The Town with Matthew Belloni Netflix's Growth, Peacock's Struggles, and the New Streaming Hierarchy
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Feb 3, 2026 
Lucas Shaw, Bloomberg media and streaming reporter — concise industry tracker. They dig into Peacock’s massive Q4 losses and churn. They unpack Stranger Things’ huge viewership and whether Netflix can sustain that momentum. They celebrate K-pop Demon Hunters’ cultural lift and map a new streaming hierarchy led by Netflix with others jockeying below.
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Peacock's Sports-Fueled Loss Spiral
- Peacock posted a $552 million quarterly loss driven by costly sports rights and accounting for NBA deals.
- High churn (8–9%) forces expensive reacquisition and threatens long-term profitability, Lucas Shaw warned.
NBA Rights Bought Growth — Not Profit
- NBCUniversal's NBA rights boosted subs but pushed Peacock further into the red because the cost sits on Peacock's books.
- The deal may work long-term only if sports become highly effective advertising and retention engines.
Stranger Things Dominate Rewatches
- Older seasons of Stranger Things generated massive viewership while the finale release drove record weekly minutes.
- Netflix used strategic release timing to maximize holiday viewing and minimize churn.