NBCU's Peacock Posts $914 Million Net Loss, $118 Million Revenues For 2020
- by Wayne Friedman , March 9, 2021
In revamping new financial reporting segments for NBCUniversal, Comcast's recast 2020 results show its new Peacock streaming service had a net loss of $914 million in 2020, according to a new SEC filing.
Results are for adjusted earnings before interest, taxes, depreciation and amortization, defined by Comcast as either net income or net loss.
At the same time, full-year revenue for Peacock totaled $118 million. The service launched in April 2020.
New industry segments for NBCUniversal will be: Media, which will include broadcast and cable TV networks, TV stations, and Peacock; Studios, which will include NBCUniversal film and TV studio production and distribution operations; and Theme Parks, which will include all Universal theme-park operations.
The company says the reorganized operating structure puts its TV and streaming businesses into a centralized structure “optimizing content creation, distribution and monetization.” The operations of Peacock were previously reported in Corporate and Other segment.
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The new structure is beginning in the first quarter of 2021.
Advertising on all NBCUniversal networks, TV stations, streaming and other platforms declined 10% to $8.3 billion in 2020 versus the year before, while distribution fees slipped 1% to $8.8 billion.
Big theme park and theatrical revenue declines contributed to total NBCUniversal revenue falling 20% to $27.2 billion for 2020.
Not surprising, somehow the promotions for Peacock come across as an uncompelling re-hash of old worn TV series. Unless you are inclined to watch reruns, and pay for it, there doesn't appear to be anything of interest for many viewers, and the massive loss of revenues seems to support that theory. It's a crowded field, too many choices, not enough differentiation.
Jonathan, none of these new SVOD/AVOD ventures expects to make a profit the first several years so this loss, some of which seems to involve money being spent within the organization---probably for program rerun rights---is no surprise. It's part of "the plan". Also, regarding reruns, please bear in mind that most of Netflix's viewing time the last couple of years---per Nielsen---was to rerun content---much of it off-network fare. As I recall, reruns accounted for something like 75-80% of the viewing time. Also consider the fact that Comcast is bringing the whole NBC network---news, primetime, news, late night,specials, etc. as well as its stations with their local news plus syndication---some of it original content, others reruns of former prime time hits which for many younger viewers are "originals" as they missed these shows when they ran in primetime and may have missed them in syndication as well.. Last, but hardly least, are the NBC cable channels---Bravo, MSNBC, USA, Si-Fy, etc. all with tons of content---some new, some reruns. It's a pretty diversified menu---not just crappy old reruns.
Sorry, NBCU, I goofed on the spelling of SYFY.