Comcast, Charter Communications name streaming joint venture 'Xumo'
Comcast, Charter Communications joint venture was first announced in April
Video games, e-commerce, streaming to lead growth in media, technology industries
Activate Founder and CEO Michael J. Wolf provides an outlook on the media and technology industries on 'Mornings with Maria.'
Comcast and Charter Communications unveiled a new name for their streaming platform joint venture: Xumo
According to the cable giants, the free-ad supported streaming TV (FAST) service acquired by Comcast in 2020 will be transformed into "an entire entertainment ecosystem," including streaming devices, content and a platform for partners to "reach audiences at scale."
"Since 2011, the Xumo brand has connected with millions of customers across the country, establishing itself as a leader in the free ad-supported TV industry for the innovative ways it delivers content to its users," Xumo President Marcien Jenckes said in a statement. "The new Xumo will bring industry leading streaming and aggregation technology nationwide through its expanding content, product line up, and retailer relationships."
Xumo will bring its first branded devices to market in late 2023, distributed by Comcast, Charter and Walmart.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CMCSA | COMCAST CORP. | 42.88 | -0.60 | -1.38% |
| CHTR | CHARTER COMMUNICATIONS INC. | 389.56 | -4.68 | -1.19% |
| WMT | WALMART INC. | 84.27 | -0.20 | -0.24% |
NETFLIX TO BEGIN MONETIZING ACCOUNT SHARING IN EARLY 2023
Additional distributors will be announced at a later date.
Xumo will bring its first branded devices to market in late 2023, distributed by Comcast, Charter and Walmart. Additional distributors will be announced at a later date. (Photo courtesy of Xumo)
Xumo's FAST service will be rebranded as Xumo Play, and Comcast's Flex 4K streaming device and XClass TV will be rebranded as Xumo Stream Box and Xumo TV, respectively. Xumo Play will anchor the free content offering on Xumo devices and continue to be available as an app on other streaming platforms.
CLICK HERE TO READ MORE ON FOX BUSINESS
Under the 50-50 joint venture, which was first announced in April, Charter agreed to make an initial contribution of $900 million, funded over multiple years. In addition to Xumo's more than 200 unique streaming channels, Peacock will also will be featured on the joint venture’s streaming platform alongside other popular apps.
In the third quarter of 2022, Comcast gained 14,000 broadband customers, but lost 561,000 pay TV subscribers. As of the end of the quarter, the company reported a total of 32.17 million broadband customers and 16.58 million pay TV customers. Peacock's paid subscribers in the United States surpassed 15 million.
Meanwhile, Charter added 75,000 broadband customers and lost 204,000 pay TV subscribers during the quarter. The company has a total of 15.29 million pay TV customers and nearly 30.33 million broadband subscribers as of the end of the third quarter.