 |
|
|
|||||
When Frances Berwick started at Bravo in the 1990s, the cable channel was still positioning itself as a hub for film and arts. Berwick climbed the NBCUniversal ladder, eventually growing her domain to all of the companys entertainment cable channels, including E!, Oxygen True Crime, SYFY, USA, and Universal Kids. Her rise at NBCUniversal has coincided with cables decline. Some 46% of households have cut the cord, and many of the networks she once oversaw faced dwindling audiences and profits to send back to parent company Comcast. So, the company amputated the afflicted limbs. All of those entertainment networks, along with news magnets like MSNBC and CNBC, will be overseen by a spinoff company, Versant, which is expected to be spun out by the end of 2025. But Bravo, the network that houses reality franchises like The Real Housewives, Vanderpump Rules, and Top Chef, is staying in-house. Thats due in part to the fan-driven culture of its programming, which can prop up custom advertising, live events, andthe company hopestheir streamer Peacock. Berwick will lead the way: In January, she was named chair of Bravo and Peacock Unscripted, effectively merging the reality network with its streamer. Bravo isnt the perfect bet for NBCUniversals television future. Its cable presence is sagging like most of its Versant counterparts, with an expected decline of 5% in subscribers and 6.5% in ad sales in 2025, per market research firm Kagan. (Bravo declined to disclose their financials.) Bravo also remains tied up in some long-tailed legal battles from 2023s Reality Reckoning, when claims of talent mistreatment challenged the network. But across conversations with network executives, reality stars, and fans, its clear that Bravo and Peacock have grown inseparable. Bravo-holics expect to watch their favorite programming cable-free, and Peacock relies on the backbone of Bravos low-churn, high-volume audience. Berwick herself calls Peacock critical to the Bravo ecosystem, and vice versa. NBCUniversal is betting that the relationship is strong enough to save Bravo from a looming cable onslaught. Bravo and Peacock’s ‘Infinity Loop’ After almost five years, Peacock is still the least profitable contender in the streaming wars. While Netflix, HBO Max, Disney+, and Hulu have all reached positive profits, Peacock lost $215 million in the first quarter of 2025. Still, Peacocks revenue rose 16% to $1.2 billion, and Comcast president Mike Cavanagh predicted improved monetization, bigger scale and therefore declining losses over time. NBCUniversals primary reason for keeping Bravo in-house is to ensure a loyal, engaged audience for Peacock. Dave Kaplan, NBCUniversals EVP of content analytics, calls Bravo top of the pack for habitual viewers across cable and streaming. Bravo viewerswhich can number as many as 4 million per episode for the Real Housewives of Beverly Hills (RHOBH)are a consistent, low-churn audience who are likely to maintain their subscriptions. Many are yearslong viewers, hopping from show to show and never tapping out. The only other audience that comes close is for procedurals like Law & Order. Bravos sizable audience also means that Bravo shows dominate on Peacock. The streamers daily list of top 10 TV shows almost always has multiple Bravo programs among the ranks. The recent season of The Real Housewives of Salt Lake City was a blowout success, averaging 2.7 million across platforms. Importantly, 55% of those 2.7 million viewers watched on Peacock. [Bravos] audience comes back more days in a month; when they do come they tend to watch more distinct titles, Kaplan says. They also spend more hours collectively consuming the content. Those three markers are significantly higher for the Bravo cohort than the Peacock average. That says to us that they are a really high-value cohort. [Photo: Courtesy NBCUniversal] The Peacock audience is different from the cable one. Theyre noticeably younger, and often more willing to invest in nascent programming. Kaplan points to Peacock as a primary reason for the success of Southern Hospitality, which has grown steadily over its three seasons and just hit 1.3 million average viewers. For a lot of these new shows that are getting discovered for the first time and that don’t have those entrenched habits of how they’re being consumed on cable, we look to Peacock even more importantly to grow that audience, he says. Most importantly, Peacock and Bravo have entered a sort of crossover content partnership, one that will be expanded with Berwicks new role. Bravo stars have broken out on Peacock Originals like The Traitors. When Vanderpump Rules star Ariana Madix started hosting Peacocks Love Island USA last year, it became the summers most-watched unscripted streaming original at over 5 billion minutes, per Nielsen. Some shows make the jump from streaming to cable, as The Real Housewives of Miami did, and The McBee Dynasty: Real American Cowboys will do this summer. We have a great opportunity between linear and streaming to find everyone where they are and deliver the content in the way that they want to access it, says Jenny Storms, NBCUniversal CMO of TV and streaming. It’s