Comcast Corporation (NASDAQ:CMCSA) is looking to push into the “smart home” market with new offerings.
A recent interview with Daniel Herscovici, the Senior Vice President and GM of Comcast’s Xfinity Home, reveals the company’s new focus. Herscovici says that the company is looking to create devices that will enable users to more easily control their homes.
Comcast has the advantage of already have a foot in the door when it comes to smart homes. It offers a security service for customers with Xfinity Home. This service will make it easy for the company to offer additional smart devices to customers and to connect them to their home network.
Herscovici actually notes that Comcast got into the home security business in 2012 because it had an interest in smart homes. However, it knew that the concept was still too early in development for it to push forward with its plans, reports Reuters.
Another advantage that Comcast gets from offering home security and smart home services are cable subscription. It says that 55% of Xfinity Home customers become new subscribers. This helps the company gain new subscribers in a time when cord cutting is becoming more common.
Comcast also recently announced a deal with Sunrun Inc (NASDAQ:RUN). This offer will have the cable company marketing Sunrun’s solar roofs to its customers. CMCSA will receive fees for leading customers to RUN and there’s also the possibility that it will obtain a stake in the stock if enough new customers sign up.
CMCSA stock was largely unaffected by the smart home news as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.