Theme park and movie theater closures due to coronavirus took a big chunk out of NBCUniversal’s revenue in the first quarter of the year
, and the situation is not likely to improve any time soon.... [+]NBCUniversal parent Comcast reported a 32% loss in revenue from theme parks between January and March; Universal Studios in Japan shut down at the end of February, while the parks in Florida and California have been closed since mid-March.
The company has not yet set a date for when the parks will reopen, and some analysts believe theme parks in the U.S. will remainIts film segment declined by more than 22%, which includes a nearly 29% drop in revenue from ticket sales; like parks, that drop reflects only a few weeks of movie theater closures.
A big issue for NBCUniversal moving forward will also be the status of live sports, as sports-related networks account for one-third of the company’s cable affiliate income, according to UBS. Content is not the only problem for cable networks — the company expects that advertising revenue will continue to decline over the next quarter.
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