Peacock Reports $436 Million Loss in Quarter of Paris Olympics
Peacock, the streaming service owned by NBCUniversal, saw a significant increase in subscribers during the summer months of July to September. This surge in subscribers coincided with the exclusive streaming of the Paris Olympics on the platform. Despite the increase in subscribers, Peacock reported a loss of $436 million in the same quarter, bringing its total subscriber count to 36 million.
In contrast, the streaming service had experienced a loss of 1 million subscribers in the previous spring quarter. The parent company of NBCUniversal, Comcast, released its third-quarter earnings report, surpassing media analysts’ expectations. Wall Street had forecasted earnings per share of $1.06 on revenue of $31.64 billion, while Comcast reported an EPS of $1.12 on $32.07 billion in revenue.
Antenna, a research company specializing in tracking the subscription economy, noted a significant uptick in Peacock sign-ups during the first week of the 2024 Paris Olympics, with 2.8 million new subscribers. These new subscribers were further boosted by the exclusive streaming of an NFL game in Brazil on Peacock, indicating a diverse range of content attracting viewers.
Despite losses in previous quarters, Peacock managed to generate $300 million in revenue during the summer quarter, primarily driven by the Olympics. The streaming service also witnessed a substantial increase in viewership across all NBCUniversal platforms, averaging 30 million viewers.
The summer quarter also saw the release of blockbuster films by Universal Pictures, including "Despicable Me 4" and "Twisters." While "Despicable Me 4" achieved significant success at the box office, grossing nearly $1 billion worldwide, "Twisters" fell short of its predecessor "Twister" in 1996. Warner Bros. released "Twisters" overseas during this period.
The highlight of the summer for Peacock was the successful streaming of the Summer Olympics, which experienced a surge in viewership. The delayed launch of Peacock, originally intended for the 2020 Olympics, proved beneficial as viewership grew substantially in July and August, dominating both broadcast television and cable networks.
In a statement accompanying the financial results, Comcast Chairman Brian L. Roberts expressed satisfaction with the company’s performance during the quarter, citing the success of the Paris Summer Olympics, the box office success of "Despicable Me 4," and the upcoming opening of Universal Epic Universe in May 2025 as key achievements positioning the company for long-term growth.
