Peacock Subscription Prices Set to Increase Starting August 17

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Peacock, the popular streaming service, is delivering news to its subscribers tonight as it announces a price hike. Beginning August 17, existing customers will see an increase in their subscription prices, while new customers will be affected immediately. This marks the first time Peacock has raised its prices since its launch.

Premium (ad-supported) subscribers will now pay $5.99 per month, up from $4.99, while Premium Plus (ad-free) subscribers will face a $2 increase to $11.99 per month. According to the company, the reason behind this change is to continue investing in delivering high-quality content and improving the user experience.

The price increase will also enable Peacock to remain competitive in the streaming marketplace, where rivals like Netflix and HBO Max charge upward of $19.99 per month. Last year, Apple TV+ raised its subscription cost to $6.99 per month. Paramount+ recently increased its ad plan to $5.99 per month and introduced a new ad-free tier, Paramount+ with Showtime, priced at $11.99 per month. While Peacock will have a similar pricing structure to Paramount+, it does not offer a comparable range of Showtime originals.

Peacock stands out with its extensive live sports offerings, which it claims are the largest among direct-to-consumer streaming services in the U.S., offering over 5,000 hours of content. This includes coverage of events like the Women’s World Cup, Sunday Night Football, Premier League, and Big 10 games, among others.

In addition to live sports, Peacock provides subscribers with daily live news, 24/7 streaming channels, and a range of original titles such as “Poker Face,” “Mrs. Davis,” “The Continental,” “Bel-Air,” “Dr. Death,” “Based on a True Story,” and “Bupkis.” Notably, it is the only premium streaming service that offers next-day access to all new shows from NBC and Bravo.

Since its launch in 2020, Peacock has amassed an impressive library of over 80,000 hours of content. However, despite its content success, the streaming service reported losses of $704 million in the first quarter of 2023, up from $456 million in the same period the previous year.

To improve profitability, Peacock has shifted away from its free offering, removing the option for new customers. Additionally, the ad-supported tier is no longer included at no extra charge for Xfinity customers, signaling a change in the company’s strategy.

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