Peacock had an incredible year, more than doubling subscribers. At the same time, EBITDA losses increased, ad market wobbling. More concerning is the double edged sword Comcast needs to wield for Peacock’s ultimate but not guaranteed success. My latest:
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Something I want to make clear: Peacock isn’t down and out by any means. Comcast’s cash flow can keep the experiment running. But Brian Roberts isn’t going to fund a seventh place streamer through 2027 if profit doesn’t uptick greatly, nor should he. But that time isn’t here yet.
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My biggest concern is the race to the edge of the cliff. The only way to further build Peacock is sports leagues (costly) and neglecting the Pay TV model, chipping away further. If profit doesn’t happen before Pay TV really hits red, reliable video revenue comes into question.
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It’s a costly bet that Comcast wants to make. It may pay off! It’s dumb to call anything a failure especially with the cash Comcast has. But broadband slowdown, Pay TV decreases, increasing sports rights brought on by tech & harder to penetrate original content are tough hurdles.
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Here's something they could / should do. Acquire AMC+ and merge all of those AMC streamers into Peacock.
OR:
Acquire Starz and Lionsgate and fold all of that into Peacock.
OR:
Acquire Paramount and Paramount+ and ....
I'd like to see a few streamers gone in the next 2 years
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