Comcast 2014 Annual Report Download - page 57

Table of Contents
For additional information on the competition facing our businesses, see Item 1, Business and refer to the “Competition”
discussion
within that section.
Seasonality and Cyclicality
Each of our businesses is subject to seasonal and cyclical variations. In our Cable Communications segment, our results are
impacted by the seasonal nature of customers receiving our cable services in college and vacation markets. This generally results
in a reduction in net customer additions in the second quarter and an increase in net customer additions in the third and fourth
quarters of each year.
Revenue in our Cable Communications, Cable Networks and Broadcast Television segments is subject to cyclical advertising
patterns and changes in viewership levels. Our U.S. advertising revenue is generally higher in the second and fourth quarters of
each year, due in part to increases in consumer advertising in the spring and in the period leading up to and including the holiday
season. U.S. advertising revenue is also cyclical, with a benefit in even-
numbered years due to advertising related to candidates
running for political office and issue-
oriented advertising. Revenue in our Cable Networks and Broadcast Television segments
fluctuates depending on the timing of when our programming is aired on television, which typically results in higher advertising
revenue in the second and fourth quarters of each year. Our revenue and operating costs and expenses are cyclical as a result of
our periodic broadcasts of major sporting events such as the Olympic Games, which affects our Cable Networks and Broadcast
Television segments, and the Super Bowl, which affects our Broadcast Television segment. Our advertising revenue generally
increases in the period of these broadcasts due to increased demand for advertising time, and our operating costs and expenses
also increase as a result of our production costs and the amortization of the related rights fees.
Revenue in our Filmed Entertainment segment fluctuates due to the timing of the release of our films in movie theaters, on DVD
and electronically through digital distributors. Release dates are determined by several factors, including competition and the timing
of vacation and holiday periods. As a result, revenue tends to be seasonal, with increases experienced each year during the
summer months and around the holidays. Revenue in our Cable Networks, Broadcast Television and Filmed Entertainment
segments also fluctuates due to the timing of when our owned content is made available to licensees.
Revenue in our Theme Parks segment fluctuates with changes in theme park attendance that result from the seasonal nature of
vacation travel, local entertainment offerings and seasonal weather variations. Our theme parks generally experience peak
attendance during the summer months when schools are closed and during early winter and spring holiday periods.
Comcast 2014 Annual Report on Form 10
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