Comcast

Intangible assets: Strong studio IP (Jurassic, Illumination/DreamWorks) that monetizes across theatrical, streaming and parks; premium sports rights provide scarcity value (NBA from 2025–26; Olympics through 2036).

Score 75/100. Switching costs: Business services connectivity and enterprise solutions show mid‑single‑digit growth with high retention; residential bundle with Xfinity Mobile adds friction though not lock‑in.

Score 70/100. Cost advantages: Last‑mile HFC network upgraded to DOCSIS 4.0 leverages sunk capital to deliver multi‑gig symmetrical speeds without full FTTH capex; massive scale in content and parks supports unit costs.

Score 85/100. Network effects: Limited direct network effects; Peacock benefits modestly from scale but not winner‑take‑all economics. Score 30/100. Efficient scale: Most local broadband markets are rational duopolies/oligopolies; theme parks compete with few global peers and require multibillion dollar greenfield capex, deterring entrants.

Score 80/100. Weighting these components (cost 35%, switching 25%, intangibles 25%, efficient scale 10%, network 5%) yields about 76/100. Risks to moat: fiber overbuilds, fixed‑wireless substitution, content cost inflation and potential sports rights repricing at renewal.