Streaming service Peacock turned its first profit this spring, posting with an adjusted EBTIDA of $189 million in the second quarter. The positive performance was largely due to the popularity of the FIFA World Cup, the NBA playoffs and smash reality show Love Island USA. It now serves an audience of 48 million subscribers, a two million increase over the past three months.
“Profitability is going to vary quarter by quarter, just based on the timing of sports schedules and other content hitting one quarter versus another,” execs said on the earnings call, according to The Hollywood Reporter. It’s an acknowledgement of how much live events are impacting the platform’s finances.
When it originally launched in 2020, Peacock was best known as the place to binge-watch classic NBC sitcoms like The Office. Over the years, the service has become notable for its original and live programs, with sports and reality shows now the platform’s core offering. Despite its improving reputation, it never turned a meaningful profit until now, losing $432 million just last quarter. And it’s worth noting that the impact of the the World Cup was limited, since the quarter ended in the middle of the tournament and Peacock only had the Spanish-language rights. Particularly with the imminent changes of Comcast spinning off NBCUniversal, now is a very good time for Peacock to prove its worth.