The ongoing pandemic has had a huge effect on the tourism industry.
While tourism in Orlando is increasing again — and the CDC has said that fully vaccinated individuals may safely travel throughout the United States — the economic effects of the pandemic are still evident. Comcast, which owns Universal, has released its 1st quarter revenue results, and Universal is reporting a loss.
While Comcast as a whole reported an increased revenue, NBCUniversal had a 9.1% decrease in revenue. Its theme parks — including the recently reopened Universal Studios Hollywood — suffered a 33.1% decrease. Total Q1 revenue was above $7 billion (for comparison, 2020 Q1 revenue approached $8 billion.).
With limited capacity and operations at Universal’s theme parks, this report isn’t a total surprise. However, Comcast’s net revenue across all sectors was $27.2 billion — a 2.2% increase off 2020 — which shows promise for the company’s future.
We’ll keep you posted as this situation continues to evolve. Stay tuned to AllEars!
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