NBCUniversal executives are about to find out whether Peacock will sink or swim in the streaming industry. Now that Comcast is planning to split NBCUniversal, Peacock, and Sky from its broadband and wireless businesses, Peacock will be forced to stand on its own — without the backing of a combined company that pulled in more than $123 billion last year.

In the years following its launch in 2020, Peacock was treated as an accessory to an Xfinity subscription. But once Xfinity stopped offering it as a perk and axed its free membership tier in 2023, it was a sign that Comcast believed Peacock had something worth paying for. But even with exclusive streams of the Olympics and live sports, like Sunday Night Football and the Big Ten games, Peacock still trails behind rival streamers today.

Peacock grew by just five million subscribers between March 2025 and March 2026, bringing it up to 46 million. Netflix’s more than 325 million subscribers easily eclipse Peacock’s user base. Even Disney Plus’s 132 million subscribers and HBO Max’s more than 140 million viewers make Peacock seem small in comparison. Part of that is because, unlike other major streamers, Peacock is only available in the US. Comcast co-CEO Mike Cavanagh said in March that the company doesn’t have plans for a global rollout of Peacock, but that may change as the soon-to-be standalone service scrambles for scale.

It’s also taking longer for Peacock to hop the hurdle of profitability — one of the biggest challenges for streamers. Peacock reported $2 billion in revenue in the first quarter of 2026. However, it experienced $432 million in losses, an increase from the $215 million it reported losing at the same time last year. But NBCUniversal media chairman Matt Strauss claims Peacock will become profitable in the current quarter, according to Deadline. “There’s not one way to approach a streaming strategy or market,” Strauss said during the Evercore Global TMT Conference last month. “Sometimes you have to play to your strengths, which is what we’ve been doing.”

It’s not clear how long Peacock can rely on live sports and reality TV to keep its service afloat. The service canceled its hit series Poker Face last year, leaving it without a tentpole series that makes Peacock worth subscribing to, like Severance on Apple TV or White Lotus on HBO Max. Though Comcast co-CEO Brian Roberts and Cavanagh told investors that the company’s split isn’t a setup for a merger or acquisition, it still seems like a possibility.

Peter Supino, a Wolfe Research analyst, said that he expects “one or both Comcast units to merge with peers or competitors,” according to The Hollywood Reporter. Media executives who spoke to Oliver Darcy for his Status newsletter are similarly doubtful about Roberts’ and Cavanagh’s M&A denials, with some insiders speculating that Netflix could make a bid for NBCUniversal’s assets. Either way, Peacock will need to do something more than just tread water, or else a competitor may just have to keep it from sinking.