Streaming Service Peacock Lost $914 Million In 2020
A filing by parent company Comcast reveals that Peacock ended its first year very much in the red.
NBCUniversal's streaming platform Peacock lost $914 million in 2020. The numbers come via a filing by parent company Comcast with the US Securities and Exchange Commission.
As reported by Variety, Peacock made $118 million for NBCUniversal in 2020. However, the company spent $989 million in what is termed "eliminations." These are payments from within the company for Peacock to license movies and shows from other divisions. The filing by Comcast was made as part of its new method of reporting its results to the SEC, dividing its business into media, studios, and theme parks.
While $914 million is obviously a high figure, a loss is to be expected for a new service in its first year. Comcast executives previously told investors that they will be investing more than $2 billion into Peacock over its first two years, and expected the service to break even by 2025.
In January, it was reported that the service had hit 33 million sign-ups, although it is not known how many of these were paid subscriptions, as Peacock also offers an ad-supported free tier. By comparison, Netflix recently surpassed 200 million accounts, while Disney+ now has 100 million subscribers.
Peacock is likely to add many more subscribers this month, as it becomes the exclusive streaming home for WWE content. WrestleMania, WWE Icons, and Steve Austin's Broken Skull Sessions will be exclusive to Peacock in the US from March 18, as will historical WWE events. This new agreement will mean the shut down of the WWE Network.
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