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In information industry of media, $康卡斯特(CMCSA)$  is such a conservative and traditional company. Although the streaming platforms are in full swing, it is not every company making the right turn as $迪士尼(DIS)$ did, who benefits from Marval IP from time to time.

Comcast, on the other hand, only plays the role of goalkeeper in the media industry.

Disney's paid a lot on its streaming platform (Disney+, Hulu), while Comcast still relies heavily on traditional cablenet business. Now, everybody knows streaming is the trend.

Comcast's chief financial officer made a commentary on subscriber additions lagging those in 2019. he also warns about the profits of Theme Parks

For a company with monthly fluctuation of 3%, it is a disarster that stock price dropped by 7% in one day. In CMCSA's history, it occurs with less than 1%.

But who to blame ?

Streaming companies like $Netflix, Inc.(NFLX)$ had a sufferring Q2, but still gained more than 1.5 million new subscribers, while the number flied to 116 million in Disney+.

Comcast's extremely traditionary, seems wasting the asset of Universal Studios either.

Theme Park is one of the important assets of Universal, and the newly opened Beijing Park also includes almost all popular IPs

However,  theme parks only contributes less than 4% of Comcast's total revenue.

While Disneyland collected more than 18% of its revenue.

So, How profitable is it to open a theme park in China?

I have summarized the changes of Walt Disney's income of its international theme park business, especially after the opening of Shanghai Disneyland in 2016. Q2.

In terms of revenue for trailing  12 months, the revenue of international theme parks of  2015Q4 was about 2.5 billion US dollars, but  rose  to  4.1 billion US dollars  in 2019Q4  just  before the pandemic, with CAGR of 14% . The  whole  company's revenue CAGR   is   only 6%  in  the  same  period.

That is to say, the growth brought by the opening of Walt Disney is more than twice the growth of the company's revenue!

Enthusiastic Chinese consumers, with the spirit of entertainment, almost contributed all the overseas growth of Walt Disney theme parks.

According to Beijing Universal Studio's price, I bet the business will be properly pumping CMCSA's earnings, as long as no pandamic threatening in China.

So, CMCSA's concerning about theme park profits could be largely alleviated by the opening of Universal Studios in Beijing. However, the lack of streaming business will be constantly affects it's business.