Starz has traveled an interesting road over the last couple years, honing its focus on the African-American and female audience with hits like the “Power” and “Outlander” franchises. But under longtime CEO Jeffrey Hirsch, the premium cable net and streamer has adopted a realistic view of the marketplace, tacitly acknowledging that its small size (especially since its split from Lionsgate in May 2025) means it can’t match the marketing or content-spending muscle of much larger peers like Netflix, Disney, or Amazon. In fact, Starz execs have spent the last couple years touting the company as a churn-
reducing gap filler for streaming bundles, essentially a way to expand the bundle’s appeal to new demographics by adding Starz to the mix. “We are really positioned very well as a complementary service,” crowed Starz President Alison Hoffman during its Q1 earnings call. The bundle benefits, but so does Starz, which can latch itself onto larger discount packages and therefore reduce its own churn in the process and add stability to its monthly revenue stream. It’s symbiosis at its finest – at least according to Starz execs – and Peacock this week bought into the narrative, announcing a deal to add Starz as an add-on subscription for an additional $11.99/mo. That’s not exactly a painless addition considering that Peacock users will need to pony up for Starz content, but it’s also an interesting first step in a relationship that could deepen over time. Peacock will essentially be able to identify a swatch of its fanbase that responds to the specific content that Starz provides – and we presume Starz will gain some insights as well, although it’s unclear how much Peacock will share that information with its new partner. Either way, the co-marketing relationship should help both sides.
But for Peacock, this may signal an even more significant evolution. One large question is whether Peacock is starting to lean heavily into female audiences to differentiate itself from other streamers. No blatant indication of that yet – but we’re starting to see signs that the streamer may be moving in that direction. Consider that Bravo recently started producing vertical-format “micro-drama” content for Peacock centered initially on its “Bravo-lebrities” such as reality stars from its “Real Housewives” franchise. Micro-dramas already appeal mostly to a female demographic, which makes Bravo micro-dramas the perfect match. Those short-form episodes – which we’ve started calling SNACs (serialized narrative as content) – will launch this summer almost exactly in sync with the Starz partnership, and while we don’t know if Peacock will cross-
promote those two things in any way, its marketing execs should certainly consider how female-favored brands like Bravo might mesh with Starz’s appeal to women (although perhaps a different slice of the female demo). It’s all additive at the end of the day, and with most large streaming services trying to be everything to everyone, it’s perhaps time that more of them explored focusing on smaller slices of the viewing public.
Next? Peacock remains a broad streamer, especially considering its role as a vehicle for NBC broadcast content. It will be interesting to see how the planned split of NBCUniversal and Comcast’s distribution and broadband/wireless business will affect its strategy and plans going forward. In some ways, the amicable divorce may force Peacock execs to take bolder actions to differentiate themselves from the pack, although it’s important to note that NBCU execs have always framed Peacock as complementary to its broader linear TV and theatrical businesses. But now that most of its cable non-Peacock digital assets have transferred to Versant, with NBCU essentially focused solely on TV powerhouses NBC and Bravo and flagship streamer Peacock when it comes to the TV space, the possibilities are endless. Peacock could narrow its focus and even look for other bundle partners that bring new demos into the fold and more importantly keep them from churning out. NBCU execs suggested to investors in a call this week that the split isn’t a precursor to major M&A, but at the same time their language seems to leave the door open. “We have the ambition that’s big to pursue opportunities that keep us ahead of evolving consumer behavior and audience demands,” noted Comcast co-CEO Mike Cavanagh, who will become CEO of the new NBCU. “And we have the freedom now to explore adjacent businesses where we have the right to play.” Does that mean Peacock will partner with companies like Starz and eventually acquire them? Maybe. Maybe not. But an emancipated NBCU could find itself pursuing multiple paths, which could run parallel to the always unpredictable possibility that a Netflix or Amazon – or even an emboldened Paramount Skydance-Warner Bros. Discovery following a successful close – comes calling. Competitors may start circling once the split happens sometime next year, either as buyers or sellers, and it could be a complicated courtship dance among many players. Tune in to Peacock’s next episode of “Love Island” to see how this romantic journey ends.