about doubling down on the efforts of what we call our infinity loop between Bravo and Peacock From Reality Reckoning to Peacocks Pride Bravos recent victory lap is especially shocking, given recent years of bad press. In 2023, former Real Housewives of New York (RHONY) star Bethenny Frankel called out the network for poor treatment of its talent, pushing reality stars to unionize. Two years ago, the movement ripped through Bravos public image, begetting a Vanity Fair exposé. The news has since quietedbut the lawsuits persist. Former RHONY star Leah McSweeney is suing Bravo for discrimination, alleging that employees were pressured to consume alcohol. Meanwhile, former Real Housewives of New Jersey (RHONJ) star Caroline Manzo is suing Bravo for encouraging and allowing costar Brandi Glanville to sexually harass her. (McSweeney, Manzo, and Glanville did not respond to reqests for comment.) People are being held both publicly and legally accountable, Frankel wrote in a statement to Fast Company. Sets have changed. Cultures are evolving. And people are finally being held responsible for their behavior. By that definition alone, the Reality Reckoning is already a success. [Photo: Courtesy NBCUniversal] Andy Cohenthe longtime Bravo executive and on-camera host who executive produces 11 shows across NBCUniversal, including all of the Housewives franchisesis largely tight-lipped about the controversy. “It was a lot of noise,” he says. Berwick says the network was in the midst of adjusting its approach to some elements of its shows when the controversy happened. There were changes that we were already making around certain aspects of our production, including one thats been much talked about around alcohol, Berwick says. We were always thoughtful about that, but now were being even more thoughtful. On-camera talent suggests that productions have been more open to hearing about their experiences on the show. There have been some times where Im like, this trip is not good. Why are we in Texas? says Gizelle Bryant, longtime star of The Real Housewives of Potomac. We came back from Mexico and had a nice little talk with [VP of Current Production] Josh Brown and said, were not doing that again. We got bit by mosquitos and it wasnt fun. He listened and said no problem. Old Franchises, New Audiences While Bravos synergy with Peacock is ostensibly the reason they kept it in-house, one cannot overlook the contents recent success. Television viewing is down across mediums, thanks to the growth of alternative platforms like YouTube and TikTok. But Berwick points out that the majority of Bravo shows are expanding their audiences year-over-year. Decades-old legacy franchises form the backbone of Bravo. The Real Housewives of Orange County (RHOC) premiered 19 years ago; Below Deck is nearly 12 years old. From these base franchises come a variety of spin-offs and themed lead-ins. RHOBH led to Vanderpump Rules, which provided a lead-in for Summer House, which led to the three-season Winter House, which hasnt aired since 2023. Bravolebrities often get solo wedding specials (Bethenny Ever After) and family-focused series (Denise Richards & Her Wild Things). Even Top Chef has a Peacock-exclusive spinoff, Last Chance Kitchen, in which eliminated contestants face off to return to the main competition. Given how far back these shows date, Bravo is always at risk of franchise fatigue. Berwick says she thinks about this often. There are moments where we need to pause and pull back, she says. At one point, we had five versions of the Below Deck franchise. Were currently at three. That leaves Bravo executives to pick through their current slate, looking for an angle to the next big thing. Rachel Smith, Bravos EVP of programming, production, and development, has grown accustomed to this process, having developed shows for Bravo since the Queer Eye days. As she picks through spin-off ideas and new subcultures to explore, shes always looking for an undeniable hook. We’re looking for earned drama, real humor, unexpected storytelling, Smith says. Were very much focused on breeding the next generation of shows and talent based on what we already have and who we already have. Sometimes that doesnt work. The Real Housewives of Dubai had two things going for it: The sheen of the Housewives name, and the preexisting celebrity of Ladies of London star Caroline Stanbury. But fans were frustrated with Bravos choice to film in Dubai given the United Arab Emiratess human rights record, and its two seasons seemed muted in their chatter among fans. In 2024, Bravo officially paused the show. [Photo: Courtesy NBCUniversal] But, when it does work out, these spin-offs can provide the network a refresh. Exiled Vanderpump Rules stars Kristen Doute, Jax Taylor, and Brittany Cartwright provided the jumping-off point for The Valley, which launched in 2024. Even after some negative fan chatter, the opening episode was the most-watched series premiere for Bravo in nearly a decade. The season two premiere, clocking in at 3.1 million viewers, was Bravos most-watched second season return since RHONJ some 14 years prior. The audience wants to be proven wrong, says