Peacock Losses Drop to $348 Million in Q2, But Some of That NFL Playoff Subscriber Growth Churns Away

Comcast reported significantly lowered EBITDA losses for Peacock in the second quarter, with the subscription streaming platform bleeding just $348 million during the April - June period, nearly half the $651 million it lost in the comparable span of 2023.

Also read: Comcast’s Mike Cavanagh Expects NBA Deal To Score With Advertising, Subscription Revenue

Comcast also said the NBCUniversal streaming unit increased its Q2 revenue by 28% to $1.046 billion during the quarter.

Also read: NFL Postseason Drives Peacock and Paramount Plus to Biggest Penetration Gains Among U.S. Subscription Streaming Companies (Charts)

Peacock, however, experienced its first quarterly subscriber loss ever, with some of the gains made during its NFL postseason exclusive window back in January churning away.

With Peacock exclusively presenting the AFC Wild Card Game in prime time, featuring the eventual Super Bowl Champion Kansas City Chiefs hosting the Miami Dolphins, the platform grew faster than any other U.S. premium SVOD in the first quarter.

“I don’t really look at Peacock standalone. I mean it’s an interesting exercise and I’m happy to share the numbers on the losses on Peacock as we build it,” Comcast president Mike Cavanagh told equity analyst Tuesday.

“We are thinking about it over multiple years. I’m very confident that what we’re doing around Peacock in the media business, operating together, is going to put us on a path to optimize that business. And this is a year where we see the growth in Peacock offsetting the decline in some of our linear businesses, and that’s basically a trend I would expect to see carry forward,” Cavanaugh added.

Here's the full Comcast second-quarter earnings release .