The rise of OTT platforms has given us access to movies and shows anytime, anywhere. But what about live sports?
Peacock, known for fan favourites like The Office and popular films like Monkey Man and Despicable Me 4, actually lost 1 million subscribers in the first quarter of this year. So how did it manage to gain an impressive 3 million subscribers between July and September? The answer lies in becoming the streaming home for the 2024 Paris Olympics.
Despite this growth, the service reported a $348 million loss for the quarter, reaching a total of 36 million subscribers. This marked an improvement from the previous quarter when Peacock lost 1 million subscribers and had a $639 million loss. Comcast, Peacock’s parent company, shared that its broadband cable segment remains its main revenue source, though Peacock’s Olympics coverage led to a 33% increase in viewership in July and a 39% increase in August.
Movies, series, and now sports? Could OTT platforms become the go-to option for our Olympic viewing experience, or should we continue relying on traditional broadcast television? With streaming services making major inroads by offering live sports, the Olympics and sports are increasingly accessible in new ways.
But will streaming platforms fully replace broadcast TV for this global event, or will traditional networks still hold a place in the Olympic experience? Sports might be the next big thing for OTT, but will they be able to compete with networks if they stick to streaming limited sports like Football, Cricket or Basketball?