Comcast (CMCSA) struggled in the first quarter.
The cable broadband and media company reported a revenue decline to $29.9 billion, while its quarterly net income fell 12.5% to $3.38 billion.
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The company’s broadband business lost 199,000 subscribers, and overall, its connectivity and platforms segment lost 228,000 subs.
However, one area Comcast feels good about is streaming.
The company has prioritized turning Peacock into the king of streaming, and it has spent the money to make it happen.
While Comcast has a robust library of original content thanks to its ownership of NBCUniversal, every other streaming platform also has a great content library.
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To make Peacock truly sing, Comcast is relying on live sports to bring in the subscribers.
NBC’s current contract with the NFL runs from the 2023 season through 2033. NBC will pay about $2 billion annually for the right to broadcast the NFL and produce NFL-based content.
NBC also pays the Premier League (the premier soccer league in the world) about $450 million per season for their broadcast rights. That deal, signed in 2021, runs through 2028.
Earlier this year, NBC agreed to extend its broadcast deal with the Olympics to 2036 for $3 billion. NBC is currently in the midst of a $7.75 billion deal that runs through the 2032 Winter Games.
Along with the Kentucky Derby and Big 10 college sports, Comcast has made it clear it’s serious about sports.
Michael Jordan on NBC on Sundays made the NBA must-watch television.
Image source: Biever/Sports Illustrated via Getty Images
Michael Jordan makes triumphant return to the NBA
Comcast has also spent big bucks to bring the NBA back to NBC.
Last year, NBCUniversal announced a blockbuster 11-year deal for the broadcast rights to the NBA. Comcast will pay the NBA about $2.5 billion annually for the right to broadcast games and create content around them.
But broadcasting the games is just one way to attract viewers. The other way is to give them players and personalities they love, and with this in mind, NBC made a bombshell announcement Monday.
Michael Jordan, the first-ballot NBA Hall of Famer and universally recognized greatest player of all time, will join NBC Sports’ coverage of the NBA as a special contributor when the new season kicks off in October.
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“I am so excited to see the NBA back on NBC. The NBA on NBC was a meaningful part of my career, and I’m excited about being a special contributor to the project. I’m looking forward to seeing you all when the NBA on NBC launches this October,” Jordan said at an announcement Monday at Radio City Music Hall in New York.
NBC has been pulling the 1990s nostalgia strings when it comes to promoting the NBA.
The league reached its zenith in that decade, with Jordan leading it to unprecedented popularity. The iconic “Roundball Rock” theme music soundtracked NBC’s coverage at the time.
Earlier this month, NBC officially revealed that the theme music will return for the relaunch.
Sports broadcasting is lucrative for ex-legends
Comcast did not disclose how much it is spending to bring Michael Jordan to its television studio, but Jordan’s reclusive nature has led to speculation that it was a pretty penny.
Despite his greatness on the court, Jordan has been mostly quiet in his post-playing career.
His Jordan Brand sneakers and his recent stint as the majority owner of the Charlotte Hornets have kept his name relevant for more than 20 years after he hung up his shorts.
However, Jordan is following in the footsteps of fellow all-time great sportsman, future NFL Hall of Fame quarterback Tom Brady.
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Brady just concluded his first season in the Fox broadcast booth, calling the marquee NFL games every week. Fox reportedly has a 10-year $375 million contract with Brady.
While Jordan (probably) won’t be in the broadcast booth every week, there is interest in just how much effort it took from Comcast to make Jordan unretire, again.
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