AdTechGod Pod Ep. 123: From Incremental Reach to Performance Engine — NBCUniversal’s Kristina Shepard on Streaming TV

Guest: Kristina Shepard, EVP Streaming and Performance Sales & Partnerships, NBCUniversal
Host: AdTechGod
Date: March 3, 2026

Episode Overview

This episode spotlights the transformative journey of streaming television from being an incremental reach channel to becoming a robust performance engine within the digital advertising ecosystem. Host AdTechGod interviews Kristina Shepard, a veteran in the streaming space with stints at News Corp, Opera MediaWorks, Roku, and now NBCUniversal. Their conversation delves deeply into the evolution of streaming TV, the rise of ad-supported models, the important role of premium and live content, changing consumer behaviors, and Kristina’s perspective as a leading woman in adtech.

Key Discussion Points & Insights

The Evolution of Streaming: From Incremental Reach to Performance

• Early Days of Streaming (02:09, Kristina Shepard)
  • Kristina traces her career from print media at News Corp to early mobile video at Opera MediaWorks and eventually to Roku, highlighting the nimble, fast-moving environments and “challenger” cultures she gravitated toward.
  • She details how, in 2017, Roku had only 13 million active accounts compared to today’s 90 million, demonstrating explosive growth, especially accelerated by the COVID-19 pandemic.

“In 2017...it was really Roku and then Hulu was the biggest and in some cases, you might argue the only game in town for streaming. ... Fast forward to today, it’s a totally different ecosystem.”
— Kristina Shepard [02:48]

• Streaming’s Pandemic-Driven Boom (05:45, AdTechGod)
  • The pandemic caused an initial advertising pullback, quickly followed by a massive growth in streaming adoption and advertising spend.
  • Kristina highlights NBCUniversal’s launch of Peacock during this period, noting Peacock’s early commitment to ad-supported streaming as “trailblazing.”

“It was really trailblazing to see Peacock launch with ads. ... Now we’re seeing every single TV network channel, you know, have an ad supported tier, even Netflix, which literally publicly said they never would.”
— Kristina Shepard [07:21]

• Ad Revenue vs. Subscriptions (08:39, AdTechGod & 09:27, Kristina Shepard)
  • The superiority of ad revenue at scale: Subscriptions come with churn issues and limitations, whereas ad revenue grows with audience.
  • Streaming evolved from being an “incremental reach vehicle” to a core channel for media planning.

“What started as an incremental reach vehicle, now we’re looking at streaming as one of the first channels that a brand might plan around based on how the audience has shifted.”
— Kristina Shepard [09:27]

Performance, Personalization, and Measurement

• The Brains of Digital, The Beauty of TV (04:51, Kristina Shepard)

  • Streaming combines digital’s data sophistication with the high-impact format of TV, enabling advertisers to pursue both brand and performance goals.
  • A “completely new playbook” is emerging—measuring not just incremental reach or brand metrics, but true business outcomes.

• The Modern Viewer: Choice and Value (10:40, Kristina Shepard)

  • Streaming audiences are diverse and motivated by cost and content variety.
  • NBCU is actively distributing content across both Peacock and 299 additional digital endpoints; the strategy recognizes viewers’ desire for curated, personalized experiences.

“The audience coming into streaming is very diverse and wants a very unique, curated, personalized experience. ... Streaming allows for that in a way that traditional television might not have been able to in the past.”
— Kristina Shepard [11:24]

• Premium Content, Performance, and Outcomes (12:07, Kristina Shepard)
  • The industry is still transitioning toward viewing streaming as a performance-focused channel; some CMOs remain anchored in traditional mindsets.
  • Performance and content quality aren’t mutually exclusive—live, premium, and culturally relevant moments (Super Bowl, Olympics, NBA) drive concurrent viewing and attention.

“To really drive performance, you need to be part of the conversation. You need to kind of drive the scale that really can now come from these big live temples.”
— Kristina Shepard [13:59]

Live Content: The Power of Cultural Moments

• Live is King for Scale and Attention (15:04, Kristina Shepard)
  • Live content, especially sports, is NBCU’s differentiator—owning “51 out of 52 Sundays” with Sunday Night Football, NBA, and MLB.
  • Livestreaming offers advertisers consistently engaged, large audiences and enables dynamic, always-on messaging and retargeting opportunities.

