Compared to many other streaming services, Peacock doesn’t attract quite as many subscribers. For example, Netflix, Disney Plus, and Max all typically end each quarter with significantly more subscribers. In spite of this, the Peacock subscriber base does seem to be constantly moving in the right direction.
As part of its Q2 2023 earnings release, Comcast confirmed that Peacock ended the last quarter with 24 million paid subscribers. This marks an increase of around two million compared to the 22 million reported in the quarter before, and is close to double what Peacock reported during the same quarter last year.
Peacock revenue increased to $820 million in the last quarter, up from the $685 million reported at the end of the first quarter of the year.
Interestingly, the increase in two million is almost identical to the quarter before. At the end of the first quarter of this year, Comcast confirmed an increase of two million paid subscribers when compared to the fourth quarter of last year.
As a result, Peacock appears to have added a total of four million subscribers so far in 2023, increasing the number up from 20 million to 24 million.
Throughout most of the second quarter of this year, Peacock was offering various promotions which reduced the cost of an annual subscription down to just $19.99, resulting in a significant saving on the usual annual cost, and even more of a saving when compared to paying monthly for a subscription over 12 months.
These promotions are likely have helped Peacock attract new subscribers over the past three months, and potentially might also help higher churn in the current quarter.
Earlier this month, Peacock increased the price of its plans. Following the price increase, the Premium plan now costs $5.99 a month (or $59.99 a year) and the Premium Plus plan now costs $11.99 a month (or $119.99 a year).