Peacock Adds 3 Million Customers in Q1 2024, Climbs to 34 Million Subscribers as Losses Continue to Decline
Peacock Adds 3 Million Customers in Q1 2024, Climbs to 34 Million Subscribers as Losses Continue to Decline
The NBCUniversal streamer continues to make small, but steady climbs in its quest for streaming survival.
Comcast’s flagship streaming service Peacock has been on a slow but steady climb since launching in 2020. While still amongst the smaller platforms from major media companies, it is no longer an easily ignored also-ran, seemingly fighting for scraps as the streaming world threatened to leave it behind. Now boasting a robust offering of live sports, hit movies, and increasingly compelling original series, following the first quarter of 2024, Peacock added 3 million new customers to cap its year-over-year growth at 55%. During the same period in 2023, the streamer reported having 22 million paying customers, now that total sits at 34 million.
Key Details:
- Peacock added 3 million customers in Q1 and 12 million year-over-year.
- The streamer brought in $1.1 billion in revenue during the first three months of 2024.
- However, it is still operating at a $639M quarterly loss.
Not only has Peacock seen a substantial improvement in its customer base, but it has seen a similar trajectory on its balance sheets as well. The streamer accounted for $1.1 billion in revenue during Q1, but still lost $639 million during the first three months of the year. However, the total is down from $704M during the corresponding quarter in 2023. In fact, the hastening decline of Comcast’s linear television business was slowed, to a certain extent, by Peacock’s improving financials.
“Domestic distribution revenue increased primarily due to higher revenue at Peacock, driven by an increase in paid subscribers,” Comcast said in its earnings report. “International networks revenue increased primarily reflecting the positive impact of foreign currency. Domestic advertising revenue was consistent primarily due to lower revenue at our networks, offset by an increase in revenue at Peacock.”
Comcast declined to provide deeper insight into Peacock’s subscriber numbers, but the platform is one of the fastest-growing streamers in the United States in terms of subscribers. Of course, the fact that it is still significantly smaller than its competitors allows it room to grow. At the end of March 2022, Peacock had just 13M paid customers, roughly one-third of its current total two years later. However, at the time, Comcast was still providing its cable and internet subscribers with free access to the platform.
At the time, 15 million households had taken advantage of the offer, meaning that Peacock had 28 million users. But, after the company eliminated the incentive for Xfinity customers in a series of waves, the total number of Peacock users dropped to just 20 million by the end of 2022.
One of the main drivers of Peacock’s steady success has been its embrace of live sports. In January, the service became the first to broadcast a streaming-exclusive NFL playoff game when the eventual Super Bowl champion Kansas City Chiefs beat the Miami Dolphins in the Wild Card round. That game was reportedly the largest sign-up event in streaming history.
NBCUniversal’s decision to make Peacock the Pay-1 window home for Universal movies has also made a significant impact on the platform. From Best Picture Oscar winner “Oppenheimer” to animated hits like “The Super Mario Bros. Movie” and “Migration.” Ahead of winning seven Academy Awards, “Oppenheimer” became the most-watched Pay-1 movie in the platform’s history.
Peacock
Peacock is a subscription video streaming service from NBCUniversal that includes original shows, blockbuster movies, and classic television series. Peacock is home to “Yellowstone,” “The Office,” and original hits like “Poker Face” and “Bel-Air.” You can also watch live sports and NBC programming, including the NFL, MLB, WWE, the Olympics, the Premier League, NASCAR, the French Open, college football and basketball, and the PGA Tour. Premium Plus subscribers can stream their local NBC feed in all 210 markets.