Peacock nearly doubled paid subscribers to 24 million in the US ahead of price hike

[Karlston]

 

Peacock is the over-the-top (OTT) streaming service of NBC Universal launched in 2020. It had a portfolio of 15,000 hours of video content at $4.99 a month with ads, for US customers. If you want an ad-free experience, that would be $9.99.

 

Last week, Peacock hiked the prices of its plans to $5.99 and $11.99, a $1 and $2 increase over the previous prices. The catalogue has expanded to over 80,000 hours of original viewing content, including The Office, Yellowstone, Night Court, Suits, Kevin Hart Reality Check, and Poker Face.

 

It also offers access to more than 50 live TV channels airing Premier League, Sunday Night Football and live sports events.

 

Today's Q2 earnings report shows the streaming service attracted an additional 2 million paid customers over the quarter ahead of the price hike. This raises the total subscriber count to 24 million, nearly double that of the previous year. The revenue saw an 85% growth to $820 million.

 

The Box Office performance of The Super Mario Bros Movie released on April 5 2023, also complemented the tremendous growth of subscribers in the balance sheet. It is poised to be the #2 best-animated picture of All-Time. A gross performance of $1.3 billion at the theatres dished out studio adjusted EBITDA to $255 million.

 

Brian Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said:

 

“The consistent investments we've been making in our growth businesses continue to generate strong results and position us extremely well both now and into the future. Second quarter operational and financial performance was excellent and included a double-digit increase in Adjusted EPS and significant free cash flow generation,"

 

Peacock announced a 60% year-over-year growth in the Q1 2023 earnings report. The report predicted a $3 billion loss by the end of 2023. This growth of subscribers and success at the box office might offset the losses on the balance sheet.

 

Source: Comcast

 

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