Los Angeles, CA – NBCUniversal’s streaming service, Peacock, is set to raise its prices this summer in a bid to increase revenue from subscribers. This price hike, coming a year after the last fee increase, will be implemented for new customers just before the 2024 Olympics.
Starting in mid-July, the cost of Peacock Premium (with ads) will go up by $2 to $7.99 per month, while Peacock Premium Plus (mostly ad-free) will also see a $2 increase to $13.99 per month. Annual prices for both tiers will also rise, with Premium going from $59.99 to $79.99 and Premium Plus from $119.99 to $139.99 per year.
The new rates will take effect on July 18 for new Peacock subscribers and for existing customers on or after their billing date on August 17. Peacock Premium Plus offers ad-free content, downloadable episodes, and live local NBC channels but still includes some ads due to streaming rights.
As of the first quarter of 2024, Peacock had 34 million subscribers, marking a 55% increase from the previous year. The service’s success was bolstered by streaming exclusive events like the NFL Wild Card game, which attracted and retained a significant number of new subscribers.
NBCUniversal’s decision to increase Peacock’s prices reflects a shift towards profitability in the direct-to-streaming business. The company had previously offered low-price and free tiers to attract consumers but has since discontinued the free tier for new users and stopped bundling Premium for free with Xfinity packages.
Peacock boasts an extensive lineup of over 100,000 programming hours, including exclusive streaming windows for Universal movies, next-day episodes from NBC and Bravo, Peacock originals, and live sports coverage. The service’s upcoming offerings include a variety of original series and exclusive sports content for the 2024 NFL season.
For the 2024 Paris Olympics, NBCUniversal plans to provide more streaming content than ever before, with 5,000 hours of coverage including interactive features and watch parties. Additionally, Peacock will premiere new titles and return shows throughout the year to keep subscribers engaged.