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Peacock Soars to First Profit on Soccer & Reality TV
23 Jul
Summary
- Peacock achieved its first-ever quarterly profit of $189 million.
- The service added 2 million subscribers in the last quarter.
- Live sports and hit shows like 'Love Island USA' drove subscriber growth.
Comcast's Peacock streaming service has announced its first quarterly profit, a significant achievement since its 2020 launch. The service reported a pre-tax profit of $189 million for the April-June quarter.
Peacock added 2 million paid subscribers during the period, exceeding analyst expectations and bringing its total subscriber count to 48 million. Sales for the service increased by 54%, reaching $1.90 billion.
The success is largely attributed to Peacock's focus on live sports, including streaming World Cup matches, and popular reality shows like 'Love Island USA'. A strong summer movie lineup also contributed to the company's studio revenue growth.
Despite Peacock's gains, Comcast's broadband customers decreased by 167,000 in the second quarter. Additionally, its theme parks faced pressure from geopolitical tensions and a weak Chinese economy impacting attendance.
