376 million.   OCF from Cable Networks in Q2-16 increased 7 percent y-o-y to $893 million from $835 million in Q3-15. OCF from Theme Parks increased 62.7 percent to $706 million from $434 million.

    Company speak

    Comcast chairman and CEO Brian L. Roberts said, ” “I’m pleased to report that our businesses generated double digit revenue and operating cash flow growth for the third quarter of 2016. Cable delivered solid operating cash flow growth coupled with great customer metrics, and has now added 170,000 video subscribers over the past twelve months. The Rio Olympics were the most profitable and successful games in our history, and demonstrated our ability to deliver an unparalleled entertainment experience through NBCUniversal together with Comcast Cable and the X1 platform. NBCUniversal reported operating cash flow growth of over 30%, benefitting from the Olympics, continued growth at our Theme Parks, and the theatrical success of The Secret Life of Pets this quarter. I’m proud of our consistent execution and excited about the opportunities ahead for Comcast NBCUniversal.”

     

  • Q2-16: Comcast Cable Communications video revenue up 2.8 percent

    Q2-16: Comcast Cable Communications video revenue up 2.8 percent

    BENGALURU: Comcast Corporation’s (Comcast) Cable Communications division (Comcast Cable, Cable) reported 2.8 percent increase in video revenue for the quarter ended 30 June 2016 (Q2-16, current quarter) as compared to the corresponding year ago quarter.

    The division reported video revenue at $5,581 million for Q2-16 as compared to $5,431 million in Q2-15

    Overall, Cable Communications revenue, which includes revenues from video, high speed internet, voice, business services advertising and ‘other’ segments increased 6.3 percent y-o-y in Q2-16. The growth in revenue was driven by increase in high speed internet, business services and video revenues.

    Cable Communications reported revenue of $12,444 million in the current quarter, while it was $11,740 million in Q2-15. Video revenue is the major contributor to Comcast’s Cable Communications segment, followed by high speed internet.

    Operating Cash Flow (OCF) from Comcast Cable Communications increased 5.7 percent y-o-y in the current quarter to $5,048 million from $4,777 million.

    Cable Communications business services stream had the highest y-o-y growth in Q2-16 among all the other streams at 16.9 percent (grew to $1,360 million from $1,163 million).  High speed internet revenue grew 8.6 percent y-o-y in Q2-16 to $3,369 million from $3,101 million.

    Overall, Comcast consolidated revenue also increased 2.8 percent year-over-year (y-o-y) to $19,269 million in the current quarter as compared to $18,743 million. Consolidated operating income declined 1 percent y-o-y in Q2-16 to $4,066 million from $4,105 million. Net income attributable to Comcast declined 5.1 percent y-o-y in Q2-16 to $ 2,038 million from $2,137 million.

    Cable Communications segment subscription numbers

    Overall, Comcast Cable Communications reported a q-o-q (quarter-over quarter) addition of 115,00 customer relationships to 28.085 million in Q2-16. During the corresponding year ago quarter, customer relationships were 26.265 million with net additions of 31,000.

    Comcast Cable Communications closed the current quarter with 22.396 million, a decline of 4,000 video customers from the immediate trailing quarter. High Speed Internet customers increased by 220,000 to 23.987 million, while Voice customers increased by 64,000 to 11.641 million in the current quarter vis-a-vis the immediate trailing quarter.

    In Q2-16, single play customers increased by 6,000 to 8.416 million, double play customers increased by 53,000 to 9.399 million, triple play customers increased by 56,000 to 10.269 million as compared to the immediate trailing quarter.    

    NBCUniversal (NBCU)

    NBCUniversal (NBCU) revenue declined 1.8 percent in Q2-16 to $7,103 million from $7,230 million in Q2-15. The slide was attributable to a 40.4 percent decline in NBCU’s Filmed Entertainment segment revenue in the current quarter to $1,351 million from $2,266 million in the corresponding year ago quarter.

