Streaming service Peacock, owned by Comcast-NBCUniversal, seems to be facing an uphill battle as it tries to compete with the behemoth that is Netflix. Despite having an increasingly excellent film and TV show library, Peacock’s growth remains lackluster compared to Netflix’s unmatched subscriber base of 238.4 million.
Recent data from Comcast’s Q2 2023 earnings report showed that Peacock’s userbase grew by a mere two million subscribers, bringing its total to just 24 million. This number represents only 10% of Netflix’s global fanbase, making the goal of overtaking Netflix appear almost insurmountable. Peacock’s relatively recent launch in July 2020 means it has a significant 13-year gap to close before it can catch up with Netflix.
Peacock’s back catalog boasts exclusive content, such as “The Super Mario Bros. Movie,” which should have given it a boost.
However, even with a lineup that includes other popular titles like the “Fast & Furious” films, “Harry Potter” collection, and original series like “Twisted Metal,” the streaming service continues to struggle in attracting viewers.
One potential reason for this struggle could be a licensing deal between Netflix and Comcast, which allows some of Peacock’s movies to be available on Netflix in select regions. This gives potential viewers an alternative platform to access the content, undermining Peacock’s exclusivity.
While Peacock’s library and original content offerings are impressive, it appears to face a significant challenge in luring viewers away from more established streaming giants like Netflix. Despite its efforts to catch up, Peacock may need to find unique ways to differentiate itself and attract a larger audience if it hopes to be a major player in the streaming industry.
