NBCUniversal can’t seem to whip up much consumer enthusiasm for its Peacock streaming service. The highly touted streamer — which features MSNBC programming and original scripted shows like Queer as Folk — failed to grow its subscriber base during the second quarter and even lost $467 million in the process.
Comcast, which is the left-wing media conglomerate’s parent company, reported Wednesday that Peacock ended the quarter with 13 million paying customers out of 28 million monthly active accounts, which translates to zero growth from the previous quarter.
To make matter worse, Peacock lost $467 million for the period, a deeper loss that the year-ago period when it lost $363 million.
Peacock Paid Subscribers Stall at 13 Million in Q2 https://t.co/LUFxPybLV5
— Variety (@Variety) July 28, 2022
The results are ominous for Peacock, which has been spending millions of dollars in an attempt to gain traction among consumers. But Peacock lacks the must-see titles that have helped lift competing streamers like Disney+ and HBO Max. Perhaps its biggest selling point has been live sports programming, piggy-backing on NBC Sports coverage of events like the Super Bowl.
Peacock’s dismal results come at a time when Netflix has been bleeding customers at an alarming rate. For the second quarter, Netflix lost close to 1 million subscribers, its largest quarterly loss of customers in company history.
As a result, Netflix has cut back on its profligate spending and enacted layoffs, including the recent axing of 450 workers worldwide.