The Beijing Games may set an unfortunate world record: the lowest viewership in Winter Olympics history.

Thus far, an average of 12.3 million viewers per night have watched the Games on NBC, Peacock, and other Comcast-owned channels. The 2018 Winter Olympics in Pyeongchang, South Korea, nearly doubled that total with 23 million average viewers at the same point.

• NBC anticipated a 40% ratings drop and lowered ad prices accordingly.
• The network has been able to compensate for lower prices with higher volume: Comcast is showing the Games on TikTok and its flagship streaming service Peacock, as well as its linear broadcast channels.
• Some Olympic corporate partners have been caught between the desire for brand exposure and the fear of appearing tone deaf to human rights allegations against China.

Big Game Bundle

Comcast also has rights to Super Bowl LVI, making this a crucial month for Peacock. The service grew to 24.5 million monthly active users and 9 million paying subscribers at the end of 2021.

Peacock brought in $778 million in revenue last year, up from $118 million in 2020, but its losses increased to $1.7 billion from $663 million over that span.

Unlike the Olympics, Comcast has been able to charge record prices for the Super Bowl, garnering around $7 million for 30-second spots.

Under Armour reported a 9% increase in fourth-quarter revenue to $1.53 billion, beating analysts’ estimates of $1.47 billion.

The sports apparel company previously stated its goals to become a more premium label — similar to Nike and Lululemon — and CEO Patrik Frisk said he’s confident that “we are running a stronger company — one that is able to deliver sustainable, profitable growth and value creation for our shareholders over the long term.”

With a net income of $109.7 million, Under Armour saw revenue increases across the globe during the quarter, with help from higher prices of hoodies and leggings.

• North American revenue jumped 15% to $1.1 billion, with international revenue growing 3% to $461 million.
• Despite accessories sales falling 27% to $107 million, apparel grew 18% to $1.1 billion, and footwear ballooned 17% to $283 million.
• E-commerce sales jumped 4% year-over-year.

Under Armour raised its outlook, too, with sales expected to move from a low-single-digit increase to a mid-single-digit increase. The company will unveil a more detailed outlook in May.

Supply Chain Challenges

Similar to its rivals, Under Armour said that the company’s profit in the near future will be affected by the hike in freight and shipping expenses, and it was forced to reduce its order for this spring and summer due to COVID-19 outbreaks and employee shortages.

Chief Financial Officer David Bergman called the supply chain issues a “temporary speed bump.”

Callaway Golf generated $712 million in revenue in Q4 2021, a 90% increase compared to the same period the year prior. Full-year revenue reached $3.1 billion, a 97% increase compared to FY2020. 

The California-based company’s impressive fourth-quarter and full-year results were driven by the company’s Topgolf business and high demand for its golf equipment and apparel. Topgolf benefited from increased social and corporate bookings and high walk-in guest turnout during the fiscal year. 

• Equipment brought in $161 million in revenue in Q4, with full-year revenue at $1.2 billion. 
• Topgolf reported $336 million in revenue during the quarter and $1 billion in FY2021.
• Apparel generated $215 million in revenue in Q4, with full-year revenue at $817 million. 

Last March, Callaway merged with Topgolf. Callaway already owned a 14% stake in Topgolf after an investment in 2006 and paid $2.66 billion in stock to acquire the rest of the company.

Callaway expects an even result in FY2022, with revenue projected to range between $3.7 billion and $3.8 billion.

Diverse Portfolio

In November 2021, Callaway completed a $30 million investment in Five Iron Golf, an indoor golf and entertainment company. Launched in 2017, Five Iron has nine domestic venues and one in Singapore. The company is using Callaway’s investment for further expansion.