    NBCU’s other segments – revenue from Cable Networks, Broadcast Television and Theme Parks –grew 4.7 percent, 17.3 percent and 47 percent, respectively.

    Cable Networks revenue in Q2-16 grew to $2,566 million from $2,450 million; Broadcast Television revenue increased to $2,128 million from $1,813 million; Theme Parks revenue increased to $1,136 million from $773 million.

    The segment saw almost flat y-o-y operating cash flow or OCF (declined 0.2 percent) in Q2-16 at $1,689 million as compared to $1,692 million.

    OCF from Filmed Entertainment segment declined to almost one eighth (declined by 86.7 percent) in Q2-16 to $56 million from $422 million.   OCF from Cable Networks in Q2-16 increased 8.3 percent y-o-y to $944 million from$872 million in Q2-15. OCF from Broadcast Television increased 70.5 percent y-o-y to $394 million from $231 million and OCF from Theme Parks increased 40.5 percent to $469 million from$334 million.

    Company Speak
    Comcast chairman and CEO Brian L. Roberts in a statement said, “I am pleased to report excellent results as our momentum continues across our businesses. Our Cable subscriber and financial performance during the quarter was outstanding. We more than tripled our customer relationship net additions, with our best second quarter Internet customer results in eight years and our best second quarter video customer results in over ten years, and we successfully balanced this with strong operating cash flow growth.

    “Despite an expected difficult comparison to last year’s record second quarter film slate, NBCUniversal achieved solid results, driven by strength in our TV businesses and Theme Parks, which benefitted from the successful opening of The Wizarding World of Harry Potter in Hollywood. I am excited about the opportunities ahead for our company as we work together to bring people incredible technology, and memorable experiences, and there is no better example than the Olympic Games. “

    Dwelling on the Olympics coverage, he said that the entire organization  was gearing up to deliver the most comprehensive and innovative Olympics coverage in history starting next week, which will showcase the incredible breadth of NBCUniversal together with Comcast Cable and the X1 platform

  • Q2-16: Comcast Cable Communications video revenue up 2.8 percent

    Q2-16: Comcast Cable Communications video revenue up 2.8 percent

    BENGALURU: Comcast Corporation’s (Comcast) Cable Communications division (Comcast Cable, Cable) reported 2.8 percent increase in video revenue for the quarter ended 30 June 2016 (Q2-16, current quarter) as compared to the corresponding year ago quarter.

    The division reported video revenue at $5,581 million for Q2-16 as compared to $5,431 million in Q2-15

    Overall, Cable Communications revenue, which includes revenues from video, high speed internet, voice, business services advertising and ‘other’ segments increased 6.3 percent y-o-y in Q2-16. The growth in revenue was driven by increase in high speed internet, business services and video revenues.

    Cable Communications reported revenue of $12,444 million in the current quarter, while it was $11,740 million in Q2-15. Video revenue is the major contributor to Comcast’s Cable Communications segment, followed by high speed internet.

    Operating Cash Flow (OCF) from Comcast Cable Communications increased 5.7 percent y-o-y in the current quarter to $5,048 million from $4,777 million.

    Cable Communications business services stream had the highest y-o-y growth in Q2-16 among all the other streams at 16.9 percent (grew to $1,360 million from $1,163 million).  High speed internet revenue grew 8.6 percent y-o-y in Q2-16 to $3,369 million from $3,101 million.

    Overall, Comcast consolidated revenue also increased 2.8 percent year-over-year (y-o-y) to $19,269 million in the current quarter as compared to $18,743 million. Consolidated operating income declined 1 percent y-o-y in Q2-16 to $4,066 million from $4,105 million. Net income attributable to Comcast declined 5.1 percent y-o-y in Q2-16 to $ 2,038 million from $2,137 million.

    Cable Communications segment subscription numbers

    Overall, Comcast Cable Communications reported a q-o-q (quarter-over quarter) addition of 115,00 customer relationships to 28.085 million in Q2-16. During the corresponding year ago quarter, customer relationships were 26.265 million with net additions of 31,000.