“Live is right now the number one way to [aggregate scale and attention]. ... You’re going to see us own 51 out of 52 Sundays.”
— Kristina Shepard [15:20]

• Storytelling with Consistent Engagement (16:14, AdTechGod & 16:41, Kristina Shepard)
  • The ability to engage viewers week after week lets brands build memorable campaigns over extended periods.
  • Scale is essential to effective performance; NBCU’s reach—286 million people monthly, and 200 million in just 11 days during big events—underscores their impact.

“A big component of performance that often gets lost...is that scale is one of the most important indicators on driving performance.”
— Kristina Shepard [16:58]

The Future of Streaming (2026 and Beyond)

• Personalization, Automation, and Interactivity (18:24, Kristina Shepard)
  • Streaming is shifting from being just an “app-based version of television” to delivering dynamic, interactive, and deeply personalized experiences.
  • Younger viewers expect to engage with content—multi-view Olympic coverage, interactive courtside NBA experiences, and even shoppable moments direct from the TV screen.

“I think it’s going to be very important to have personalized experiences, dynamic interactive ways of engaging with the audience. ... Streaming can do that in a really dynamic, interesting way.”
— Kristina Shepard [19:04]

• Hybrid Lean-Back & Lean-In Experiences
  • Future streaming will satisfy both passive viewing (“lean back”) and active participation (“lean in”), helping fans immerse themselves deeper into the content and culture they love.

Women in AdTech: Kristina’s Journey & Perspective

• Leadership, Balance, and Being Uniquely Female (21:12, Kristina Shepard)
  • Kristina shares candidly about her career phases—single, with and without kids—and the myth of balancing it all.
  • She reframes being a working mother as a unique advantage: multitasking, creativity, and negotiation skills honed at home transfer to business leadership.

“You can have it all, but you can’t have it all at the same time, and that’s okay.”
— Kristina Shepard [21:38]

“We can also bring empathy and kindness and what makes us authentic to the role, in a way that can be equally as successful as our counterparts.”
— Kristina Shepard [22:27]

• The Power of Community: Chief (22:40, Kristina Shepard)
  • Chief provides a vital network for female leaders to connect, share, and support each other through small-group interaction and broader fireside chats.

Notable Quotes & Memorable Moments

• "Streaming is the brains of digital and the beauty of TV." — Kristina Shepard [04:51]
• “Now we’re looking at streaming as one of the first channels that a brand might plan around.” — Kristina Shepard [09:27]
• “It was really trailblazing to see Peacock launch with ads.” — Kristina Shepard [07:21]
• “To really drive performance, you need to be part of the conversation.” — Kristina Shepard [13:59]
• “Live is right now the number one way to [aggregate scale and attention].” — Kristina Shepard [15:20]
• “Being a female in the industry...every kind of chapter has looked different.” — Kristina Shepard [21:12]
• “You can have it all, but you can’t have it all at the same time, and that’s okay.” — Kristina Shepard [21:38]

Timeline of Important Segments

• [02:09] Kristina’s career journey from print to streaming & companies she’s worked for
• [04:51] Streaming’s evolution and fusion of digital + TV benefits
• [05:45] Pandemic’s effect on streaming adoption & ad revenue
• [07:21] Peacock’s launch and trailblazing ad-supported model
• [09:27] Streaming’s role in modern media planning, audience-based value
• [11:24] Personalization and distribution strategies for diverse streaming viewers
• [12:07] The dual importance of premium content and outcomes for advertisers
• [13:59] Brands leveraging cultural, live events for relevance and performance
• [15:20] The dominance and future of live content at NBCU
• [16:58] The importance of scale for driving performance outcomes
• [18:24] Predictions for the future: interactivity, dynamic ad experiences, personalization
• [21:12] Kristina’s candid perspective on navigating adtech as a woman leader

Conclusion

Kristina Shepard provides a compelling blueprint for the current and future state of streaming TV—one where content quality, performance measurement, ad innovation, and inclusivity all meet. NBCUniversal’s commitment to live, premium content, and evolving viewer experiences sets the stage for what’s next, both for brands and audiences. Her reflections on leadership and community underscore the importance of authenticity and support in navigating adtech’s fast-evolving landscape.