Peacock is betting on familiarity. This week it premiered “The Paper,” a spinoff set in the same universe as “The Office,” but instead of a Scranton paper company, the show centers on a struggling small Midwestern newspaper. So far, “The Office” franchise has mainly consisted of country specific adaptations of the original British series (The American version being the best known, and the Australian version being the most recent). Will a different approach with “The Paper” result in a show that is more impactful than numerous country specific adaptations to date?
To understand the expectations for “The Paper,” it’s worth revisiting the track record of its predecessor. During its NBC run, “The Office” never dominated traditional Nielsen ratings the way many might assume with the 20/20 hindsight of the show’s success today. Its peak came in Season 5, averaging just over 9 million viewers, and it never cracked the top 10 shows overall. Even in the coveted 18–49 demo, “The Office” peaked at #11, behind more conventional sitcoms like “The Big Bang Theory” and “Two and a Half Men.”
In popular memory, “The Office” has managed to punch far above those numbers. Its mockumentary format became a template for countless imitators, and the show’s enduring relevance only grew after it ended, thriving in the streaming era in a way that few of its contemporaries have matched.
Parrot Analytics’ Streaming Economics data highlights just how valuable “The Office” has been in the digital age. Since 2020, the series has generated around $540 million in global streaming revenue across major platforms. That is actually lower than “The Big Bang Theory,” which has pulled in nearly $700 million thanks in part to an active and still popular franchise (“Young Sheldon”, “Georgie & Mandy’s First Marriage”).
A fairer comparison is looking at how “The Office” has performed for Peacock compared to its old linear rival, “Two and a Half Men.” For Peacock, “The Office” has been the clear winner. Since its arrival on the platform in 2021, we calculate that “The Office” has acquired nearly 900,000 subscribers for Peacock, which is more than double the amount brought in by “Two and a Half Men.”
Even today, “The Office” remains in Peacock’s top 10 most in-demand shows, years after it aired its final episode. The only Peacock original in the top 10 on the platform was “Love Island USA.” We estimate that this has earned just over $40M in streaming revenue for the platform compared to “The Office” which has brought in over $100M in subscriber revenue for Peacock.
What does this mean for “The Paper?” The bar set by “The Office” is likely unattainable as lightning rarely strikes twice at that scale. But success doesn’t require replication. If “The Paper” can capture even a fraction of the still-active fanbase of “The Office,” it could become one of Peacock’s most impactful acquisition drivers.
In an era where audiences crave the comfort of established IP, “The Paper” doesn’t need to be revolutionary. It needs to be familiar enough to draw lapsed fans back in, while distinct enough to sustain interest. Streaming economics suggests that even a modest share of the enduring appeal of “The Office” could translate into tens of millions in revenue. For Peacock, that makes “The Paper” a smart bet.
