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SENSOR TOWER · SEEMA SHAH · JANUARY 2024
MMM: Comcast (Peacock) Q4 2023 Earnings Results and Trends; P&G Advertises Aggresively in 2023 To Win Over Consumers
Comcast's 4Q23 results exceeded expectations, but Peacock's streaming losses continued due to high costs for live sports programming. Sensor Tower data showed an increase in mobile app users, aligning with Peacock's revenue and paid subscribers. Procter & Gamble's 4Q23 earnings fell short of estimates due to higher prices, but the company remains optimistic about organic sales growth in 2024. Sensor Tower data highlights P&G's effective marketing strategies and top brands and categories for ad spend in the US throughout 2023.
Key Takeaways:
Comcast’s reported 4Q23 EPS and revenue exceeded street expectations despite continued losses in its streaming arm due to elevated costs in securing sports programming rights. Per ST data, Peacock led its peers in mobile app MAU growth in 4Q23, up 18% QoQ, directionally inline with the company’s reported Peacock revenue (+25%) and paid subscribers (+11%)
Although sports programming rights have weighed on profitability for Peacock, the service has succeeded at building an audience heavily invested in live sports streaming. Per ST’s Audience Insights, US Peacock users in 4Q23 were 370% and 300% more likely to be Sports Fans or Gamblers, respectively, and spent 295% and 140% more time on Sports apps and Sports games, respectively, when both measures are compared to the general population of smartphone users
On the other hand, US Netflix users in 4Q23 were far less likely to be Sports Fans and Gamblers and registered lower levels of over indexed usage on Sports apps and Sports games vs the general population of smartphone users. Peacock heavily relies on live sports streaming (NFL, Big 10, and Premier League) attracting an audience that is primarily interested in Sports, whereas Netflix doesn’t have a comprehensive mainstream live sports offering for its users yet, although that may change in the near future with the company’s recent WWE deal
P&G increased its US ad spend by 43% YoY in 2023, with ad spend up by 33% YoY for 4Q23. Comparing P&G to a cohort of its CPG competitors underlies its aggressive advertising approach as P&G accounts for ~60% of spend in 2023, during a time when the company has struggled with slowing sales due to the tough economic environment
Data from Pathmatics by Sensor Tower shows that P&G leveraged its cleaning and personal care portfolio in 2023 as the top brands by US ad spend were Old Spice (10%), Dawn Cleaning (7%), and Native Deodorant (6%), averaging 115% YoY growth in ad spend
For more information, request the full report from reports@sensortower.com.
