Peacock finally turns profit thanks to World Cup and Love Island

NBCUniversal's streaming platform Peacock turned its first profit this spring, reporting an adjusted EBITDA of $189 million in the second quarter. The strong performance was largely driven by the popularity of the FIFA World Cup, NBA playoffs, and hit reality show Love Island USA.

The service now has 48 million subscribers, a gain of two million over the past three months. However, executives noted that profitability will vary quarter to quarter depending on the timing of sports schedules and other content releases, highlighting the significant impact of live events on the platform's finances.

When Peacock launched in 2020, it was best known as a destination for bingeing classic NBC sitcoms like The Office. Over the years, it has evolved to focus on original and live programming, with sports and reality shows now at its core. Despite its improving reputation, the service had never turned a meaningful profit until now, having lost $432 million in the previous quarter alone. It's also worth noting that the World Cup's contribution was limited since the quarter ended mid-tournament and Peacock only held Spanish-language rights. With Comcast's impending spin-off of NBCUniversal, this is a timely moment for Peacock to demonstrate its value.