    Comcast Cable Communications closed the current quarter with 22.396 million, a decline of 4,000 video customers from the immediate trailing quarter. High Speed Internet customers increased by 220,000 to 23.987 million, while Voice customers increased by 64,000 to 11.641 million in the current quarter vis-a-vis the immediate trailing quarter.

    In Q2-16, single play customers increased by 6,000 to 8.416 million, double play customers increased by 53,000 to 9.399 million, triple play customers increased by 56,000 to 10.269 million as compared to the immediate trailing quarter.    

    NBCUniversal (NBCU)

    NBCUniversal (NBCU) revenue declined 1.8 percent in Q2-16 to $7,103 million from $7,230 million in Q2-15. The slide was attributable to a 40.4 percent decline in NBCU’s Filmed Entertainment segment revenue in the current quarter to $1,351 million from $2,266 million in the corresponding year ago quarter.

    NBCU’s other segments – revenue from Cable Networks, Broadcast Television and Theme Parks –grew 4.7 percent, 17.3 percent and 47 percent, respectively.

    Cable Networks revenue in Q2-16 grew to $2,566 million from $2,450 million; Broadcast Television revenue increased to $2,128 million from $1,813 million; Theme Parks revenue increased to $1,136 million from $773 million.

    The segment saw almost flat y-o-y operating cash flow or OCF (declined 0.2 percent) in Q2-16 at $1,689 million as compared to $1,692 million.

    OCF from Filmed Entertainment segment declined to almost one eighth (declined by 86.7 percent) in Q2-16 to $56 million from $422 million.   OCF from Cable Networks in Q2-16 increased 8.3 percent y-o-y to $944 million from$872 million in Q2-15. OCF from Broadcast Television increased 70.5 percent y-o-y to $394 million from $231 million and OCF from Theme Parks increased 40.5 percent to $469 million from$334 million.

    Company Speak
    Comcast chairman and CEO Brian L. Roberts in a statement said, “I am pleased to report excellent results as our momentum continues across our businesses. Our Cable subscriber and financial performance during the quarter was outstanding. We more than tripled our customer relationship net additions, with our best second quarter Internet customer results in eight years and our best second quarter video customer results in over ten years, and we successfully balanced this with strong operating cash flow growth.

    “Despite an expected difficult comparison to last year’s record second quarter film slate, NBCUniversal achieved solid results, driven by strength in our TV businesses and Theme Parks, which benefitted from the successful opening of The Wizarding World of Harry Potter in Hollywood. I am excited about the opportunities ahead for our company as we work together to bring people incredible technology, and memorable experiences, and there is no better example than the Olympic Games. “

    Dwelling on the Olympics coverage, he said that the entire organization  was gearing up to deliver the most comprehensive and innovative Olympics coverage in history starting next week, which will showcase the incredible breadth of NBCUniversal together with Comcast Cable and the X1 platform

  • Q3-2015: US cable industry video slide continues; ARPU rises

    Q3-2015: US cable industry video slide continues; ARPU rises

    BENGALURU: Like in the previous two quarters and even earlier, the cable industry in the US continues to bleed video subscribers, albeit slower than before, while internet and business services (BS) continue to be growth drivers in terms of subscription numbers and revenue in the quarter ended 30 September, 2015 (current quarter, Q3-2015). This report considers three players for Q3-2015 – Comcast Cable Communications segment, Time Warner Cable and Charter Communications. Overall, YoY and QoQ subscription numbers or customer relationships of the three players in this report have increased, despite a fall in video customers.

    Comcast Inc., Cable Communications segment is the largest player by far among the sample players in this report; Time Warner Cable, Inc., (TWC), is a little less than half the size of Comcast’s Cable communications segment in terms of revenue and Charter Communications (Charter) with revenues that are less than half again as TWC’s.

