Yahoo Finance Comcast's (CMCSA) Project Up Helps in Philadelphia Expansion
Comcast CMCSA has been focusing on strengthening its brand and footprint through its Project Up program across the United States. It has distributed more than $4.3 million in grants to 30 non-profit organizations across Philadelphia, which support digital adoption and skill training for residents in 2022.
Project UP is Comcast’s mission of investing $1 billion in various initiatives to reach tens of millions of people over the next decade to provide them with the skills, resources and opportunities needed to succeed in a digital world. It encompasses Internet Essentials, Lift Zones and Comcast RISE.
Comcast launched more than 1,250 Lift Zones in community centers nationwide, with 77 locations in Philadelphia alone, to provide students and families with free, high-speed WiFi.
Through Comcast RISE, the company has awarded $2 million in grants ($10,000 each) to 200 small businesses in Philadelphia and Chester, PA. It also awarded nearly 500 Philadelphia small businesses with service packages in the form of technology makeovers and marketing resources.
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Comcast recently announced that Comcast RISE, an initiative created in 2020 to help strengthen and empower small businesses hard hit by COVID-19, has met its goal of supporting 13,000 small businesses nationwide in 2022. Comcast will introduce a phase of Comcast RISE in 2023.
Comcast Expands Business Operations
Project Up helps Comcast to expand its digital footprint in inaccessible parts of America. The program helps Comcast in addressing the needs of small and medium-sized business owners in these regions.
Comcast has started to work on making a network transition to the DOCSIS 4.0 technology that will help it expand much faster and at a lower cost than competitors in the broadband space.
Comcast’s recent quarterly results reflected slowing broadband user base addition primarily due to the reversal of the pandemic trends and increased competition. Broadband prospects are suffering from increased competition from fixed wireless and fiber. In third-quarter 2022, the total broadband customer net additions were 14K.
Comcast’s Xfinity Mobile brand combines the nation’s largest and most reliable 4G LTE network with 19 million Xfinity Wi-Fi hotspots. This promises to deliver a great wireless experience, which can save up to 30% on the monthly wireless bills of customers with Xfinity Mobile service.
This Zacks Rank #3 (Hold) company added 333K wireless lines in the third quarter of 2022, causing wireless revenues to increase 30.8% to $789 million.
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Comcast’s division NBCUniversal’s streaming service, Peacock, is gaining significant traction due to its availability on Xfinity with X1 and Flex, and is expected to aid growth through its original content from WWE and the NFL.
However, Comcast continues to face customer loss in the video segment, wherein it is facing stiff competition from the likes of Netflix NFLX, Disney DIS and Apple AAPL.
Video revenues decreased 4.4% year over year to $5.26 billion in the third quarter of 2022, owing to continued cord-cutting.
Cheaper ad-supported services from Netflix and Disney+ are expected to attract users. Apple TV+, at an affordable $4.99, is benefiting from quality content with its strong portfolio of original shows and movies. This is expected to increase competition for Comcast’s Peacock and video businesses.
However, Peacock is well-poised to grow, owing to its vast library of IPs and new productions. The recovery in the park and movie business bodes well for Comcast’s prospects.
The Theme Park business has been on a recovery path this year, with revenues jumping 71.6% to $5.43 billion year to date. A growing admission rate in its theme parks is expected to drive top-line growth.
The launch of Super Nintendo World in Japan, the Velocicoaster in Orlando and Secret Life of Pets in Hollywood are noteworthy. Super Nintendo World will open in Hollywood early next year. Another Nintendo-themed area, Donkey Kong, will open in Japan in 2024. Epic Universe is expected to open in the summer of 2025, which will transform Universal Orlando into a weeklong destination. These expansions bode well for Comcast’s prospects.
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