Alex Baskin, CEO of production company 32 Flavors, which handles production for most of Bravo’s California-based shows. We have to try not to be governed by immediate social media reactions to things and know that, in the long run, we have a great series with The Valley. They’re going to embrace it once they fully see it. They want to be convinced. Cultivating the Bravo-conomy Strong programming has turned Bravo into a brandone NBCUniversal and Comcast are happy to csh in on. There are live events, promotional tie-ins, themed advertisements, and gobs of merch. Two years ago, The Hollywood Reporter called this the Bravo-conomy. And, while the U.S. economy flirts with a recession, the Bravo-conomy looks strong. That all starts with advertising. The same forces that make Bravo a boon for Peacockhabitual viewing and fan devotionmake the network strong with advertisers. Berwick says that they see huge lifts in brand recall, purchase intent, [and] emotional engagement across advertisements, whether it be an in-show integration or a simple commercial break placement. (Bravo declined to disclose exact financials.) [Photo: Courtesy NBCUniversal] Watching Bravo on cable or Peacocks ad-supported tier, youll likely find a reality star hawking product. Maybe its Dorit Kemsley and Dorinda Medley playing Words With Friends, or Gina Kirschenheiter cleaning up spilled tea with Clorox. While some of these ads are coordinated by the stars themselves, others are shepherded (and profit-shared) by the network. Jamie Cutburth, NBCUniversals EVP of marketing and brand partnerships, points out that these advertisements are successful because of their integration with Bravos programming. When Lisa Barlow is eating Wendy’s in the car, that seems very natural, he says. We’re not creating anything thats beyond what the fans are already accustomed to seeing. Bravos live events business also provides a helpful tie-in for advertisers. From behemoths like BravoCon to smaller gatherings like Watch Party By Bravo, attendees will find branded activations. CMO Storms says that building BravoCon takes a village, it takes the entire company. They price it accordingly: A base-level ticket for the November convention in Las Vegas will cost you $672. There are dozens more businesses that Bravo props up, but doesnt necessarily reap profits from. Bravo-themed podcasts abound, and artisan-made merch clogs Etsy. (Its a sign of a superstrong brand, Cohen tells me.) Then theres the parade of businesses Bravo stars hawk on-camera, from candles to joggers. Ive got news: Theyre not all successful, says RHOC star Heather Dubrow of these talent-created businesses. The power of the platform is so huge that if you stay in this authentic lane, you get multiple opportunities. These businesses are all products of Bravos commercial flywheelthe asset that makes Bravo alluring nearly two decades after the first episode of Housewives aired. Fans will purchase the merch, theyll attend the conventions, theyll watch the ads. Maybe theyll even buy (and keep) a subscription to Peacock. So long as that flywheel stays active, and Bravo maintains its commercial viability, Comcast will be happy to keep Bravo within the NBCUniversal family.
Category:
E-Commerce
The time has come for another highly anticipated arrival on the New York Stock Exchange (NYSE). Circle Internet Group, a stablecoin provider, is making its initial public offering today for $31 a share. Heres everything you need to know about Circles IPO. What is Circle? New York-based Circle, led by CEO Jeremy Allaire, is the issuer of USDC, a stablecoin tied to the U.S. dollar and the second-largest stablecoin globally. Circle also offers EURC, a stablecoin tied to the Euro. When is Circles IPO? Circle set its share prices on Wednesday and plans to list its stock today, Thursday, June 5. The offer is expected to close the following day, Friday, June 6. What is Circles stock ticker? Circle will trade its stock under the ticker CRCL. Which exchange will Circles shares trade on? Circle will trade its shares on the NYSE. What is the IPO share price of Circle? Circles share price for the IPO is $31. The marketed estimate was $27 to $28. How many Circle shares are available in its IPO? There will be 34 million shares of CRCL available. Circle is offering 14.8 million shares, while stockholders are selling 19.2 million shares. In addition, Circle is offering underwriters, like JPMorgan and Goldman Sachs, 30 days to purchase 5.1 million additional shares. How much will Circle raise in its IPO? The company is set to raise $1.1 billion in its IPO. What is Circles valuation? Circles current valuation is about $6.9 billion, but once all shares are diluted, it could increase to $8.1 billion. What else is there to know? The stock market has experienced volatility under President Trumpespecially in response to his Liberation Day tariffs. However, PitchBook reports that some big names, such as Klarna, Discord, and Figma, are still expected to make IPOs this year. Klarna is the likeliest, with a 97% probability. Meanwhile, digital banking services startup Chime Financial is expected to list on the Nasdaq as soon as next week.
