Comcast Corp (NASDAQ:CMCSA) announced it will introduce a new streaming bundle called StreamSaver, which includes Apple Inc (NASDAQ:AAPL) Apple TV+, Netflix Inc (NASDAQ:NFLX), and its own Peacock service.
CEO Brian Roberts revealed at an investor conference that this bundle aims to reduce subscriber churn and will be significantly discounted compared to similar market offerings.
The bundle will be available later this month to both video and broadband customers, Bloomberg reports.
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This strategy comes as Comcast, under the Xfinity brand, continues to lose pay-TV subscribers to streaming services despite having nearly 32 million customers, including 13.6 million video subscribers.
In April, Comcast reported first-quarter revenue growth of 1.2% year-over-year to $30.06 billion, which beat the analyst consensus estimate of $29.81 billion. EPS of $1.04 beat the analyst consensus estimate of $0.99. Peacock paid subscribers increased 55% Y/Y to 34 million.
Analysts do not see Comcast’s market valuation adequately reflecting its growth potential.
Comcast stock lost close to 1% in the last 12 months. Investors can gain exposure to the stock via Invesco BuyBack Achievers ETF (NASDAQ:PKW) and Vanguard Communication Services ETF (NYSE:VOX).
Price Action: CMCSA shares traded higher by 0.30% at $39.82 at the last check Tuesday.
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