Peacock is Getting its First-Ever Price Hike
Peacock, the popular streaming service owned by NBCUniversal, has announced its first-ever price hike, affecting both its premium and premium plus subscription tiers.
New users will now have to pay $5.99 per month for the premium subscription, up from the previous price of $4.99. The premium plus tier, which offers mostly ad-free streaming, will cost $11.99 per month, an increase from $9.99.
Additionally, annual subscriptions for both tiers have seen a price increase, with the premium plan now priced at $59.99 (previously $49.99) and the premium plus plan at $119.99 (previously $99.99).
Subscribers were notified of the price changes through an email sent by Peacock on Tuesday. However, current subscribers will continue to be billed at the old prices for one additional month before the new rates take effect.
Despite experiencing significant growth in its subscriber base, which reached nearly 22 million as of April, Peacock has faced substantial losses, exceeding $700 million, largely due to rising programming costs. To mitigate these losses, the streaming service has decided to raise its prices. Earlier this year, Peacock deactivated its free tier, further emphasizing its shift towards a subscription-based model.
Peacock’s decision to increase prices follows a trend in the streaming industry, as other major platforms such as Netflix, Paramount+, Disney+, and Max (owned by Warner Bros. Discovery, CNN’s parent company) have all recently raised their subscription fees. With investors pressuring these companies to generate revenue from their services, there is a growing emphasis on monetization, even if it means the potential loss of some subscribers.
Peacock boasts an extensive content library of approximately 80,000 hours, including popular shows like “The Office” and “New Girl.” The platform also offers 5,000 hours of live sports coverage, featuring events such as Premier League football and WWE programming.
