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Peacock has bad news for its subscribers tonight. The streamer is notifying existing customers that it will be raising its subscription prices on August 17, starting at 12 midnight EDT. This change will affect new customers immediately. This is the first time that Peacock has seen a price hike since its introduction.
Users will pay $4.99 per month for Premium (ad supported) to $5.99 per month. Meanwhile, Premium Plus (ad-free) will increase by $2 to $11.99 per month.
The reason for the change, the company says, is that it can continue to invest in providing high-quality content and user experience.
With competitors like Netflix and Max charging $19.99/month, the price hike will allow Peacock to remain competitive in the market. Last year, Apple TV+ raised its subscription fee to $6.99/month.
Additionally, Paramount+ recently raised its ad plan to $5.99/month and its new ad-free tier, Paramount+ with Showtime, to $11.99. While Peacock is priced at Paramount+, the streaming service doesn’t have dozens of Showtime originals to boast.
Still, the streamer is touting its live sports offering, which it calls the largest direct-to-consumer streaming service in the U.S. with 5,000 hours of content. These include Women’s World Cup, Sunday Night Football, Premier League, Big 10 and more.
Peacock subscribers can enjoy daily live news, 24/7 streaming channels and original titles such as “Poker Face,” “Mrs. Davis, “The Continental,” “Bel-Air,” “Dr. Death,” “Based on a True Story” and “Pubkiss.” It’s the only premium streamer with next-day access to all of NBC and Bravo’s new shows.
Since its launch in 2020, Peacock has released over 80,000 hours of content, according to the company.
The price hike comes after the company posted a loss of $704 million in the first quarter of 2023, compared to $456 million in the same period a year earlier.
In order to make a profit, Peacock has moved away from its free offer and removed the option for new customers. Also, the ad support tier will no longer be bundled at no additional cost to Xfinity customers.