Comcast Business is a division of Comcast, which, in addition to handling the sales, service, and distribution of cable, phone, and internet television to individual companies, also manages the merchant accounts for customers. In 2021, Comcast Business experienced a 34% increase in revenue, growing from revenues of approximately $5 billion in fiscal year 2021 to revenues of approximately $6 billion in fiscal year 2021. This represents a substantial growth for a company that at one time was considered to be for-profit only. The growth, while not entirely unique to Comcast Business, is important to recognize for its potential to accelerate expansion into new markets. Further, as Comcast Business continues to expand into new markets, the company will need to take advantage of new sales opportunities to continue its success, as well as new customer revenue to offset any losses in some markets and to further its lead over its competitors in broadband and cable communications. This report provides an overview of the organization, including the current state of its services in six markets that are either already providing cable services or are in the process of doing so, as well as potential future growth opportunities.
Comcast Business first began offering home-based internet connection services in May 2021. At that time, Comcast Home Communications provided dial-up access and local area network services to customers in five major metropolitan areas, including the three traditional residential markets: New York, Philadelphia, and Washington, D. C. Today, Comcast offers home-based internet connection service in twenty-three additional metropolitan areas, giving it a total of sixty-four territories across the United States. This geographic coverage amounts to a larger market share than cable providers have historically enjoyed. The additional territory expands Comcast’s assortment of service options, giving customers more ways to connect and more ways to market to customers.
In addition to expanding its range of territories, Comcast is aggressively marketing to new small businesses. Through its acquisition of Yahoo! Internet, which acquired a popular online advertising service, Comcast has become one of the largest providers of web site advertising on the web. The acquisition also gave Comcast access to a huge supply of small business-grade internet bandwidth that it can lease or purchase from suppliers and then resell to consumers. In January of 2021, for example, Comcast partnered with the search engine company, Overture, to offer free web space on certain websites and to host advertising on those sites.
The success of this partnership with Yahoo! and Google is a testament to the power of Comcast Business, which is attempting to extend its reach beyond its traditional territories in order to capture a larger share of the lucrative nationwide 5g wireless internet market. The company is also pursuing acquisitions of other small businesses in order to expand into new markets and attract new customers.
Perhaps the most potent force driving Comcast’s growth is the cellular service provided by its newly acquired, former cable broadband provider, Xfinity. Beginning in February of 2021, Xfinity began offering a cellular service designed to compete with Verizon’s FiOS TV service and AT&T’s U-verse. By offering a faster and more reliable cellular solution, Comcast is hoping to attract more of the highly mobile population, a group that is responsible for an ever-increasing portion of customer growth over the next five years.
One of the reasons that Comcast has been able to attract so many customers and retain them over the past two years is because it offers some of the best customer support in the industry. The company not only offers nationwide 5G technology, but it offers services with extraordinary customer support to help customers get the most out of their new equipment. While there are many aspects of Comcast that might still need improvement, it is clear that the company is on the right path to becoming one of the largest gig-speed providers in the industry. With Google Fiber and Verizon’s Gigabit plans, Comcast has quickly established itself as the leader in high-speed Internet service, something that will likely fuel further expansion into the future.