2023 is shaping up to be an important year for Peacock. The service is making major changes, and Comcast is hoping it all pays off. This all comes as Comcast is expecting to lose about $3 billion on Peacock.
This all comes as Comcast’s CFO Jason Armstrong says the changes Peacock is going through are costly. “It’s a costly pivot, and we’re right in the middle right now,” said Armstrong at the Deutsche Bank Media, Internet & Telecom Conference last week.
Recently Comcast shut down its free version of Peacock to non-Xfinity customers. Later this summer if you have been getting Peacock free from Xfinity, you will need to start paying as this option is going away.
It seems Comcast is trying to find ways to get customers to start paying Peacock. Too many of the users right now are getting it for free as Peacock only has about 20 million paying customers.
“We’re running the business in total. You got the linear business, which is a very good business and a cash-flowing business that you want to protect, but migrating to streaming,” Armstrong said.
Comcast has been looking at ways to make Peacock more attractive. Recently they struck a deal to add a live feed of Reelz. Peacock will also start streaming some Big Ten football games this fall. Peacock has also added a huge collection of content from The Hallmark Channel.
It will be interesting to see how Comcast balances the need to grow revenues at Peacock without scaring away its paying customers.