Comcast will offer a new bundled streaming service where customers can watch content from Apple TV+, Peacock and Netflix in one place, the company's chief executive said Tuesday.
Comcast CEO Brian Roberts didn't specify a price for the bundle, which will be called StreamSaver, but said it will be "a vastly reduced" compared to other streaming services. StreamSaver will launch this month, Roberts said during a conference hosted by investment research firm MoffettNathanson, but did not give an exact date.
"We've been bundling video successfully and creatively for 60 years," Roberts said at the event. "And so, this is the latest iteration of that and I think will be a pretty compelling package."
Apple TV+ alone now costs $9.99 a month, up from $6.99 last year. NBC's Peacock, which was launched in July 2020 and now costs $5.99 a month, has 34 million paid subscribers; it includes programming from Bravo, Hallmark, WWE, NBC Sports and NBC, among other channels. Netflix continues to reign supreme with more than 260 million global subscribers. Monthly subscriptions run from $6.99 to $22.99.
Apple, Comcast and Netflix didn't immediately respond to a request for comment on Tuesday.
StreamSaver is the latest in a trend toward streaming bundles this year launched by media companies in hopes of driving growth while cutting costs. Entertainment and media giants have struggled to turn a profit on streaming, given the hefty costs of producing original content in the highly competitive video-on-demand market. Another problem plaguing streaming content providers is inconsistent subscription revenue due to customers frequently adding and dropping platforms depending on their cost and programming.
Disney and Warner Bros. Discovery in May announced they will offer a bundle that includes Disney+, Hulu and Max. Users of the new bundle, set to launch this summer, will have access to content from ABC, CNN, DC, Discovery, Disney, Food Network, FX, HBO, HGTV, Hulu, Marvel, Pixar, Searchlight and Warner Bros.
In a separate move, ESPN, Fox Corp. and Warner Bros. Discovery earlier this year announced the launch of an app this fall that will group together most of their respective sports content to U.S. users.
Fortune in December reported that AppleTV+ and Paramount+ were mulling bundling their streaming services. Former Paramount Global CEO Bob Bakish stepped down from his role in April, a management shift at the media and entertainment company as it considers a potential merger or sale (Paramount is the owner of CBS News.)
Comcast's stock price was flat Tuesday, trading at around $40 a share.
Khristopher J. BrooksKhristopher J. Brooks is a reporter for CBS MoneyWatch. He previously worked as a reporter for the Omaha World-Herald, Newsday and the Florida Times-Union. His reporting primarily focuses on the U.S. housing market, the business of sports and bankruptcy.
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