PHILADELPHIA—Peacock’s subscriber numbers continue to grow, but the streaming service is still losing large sums of money, according to the latest financial details from Comcast.
According to Comcast’s first quarter 2021 financial results, Peacock added around 9 million subscribers between the end of Q4 2020 and the end of Q1 2021. The streaming service generated revenue of $91 million, Comcast reports. However, it had an adjusted EBITDA of $227 million. Peacock has been seeing heavy losses like this, the streaming service was reported to have lost $914 million in 2020.
The acquisition costs of new Peacock content like the WWE Network may be contributing to these losses, though Comcast says that they are also helping to drive overall subscription numbers.
Elsewhere, Comcast reported that it experienced a total video customer net loss of 491,000 and a decreased revenue of about $9 million from the same period in 2020.
Across all of Comcast’s cable communications, it saw its Adjusted EBITDA increase to $6.8 billion, a 12.4% increase year-over-year. It’s total reported revenue was $15.8 billion, a 5.9% increase.
“We are off to a great start in 2021. Our entire company performed well across the board, highlighted by another strong performance from cable, which posted its third consecutive quarter of double-digit Adjusted EBITDA growth, while adding the most quarterly customer relationships in our company’s history,” said Brian Roberts, chairman and CEO of Comcast. “Outside of cable, I was also very pleased by the persistent recovery and increasing momentum at NBCUniversal and Sky.”
For the full Q1 2021 financial report, visit Comcast’s website (opens in new tab).
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