Comcast/NBC/Universal’s streaming service Peacock lost a whopping $639 million in the first three months of 2024.
“Peacock narrowed streaming losses to $639 million in Q1 2024, with paid subscribers up 55% year over year to 34 million.” report Leftmost lap. “However, the media conglomerate’s stock price fell more than 6% as it continued to lose pay TV and broadband subscribers.”
“It got narrower.”
The Wrap even put “Narrow” in its headline… “Peacock Narrow Assess First-Quarter Streaming Loss to $639 Million, Reaches 34 Million Paid Subscribers.”
So Peacock is on pace to lose $2.76 billion in 2024, giving it a “B” rating, but let’s keep it “narrow.”
But how “narrow” is it compared to 2023? read…
During the quarter, Peacock added 3 million subscribers. Losses narrowed to $639 million in the first quarter, with losses peaking at $2.7 billion in 2023. Executives previously said they expected Peacock’s losses to “improve materially” in 2024. The service’s average revenue per user is about $10.
Oh, and Peacock is on pace to “shrink” its losses from $2.7 billion in 2023 to $2.76 billion in 2024.
Wait, isn’t $2.76 billion more than $2.7 billion? Or is Peacock run by a transsexual black illegal immigrant who benefits from DEI calculations?
The only good news for Peacock here is that in the final quarter of 2023, $825 $1 million compared to $639 million in the quarter. But still…wow.
I haven’t even reached my favorites yet. part…
Video revenue fell 6.9% year over year to $6.87 billion as the cable TV giant continued to lose subscribers due to cord cutting. … The segment lost 487,000 video customers, totaling 13.6 million, and 65,000 domestic broadband customers, totaling 32.2 million, but gained 289,000 wireless subscribers during the quarter, totaling 6.87 million. The total number of customer relationships decreased by 166,000 to 52 million.
“Pay TV” means cable/satellite television. For his 15 years, I’ve been writing about this slow-motion disaster of entertainment media’s wrists moving and sliding.
Pay TV is the one-legged stool that supports the entertainment infrastructure. For decades, 100 million American households have been forced to pay large sums of money for dozens of cable channels they never watch. That’s all coming to an end, thanks to people canceling cable TV and moving to streaming. but…
As you can see here, streaming is far from making up for that revenue. In the end, unlike pay TV, which has become an affirmative action show for leftist Hollywood where merit doesn’t matter, with streaming, merit matters. We only subscribe to content if we want to watch it, but with pay TV you pay for content even if you never watch it. We wanted Fox News or Turner Classic Movies or a local network, so we had to pay the crappy prices of those fascist cable packages.
And it’s not just peacocks shedding billions of blood. Every streaming service except Netflix is losing billions of dollars as the golden affirmative action goose that was pay TV withers away.
The left-wing entertainment media is glossing over this era in order to protect the stock prices of these conglomerate advertisers. But that doesn’t change the fact that it’s happening and it’s great.
Eventually, economic realities will force these streaming services to drop the woke shows, gay sex, and left-wing lectures and produce what ordinary people want to watch. Or a multinational company like Comcast can never make changes and write off 2-3 billion a year. either way…
it’s okay.
John Nolte’s first and last novel. borrowed time, winning five star rave From daily readers.You can read an excerpt here and a detailed review here.Also available in hard cover upon Kindle and audio book.
