NBC's streaming service Peacock's losses grew to a staggering total of $1.7 billion by the end of 2021. The service was officially launched in July 2020, during a time that most of the globe was still stuck at home during the early COVID-19 international lockdowns. The service offered exclusive streaming for many popular NBC shows once their streaming agreements with other platforms lapsed, including the fan-lamented moment when The Office was removed from Netflix in January 2021.
Peacock was also home to certain day-and-date VOD releases of 2021 theatrical movies from Universal, including The Boss Baby: Family Business and Halloween Kills. Their exclusive programming includes original series like the musical comedy Girls5eva and the teen drama One of Us is Lying as well as series based on their IP including MacGruber and the updated Da Vinci Code prequel series The Lost Symbol. They also rebooted several dormant series from the '90s like Punky Brewster, Saved by the Bell, and the upcoming dramatic retelling of Fresh Prince, titled Bel-Air.
Per Variety, Comcast reported its Q4 earnings this week, and the numbers for Peacock are looking dismal. Although the service had 9 million subscribers for their paid platform by the end of 2021, with their revenue reaching $778 million, they spent almost $1.5 billion on streaming content among other costs. At the end of the day, their loss doubled from 2020 and they are now $1.7 billion in the red.
Peacock's current plan is to double down on spending on their original content and focus on expanding their paid subscribers while enticing new ones to the platform. Over the course of the next few years, NBCUniversal and their parent company Comcast want to be spending $5 billion a year on original content. If they can continue to scoop up their popular properties from other streaming services as well, they may be able to boost those numbers over the course of several years.
Things still aren't looking good for Peacock as a competitive streaming service, however. Streaming content was at the top of the food chain in 2020 when out-of-home entertainment options were sparse due to the closure of movie theaters, theme parks, and many other venues. The pandemic boost helped Netflix series like Emily in Paris and Bridgerton reach the top of the charts. Likewise, Disney+, which began debuting its live-action Marvel Cinematic Universe series during a time when most theaters still weren't showing new blockbuster films, is now among the top streaming services in the market. Peacock will have to make up for a lot of lost ground as theatrical distribution continues to show signs of life once again.
Source: Variety