    Despite the continued slide in video customer relationship, the combined sum of video subscribers in Q2-2015 of the three entities was about 3.72 crore or almost two thirds (61.4 per cent) of the 6.6 crore video subscribers through wire in the US as of 2013 numbers. The three players in this report are generally considered amongst the biggest players in the US cable television industry. All have three major revenue streams – Video, Internet and Voice (VIVE).

    Note: (a) 100,00,000 = 100 lakh = 10 million = 1 crore

    (b) While denominations for US$ have been mentioned in millions or billions where applicable, denominations for numbers have been mentioned lakhs and crores.

    (c) Residential customer relationship numbers have been used in this report wherever the breakup has been mentioned in SEC filings by the concerned entity. In the case Comcast Cable Communications segment, the breakup of subscription numbers in terms of Residential and Business Services has not been indicated.

    (d) The results and the conclusions in this report may not necessarily reflect the true trends and nature of the cable communications industry in US.

    Performance in Q3-2015

    In general, six streams add to most of the three entities’ revenue – three products – Video, high speed Internet, Voice; Business Services (BS); Advertising; and Other. Collectively, the first three have been given the acronym VIVE by the author. Generally VIVE numbers, be they subscription or revenue indicate residential subscribers and revenue from these subscribers in this report. This report examines VIVE and touches briefly upon BS of some of the players later on. It must be noted that BS revenue exceeds revenue from Voice services, but since voice is one of the three limbs of triple play, it has been mentioned along with Video and Internet.

    As mentioned above, in general, Internet has been driving growth, both in terms of revenue and subscription numbers. Contribution by BS is growing and is in low double digits in terms of percentage of overall revenue. Historically, over the previous two years, video revenues in Q3 of a year drop QoQ, before increasing in Q4 again. This has also happened in the current quarter Q3-2015. Due to the drop in video revenues, combined VIVE revenue has dropped QoQ in Q3-2015.

    Overall combined subscription numbers in Q3-2015 increased 0.82 per cent (increased by 397,000) QoQ to 485.52 lakh and increased by 2.78 per cent (increased by 1,315,000) YoY from 472.37 lakh. QoQ growth was driven by a growth in internet and voice subscribers and partly offset by a decline, albeit at a much lower rate, of video subscribers.

    In the current quarter combined Video Subscribers declined 0. 12 per cent QoQ to 371.57 lakh from 372 lakh and declined by 0.54 per cent YoY from 373.60 lakh. Combined high speed data subscribers in the current quarter increased 1.72 per cent QoQ to 403.54 lakh from 396.71 lakh and increased 6.88 per cent YoY from 377.55 lakh. Combined Voice subscribers in Q3-2015 increased 1.48 per cent QoQ to 199.80 lakh from 196.89 lakh and increased 8.30 per cent YoY from 184.48 lakh.

    The combined overall revenue (OR) of the three players in Q3-2015 increased 0.13 per cent (increased by $27 million) QoQ to $20,112 million from $20,085 million and increased 5.62 per cent (increased by $1070 million) YoY from $19,042 million. Please refer to Fig A2 below.

    Combined VIVE revenue in the current quarter declined 0.74 per cent (declined by $120 million) QoQ to $16,075 million from $16,195 million, but increased 4.2 per cent (increased by $648 million) YoY from $15,427 million. Video revenues of all the three players declined in this quarter as compared to the previous quarter. Internet revenues of all the three players increased, while Voice revenue of Comcast Cable Communications Segment and Charter increased. Voice revenue in the case of TWC declined QoQ in Q3-2015.

    Average Revenue Per User (ARPU) continued to rise as is evident from Figure A3 below, with Comcast Cable Communications ARPU at $143.12 in Q3-2015 being about 13 per cent higher than TWC’s ARPU of $126.92 and about 26 per cent more than Charter Communications ARPU of $113.39. This huge discrepancy reflects the fact that Comcast has a much higher proportion of multi-play (triple play and double play) customers when compared to the other two players. Please refer to Figure A4 below. While Comcast Cable Communications segment (A4-1 below) had about 31 per cent of single play customers, and 69 per cent multi-play (33 per cent of double play and 36 per cent triple play) customers in Q3-2015, in the case of the other two players (A4-2 and A4-3 below), single play customers totalled about 39 per cent and multi-play customers around 61 per cent.

