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Comcast’s Brian Roberts has blamed ‘difficult comparisons’ for a decline in Universal’s theme park revenue, with the latest financial results showing a 10.6% decline for the operator during the quarter
Tom Anstey | Planet Attractions | 24 Jul 2024
Universal revenue is down year-on-year Credit: Universal
Comcast’s theme park business has suffered a dip in the last quarter, with revenue for Universal theme parks worldwide dropping by 10.6%.
For the quarter ended June 30, Comcast reported an overall revenue decline of 2.7% year-on-year to US$29.69bn (€27.35bn, £23bn).
The Content and Experiences division saw revenue fall 7.5% year-on-year, to US$10.05bn (€9.26bn, £7.78bn), with theme parks dropping from US$2.2bn (€2bn, £1.68bn) in 2023 to US$1.97bn (€1.8bn, £2.14bn) in 2024. Adjusted earnings for Universal’s theme parks have also seen a dramatic decline, with figures down from US$833m (€767.5m, £645.2m), to US632m (€582.3m, £489.5m) - a 24.1% decline.
“Revenue for Theme Parks decreased primarily due to lower revenue at our domestic theme parks, driven by lower guest attendance, as well as the negative impact of foreign currency at international theme parks,” said a release from Comcast. “Adjusted EBITDA for Theme Parks decreased, reflecting lower revenue, which more than offset lower operating expenses.”
With overall mixed results for Q2, Comcast’s parks division has been highlighted as a weakness that impacted top-line growth.
Overall, adjusted EBITDA was down 0.7% year-on-year at US$10.17bn (€9.37bn, £7.88bn) during the period.
“In Studios and Theme Parks, we faced difficult comparisons to last year, but our upcoming film and TV content and the debut of Epic Universe bode very well for the future,” said Brian Roberts, chief executive of Comcast.
“More broadly, I am excited about the growth opportunities ahead, as our teams innovate and collaborate to connect our customers, viewers and guests to the moments that matter.”
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