Category:
E-Commerce
U.S. consumer goods giant Procter & Gamble has announced that it will lay off 7,000 workers over the companys next two fiscal years. The staff reductions come at a time when the geopolitical environment is unpredictable, the company said, while consumers are facing “greater uncertainty. Heres what you need to know about P&Gs job cuts. 7,000 P&G jobs to be lost On June 5, as two of Procter & Gambles executivesChief Operating Officer Shailesh Jejurikar and Chief Financial Officer Andre Schultenwere speaking at the Deutsche Bank dbAccess Global Consumer Conference in Paris, the company announced a new growth strategy. That growth strategy consists of three elements: a revamping of its portfolio of goods, its supply chains, and its organizational design. Unfortunately for a great number of Procter & Gambles employees, the organizational design part of its revamp is just another term for layoffs. P&G executives said that as part of that organizational design revamp, the company would be cutting 7,000 jobs over its next two fiscal years. Procter & Gamble is currently in its fourth quarter of fiscal year 2025, which means the layoffs should be complete by the end of its fourth quarter of fiscal year 2027. StockAnalysis.com reported that as of June 2024, Procter & Gamble had 108,000 employees worldwide, which means the reduction would equate to about 6% of its workforce. In a statement, Procter & Gamble said the job cuts would come from non-manufacturing roles, and that they would equate to about a 15% reduction in the companys non-manufacturing workforce. P&G says the job cuts are being done to enable an even more agile, empowered, and accountable organization design and that they will make roles broader, teams smaller, work more fulfilling and more efficient. Portfolio and supply chain changes coming, too In addition to the job cuts, Procter & Gamble said it would be making interventions regarding its supply chain. These interventions include both right-sizing and right-locating production. The company also said it will be reviewing its portfolio choices and will divest of some of its brands entirely, while exiting some categories, brands, and product forms in individual markets. P&G did not announce which brands will be divested of, but the company currently owns many of the biggest household name consumer goods brands in the world, including Always, Bounty, Charmin, Dawn, Downy, Febreze, Gillette, Head & Shoulders, Olay, Oral-B, Pampers, Pantene, Tide, and Vicks. What is driving the job and brand cuts? Whats interesting about Procter & Gambles announcements is some of the word choices they used. While the company did not directly reference President Donald Trumps ongoing tariff war as the reason for its three-pronged revamp, its hard not to feel that the current tariff uncertainty wasnt at the front of P&G executives minds when making these decisions. In the statement announcing the changes, the company acknowledged that consumers face greater uncertainty in the future and that the geopolitical environment was unpredictable. A particularly telling piece of language is when P&G spoke of its upcoming supply chain changes, noting that it was right-locating production of some of its supply chain components. Many large U.S. companies the size of P&G manufacture many of their products across borders in countries that are being hit hard by Trumps tariffs. Those tariffs will raise the total cost of making those goods, leading to reduced margins. If a company can shift its production from a high-tariffed country to a lower-tariffed one, that move can help mitigate some of the increased tariff-related costs. However, in its most recent earnings call, P&G CFO Andre Schulten stated the “majority of our supply chain is close to our consumption” without specifying just how close. Nevertheless, Schulten said that put P&G in a “favorable position.” But companies also fear that a tariff-fueled recession is increasingly likely in America, if not the entire world. If that happens, consumers will cut back on spending, which will lead to lower sales. One of the fastest ways that a company can compensate for lower sales is by reducing its workforce. Yet, as The Wall Street Journal notes, Procter & Gamble has stated that the layoffs arent being made for cost-cutting measures and instead are being done to create a better workplace structure. In today’s statement on the matter, P&G also said that its growth strategy was “not a new approach, rather an intentional acceleration of the current strategy”a point the company reiterated to Fast Company in an email, and one meant to stress that the changes are not a reaction to any recent trade policies or shifts in geopolitical relationships. How did PG stock react to the news? Following the announcement at the Paris conference today, Procter & Gambles stock, which trades under the ticker PG on the New York Stock Exchange (NYSE), has remained relatively flat in premarket trading. Procter & Gamble reported its most recent financial results for Q3 2025 in April. The company reported net sales of $19.8 billion for the third quarter, representing a 2% decrease compared to the same period a year earlier. Its gross profit was also down 3% for the quarter versus the same quarter a year earlier. PG shares have fluctuated widely since the beginning of the year. They nearly reached $180 per share in early March, while falling as low as below $157 in April. This post was updated to clarify that P&G describes its growth strategy an acceleration of an existing approach, not a direct reaction to new trade policies.
Category:
E-Commerce
All news |
||||||||||||||||||
|
||||||||||||||||||