    Business Services Revenue

    Combined Business Services Revenue (BSR) of the three entities increased 3.93 per cent QoQ to $2,330 million (11.59 per cent of combined Overall Revenue or combined OR) from $2,242 million (11.16 per cent of combined OR) and increased 17.20 per cent YoY from $1,988 million (10.44 per cent of combined OR). As has been mentioned, contribution by BSR to OR has been increasing – Combined BSR share of combined OR in Q2-14 was 9.99 per cent, in Q3-2015 it was 11.59 per cent.

    Please refer to figure B below. BSR has been increasing in absolute dollars as well as by way of contribution to OR. Amongst the three players in this report, BSR contribution has been the highest in terms of percentage of overall revenues in the case of TWC over the past six consecutive quarters considered in this report. Even in the case of Comcast Cable Communications segment, which had the highest BSR in terms of absolute dollars, BSR’s contribution has entered into double digits in terms of percentage of OR in the current quarter. While Comcast Cable Communications Segment break-up of residential and BSR subscription numbers is not available, Figure B1 below clearly indicates that TWC and Charter BSR subscription numbers have been increasing over time. 

  • Q3-2014: Rating’s lower Comcast’s NBC Cable Networks Ad Rev; Cable Communications Ad Rev up

    Q3-2014: Rating’s lower Comcast’s NBC Cable Networks Ad Rev; Cable Communications Ad Rev up

    BENGALURU: A few days ago, Comcast Corporation (Comcast) reported a 4 per cent y-o-y growth in consolidated revenue (TR) in Q3-2014 to $ 16,791 million from US$ 16151 million in Q3-2013. However, q-o-q, the company’s revenue was almost flat with a fractional drop of 0.3 per cent from $ 16,844 million.

    As per the company’s press release, it receives advertisement revenue (Ad Rev) from two business streams:  Cable Communications and its subsidiary NBC Universal.

    Ad revenues from two segments that contribute to NBC Universal’s ad revenues include Cable Networks and Broadcast Television while NBC Universal’s other segments includes Filmed Entertainment and Theme Parks.

    Advertisement Revenue dropped in the earlier quarter Q2-2014 by 14.1 per cent as compared to Q1-2014 and it has dropped further q-o-q by 8.4 per cent in Q3-2014. Over the 11 quarter period (period under consideration) starting Q1-2012 (quarter ended 31 March, 2012) till Q3-2014 (quarter ended 30 September, 2014 or current quarter), the company’s Total advertisement revenue (Ad Rev) shows a downward linear trend in terms of percentage of TR.

    However during the period under consideration, the company’s Ad Rev in absolute dollar terms shows a slight upward trend, as do the Ad Rev from Comcast’s Cable Communication as well as NBC Universal business streams.

    For Q3-2014, as mentioned above, the company’s Ad Rev was down 8.4 per cent to $ 2,556 million (15.2 per cent of TR) from $ 2,789 million (16.6 per cent of TR) in Q2-2014, but was 3.1 per cent more than the $ 2,480 million (15.4 per cent of TR) in the corresponding year ago quarter.

    Over the 11 quarters under consideration, the company’s average Ad Rev in terms of percentage of Comcast TR has been reported at 17.3 per cent.  As mentioned above, the company’s Ad Rev in terms of percentage of TR was much lower during Q3-2014 at 15.2 per cent of TR and at 16.6 per cent of TR during Q2-2014.

    Also, for the period under consideration, the highest contribution by Ad Rev in terms of percentage of TR as well as absolute value in dollars was in Q3-12 at $ 3,403 million (20.6 per cent of TR), while the lowest figure for the same period was in Q1-2013 at 14.8 per cent of TR and $ 2,268 million. Please refer to figure 1 for details of Comcast’s Ad Rev during the eleven quarters under consideration.

