Comcast 2014 Annual Report Download - page 21

Table of Contents
Our cable networks compete with other cable networks and programming providers for carriage of their programming by
multichannel video providers and subscription video on demand services. Our broadcast television networks compete with the other
broadcast networks in markets across the United States to secure affiliations with independently owned television stations, which
are necessary to ensure the effective distribution of network programming to a nationwide audience.
In addition, our cable networks and broadcast television production operations compete with other production companies and
creators of content for the acquisition of story properties, creative, performing and technical personnel, and with distributors for their
content and for consumer interest in their content.
Filmed Entertainment
Our filmed entertainment business competes for audiences for its films and other entertainment content with other major studios
and, to a lesser extent, with independent film producers, as well as with alternative forms of entertainment. Our competitive position
primarily depends on the number of films we produce, their distribution and marketing success and consumer response. Our filmed
entertainment business also competes to obtain creative, performing and technical talent, including writers, actors, directors and
producers, as well as scripts for films. Our filmed entertainment business also competes with the other major studios and other
producers of entertainment content for sources of financing for the production of its films, for the exhibition of its films in theaters, for
shelf space in retail stores for its DVDs and for digital distribution of its products.
Theme Parks
Our theme parks business competes with other multi-
park entertainment companies. We also compete with other forms of
entertainment, lodging, tourism and recreational activities. In order to maintain the competitiveness of our theme parks, we have
invested and continue to invest in existing and new theme park attractions and infrastructure. The investment required to introduce
new attractions in our theme parks can be significant.
Advertising
Our cable communications business, cable networks, broadcast television networks, and owned local broadcast television stations
compete for the sale of advertising time with other television networks and stations, as well as with all other advertising platforms,
such as online, radio and print media. Additionally, the willingness of advertisers to purchase advertising from us may be adversely
affected by lower audience ratings at our cable networks, broadcast television networks and owned local broadcast television
stations. Declines in advertising revenue also can be caused by increased competition for the leisure time of audiences and
audience fragmentation and from the growing use of technologies such as DVRs and video on demand services, which give
consumers greater flexibility to watch programming on a time-delayed or on-demand basis or to fast-
forward or skip advertisements
within programming, and from subscription video on demand services.
Seasonality and Cyclicality
Each of our businesses is subject to seasonal and cyclical variations. See Item 7, Management’
s Discussion and Analysis of
Financial Condition and Results of Operations and refer to the “Seasonality and Cyclicality” discussion for additional information.
Legislation and Regulation
The Communications Act of 1934, as amended (the “Communications Act”),
and FCC regulations and policies affect significant
aspects of our businesses, which are also subject to other regulation by federal, state, local and foreign authorities under applicable
laws and regulations, as well as under agreements we enter into
Comcast 2014 Annual Report on Form 10
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