Peacock Reports $436M Quarterly Loss Despite Surge to 36M Subscribers from Paris Olympics Boost

Peacock, the streaming service under Comcast’s NBCUniversal entertainment division, reported positive growth in its third-quarter revenue and a reduction in its loss to $436 million, compared to a loss of $565 million in the same period last year. However, the loss widened slightly from the previous quarter due to higher programming expenses driven by the Summer Olympics in Paris. The streaming platform saw a boost in revenue and closed September with 36 million paying subscribers, up from 33 million at the end of June.

Comcast highlighted that Peacock’s revenue surged by 82 percent year-over-year to $1.5 billion, with improved adjusted EBITDA compared to the previous year. The company attributed this growth to the successful exclusive broadcast of the Paris Olympics in the U.S., which garnered an average of 31 million daily viewers across linear networks and Peacock, marking an 82 percent increase from the previous Summer Olympics.

The incremental revenue from the Olympics hit a record high of $1.9 billion, including $1.43 billion in additional domestic advertising revenue and $473 million in extra domestic distribution revenue. Executives praised the profitability of the Paris Olympics and emphasized the event’s success in engaging audiences and driving content promotion and broadband trends.

Peacock achieved its best month ever in August, driven by the Summer Games, although the platform also implemented price increases for new and existing subscribers in July and August. Analysts had predicted a third-quarter loss of $366 million for Peacock and projected a subscriber increase to 36 million.

As the streaming landscape continues to evolve, Comcast is focused on improving Peacock’s financial performance. The company aims to reduce losses significantly compared to 2023, which marked the peak in annual losses for Peacock. Meanwhile, Comcast’s core cable and telecom business experienced declines in pay-TV and broadband subscribers in the third quarter.

Comcast’s media segment revenue rose by 36.5 percent to $8.23 billion, primarily fueled by higher domestic advertising and distribution revenue. The conglomerate’s studios segment revenue increased by 12.3 percent to nearly $2.83 billion, driven by content licensing and theatrical revenue, including successful releases like Despicable Me 4 and Twisters.

The theme parks unit faced challenges in the third quarter, with revenue declining by 5.3 percent to $2.29 billion due to lower attendance. Despite these challenges, Comcast remains optimistic about its future endeavors, including the upcoming launch of the Epic Universe theme park in May 2025.

Comcast’s positive financial performance and strategic initiatives, such as exploring a spin-off of its cable networks and potential streaming partnerships, have garnered investor interest, leading to a 6.3 percent increase in the company’s stock price during early Thursday trading.