    Cable Communications Ad Rev

    As shown in figure 1, Ad Rev from Cable Communications is at a lesser fraction of the company’s Total Ad Rev, averaging around 20.3 per cent of the company’s total Ad Rev during the period under consideration.  This trend however seems to be changing with Cable Communications Ad Rev increasing for the second quarter in a row. In Q3-2014, Ad Rev from Cable Communications was 1.3 per cent higher at $ 607 million (5.5 per cent of Cable Communications TR, 23.7 per cent of Comcast Ad Rev, 3.6 per cent of Comcast TR) than the $ 599 million in Q2-2014 (5.4 per cent of Cable Communications TR, 21.5 per cent of Comcast Ad Rev, 3.6 per cent of Comcast TR) and 12.2 per cent more than the $ 541million in Q3-2013 (5.2 per cent of Cable Communications TR, 21.8 per cent of Comcast Ad Rev, 3.3 per cent of Comcast TR).

    Impact of NBC Universal Ad Revenue on Comcast Revenue

    NBC Universal Ad Rev contributes around 80 per cent to Comcast’s Ad Rev. Obviously, a drop in Ad Rev by both or either of these NBC Universal’s segments will affect Comcast Ad Rev and Comcast TR.

    About 60 per cent of NBC Universal’s Ad Rev comes from Broadcast Television. Please refer to figure 2 below for the breakup of NBC Universal’s Ad Rev break-up. In Q3-2014, both of NBC Universal’s segments’ Ad Revs have de-grown. 

    NBC reported a fall of 11 per cent in Ad Rev in Q3-2014 to $ 1,949 million (32.9 per cent of NBC Universal TR, 76.3 per cent of Comcast Ad Rev, 11.6 per cent of Comcast TR) from $ 2,190 in Q2-2014 (36.4 per cent of NBC Universal TR, 78.5 per cent of Comcast Ad Rev, 13 per cent of Comcast TR), but was just 0.5 per cent more than $ 1,939 million in Q3-2013 (33.1 per cent of NBC Universal TR, 78.2 per cent of Comcast Ad Rev, 12 per cent of Comcast TR).

    Cable Networks, on the other hand reported a bigger drop of 15.8 per cent in their Ad Rev reported at $ 796 million (40.8 per cent of NBC Universal Ad Rev, 13.4 per cent of NBC Universal TR, 31.1 per cent of Comcast Ad Rev, 4.4 per cent of Comcast TR) from $ 945 million in Q2-2014 (43.2 per cent of NBC Universal Ad Rev, 15.7 per cent of NBC Universal TR, 33.9 per cent of Comcast Ad Rev and 5.6 per cent of Comcast TR), and 4.7 per cent less than the $ 835 million in Q3-2013 (43.1 per cent of NBC Universal Ad Rev, 14.3 per cent of NBC Universal TR, 33.7 per cent of Comcast Ad Rev and 5.2 per cent of Comcast TR). The company attributes lower Ad Rev from this segment to a drop in ratings.

    In Q3-2014, Broadcast TV Ad Rev fell 7.4 per cent in Q3-2014 to $ 1,153 million (59.2 per cent of NBC Universal Ad Rev, 19.5 per cent of NBC Universal TR, 45.1 per cent of Comcast Ad Rev and 6.9 per cent of Comcast TR) from $ 1,245 million in Q2-2014 (56.8 per cent of NBC Universal Ad Rev, 20.7 per cent of NBC Universal TR, 44.6 per cent of Comcast Ad Rev and 7.4 per cent of Comcast TR), but 4.4 per cent more than $ 1,104 million  in Q3-2013(59.2 per cent of NBC Universal Ad Rev, 19.5 per cent of NBC Universal TR, 45.1 per cent of Comcast Ad Rev and 6.9 per cent of Comcast TR).