The Peacock streaming service increased its subscriber base and still lost $651 million over the last three months:
Peacock finished the June quarter with 24 million subscribers, up from 22 million at the end of March — but the streamer lost $651 million over the same three months.
Sadly, those losses have pretty much become par for the course. The NBCUniversal streaming platform lost $704 million in the prior quarter (and $467 million in Q2 2022). The company expects to post “peak” losses from streaming — to the tune of $3 billion — in 2023.
Bottom line: This is more proof Hollywood cannot survive on merit.
With the era of cable/satellite TV ending—an era where 120 million U.S. households once paid around $150 per month for dozens of channels they never watch, and Hollywood got a huge chunk of that $150.00 X 120 million each month—Hollywood is screwed.
Through the satellite/cable TV racket, billions of unearned dollars are poured into Hollywood every month. But now that all these cheaper streaming options are available, people are canceling their cable. Enough are canceling that the whole rigged system is doomed to collapse within a decade.
And now, after alienating half the country and forgetting how to create quality and original content with universal appeal, these entertainment outlets are dealing with a merit-based market again, and they are losing billions. Every streaming service except Netflix is losing billions. Not enough people are interested in their lousy product to make a profit.
I think it expires next month, but Peacock is the only streamer I still subscribe to. My wife wanted to see Yellowstone, so when Peacock offered a full year’s subscription for $20, I grabbed it.