Comcast Corporation (NASDAQ:CMCSA) Q4 2022 Earnings Call Transcript

And so I’d say, expect us to continue to keep driving along those lines. On the Media side, we think Peacock is absolutely the right strategy for our company. And Jeff has repeatedly said, we’re not going to place somebody else’s hand. We have an excellent business in NBC and our cable networks. We spend quite a bit of money creating content and so migrating some of that content as eyeballs move to a more streaming universe. We like what we’re doing. And we had a phenomenal year getting paid subs to 20 million paid subs from less than 10 a year ago. And we see this coming year as the peak year in investment there, but we’ll keep on that plan. And then finally, I’ll mention parks. Parks, we’ve got Nintendo opening in Hollywood in February. We’re ramping the build of what’s going to be a phenomenal theme park, Epic universe in Orlando, opening in 2025.

And as I said earlier, we’ll increase our spend this year in ’24 to sort of peak levels there ahead of that opening. And then we’re leveraging the great product that we have with some new ideas, some innovation around that with a kids-based theme park, smaller scale in Dallas and Hollywood Hard Nights in Las Vegas. So these are big investment agendas that go out all the issues that I think are out there across our different businesses. So I think we’re well positioned to continue to drive primarily an organic investment agenda and drive growth across our businesses in the years ahead. Obviously, it’s our job to consider inorganic things as they come up. But as I’ve said before, the bar is very high. It’s our job to make sure that we are looking at organic opportunities and executing well against them, and I think we are.

So Brian, you got anything to add?

Brian Roberts: First of all, I could see why you’re the right person for the job. That was a fantastic answer and covered a lot of the vision of the company. So I’m going to try not to be at all repetitive and maybe even zoom out further with the lens and say, what are — just pick two themes of what you just talked about and say, think about the vision of the company, what are the two big trends. It’s what’s happening in broadband, both as a competitive reality, and I’m sure Dave will get into that with some of the questions; but in longer term, what’s likely to happen to consumers’ needs for usage — what are we making our bets on in that vision question. And the other is the convergence to streaming and where are we in that journey.

So if you think about the 10G initiative Mike talked about, it’s really to widen our lead to clearly and demonstrably explain to consumers and give them a product and be able to brand it for resident consumers and businesses that we have something you want to have if you rely on a need and enjoy broadband and the investments we’re making, the ubiquitous nature of it. And if you look at broadband usage, and we cited some stats in the prepared remarks, but if you just look at even Thursday night and the NFL being on Amazon, that creates a lot of broadband usage. And is there going to be more of that in the future or less of that in the future? And what percentage of America today consumes that way? And what will it look like 5, 10 years from now.