On Thursday, Comcast announced earnings for the fourth quarter of 2022, along with the full 2022 year results.
Relevant to us, Peacock’s paid subscribers increased to 20 million, more than doubling the nine million it had at the end of 2021, while revenue from Peacock increased to $2.1 billion for the year (compared to $778 million in 2021). Tthe adjusted EBITDA loss for Peacock was $2.5 billion for 2022, up from $1.7 billion in 2021.
However, Comcast expects an even bigger loss in 2023. During the earnings call, CFO Mike Cavanagh said the company expects “Peacock losses to be up modestly to around $3 billion” in 2023, which they believe will be the peak losses for the streaming service.
Peacock’s content spend and the losses that have come out of that content spend have been talking points since the service’s launch in 2020. It’s wild that Comcast thinks they haven’t even hit the peak of those losses quite yet.