
Comcast, the parent company of Universal theme parks, is betting big on Epic Universe as it prepares for a major industry shift. While Universal’s attendance remained flat in the fourth quarter of 2024, the company remains optimistic that its latest expansion will drive a surge in visitors and revenue.
Comcast’s Record Revenue Paves the Way for Universal Theme Park Expansion
Comcast announced a record-breaking annual revenue of $123.7 billion, a 1.8% increase from the previous year. Much of this success was driven by hit films such as Wicked, which grossed $700 million globally, and The Wild Robot, which contributed another $300 million. The company’s streaming platform, Peacock, also reported a significant 28% increase in revenue, now boasting 36 million subscribers.
However, Universal theme parks faced stagnation in attendance during Q4. Executives pointed to a period of stabilization after slowdowns in the second and third quarters but assured investors that the launch of Epic Universe will create a new wave of growth.
Scheduled to open on May 22, Epic Universe is being hailed as “the most technologically advanced theme park ever” by Comcast President Michael Cavanagh. The park will introduce an unprecedented level of immersion, featuring intricately themed lands, state-of-the-art attractions, and cutting-edge entertainment.
Despite current attendance trends, Comcast leadership is confident that Epic Universe will reinvigorate Universal’s theme parks. “Attendance trends [are] improving across most of our parks, including Orlando, solidifying the foundation for our opening of Epic Universe in May,” said Jason Armstrong, Comcast’s Chief Financial Officer.
Major Investments Ahead of Epic Universe’s Grand Opening
Developing a next-generation theme park comes at a steep price. Comcast reported $35 million in pre-operating costs related to Epic Universe in Q4, with expectations of over $100 million in expenses during the first quarter of 2024. While these costs are substantial, the company views them as necessary investments in Universal’s long-term success.
Located near the Orange County Convention Center, Epic Universe is designed to expand Universal Orlando’s footprint and attract millions of additional visitors. With its groundbreaking rides, immersive storytelling, and unique guest experiences, the park is expected to set new industry standards.
What’s Next for Universal Orlando?
Despite temporary financial hurdles, Universal’s long-term outlook remains strong. The company’s strategic expansion efforts signal its commitment to innovation and sustained growth, with Epic Universe poised to be a cornerstone of its future success.
As the grand opening draws closer, anticipation continues to build among theme park fans and industry experts. With its state-of-the-art attractions and strategic timing ahead of peak summer travel, Epic Universe could be Universal’s biggest win yet.
What are your thoughts on Epic Universe: do you think the new theme park will be a huge success or a financial dud?