Peacock loses $704 million
Peacock Loses $704 Million, Reaches 22 Million Subscribers
Days after Comcast fired NBCUniversal’s Jeff Shell, the company held its first-quarter earnings call, addressing the former CEO’s departure and Peacock’s growing losses.
Brian Roberts, chairman of NBCU’s parent company, didn’t shy away from the Shell news, telling investors Thursday morning that the firing was “obviously a tough moment” for the organization. As a result, Comcast president Mike Cavanagh will step in as head of NBCUniversal for the time being.
Regarding Peacock, the streamer grew its subscriber base to nearly 22 million, adding 2 million during the quarter as Comcast continues to lean into a dual-revenue model.
The 2 million additions are down from the 5 million it added to end 2022. And though the company had a $704 million loss from the streamer, it’s an improvement over the $978 million adjusted losses last quarter.
CFO Jason Armstrong reiterated that Comcast believes 2023 will be “peak losses” for the platform, which did see its revenue increase 45% to $685 million.
Cavanagh attributed Peacock’s subscriber growth to a strong slate of film content and originals, including the Natasha Lyonne-led Poker Face.
“We’re just getting started [with originals],” said Cavanagh, “with shows like Poker Face, which launched and immediately landed near the top of Nielsen’s U.S. streaming original list, and we have lots more coming.”
Cavanagh also attributed the popularity of NBCUniversal’s linear content, especially Dick Wolf shows, SNL and Bravo programming, which all land on Peacock the next day, as part of the subscriber growth.
“We believe we have the right strategy for Peacock and one that’s suited to our strength,” Cavanagh added, pointing to the dual revenue streams of advertising and subscription fees.
