Peacock, the popular streaming service, is set to increase the costs of its subscription packages. The price change will affect fans who turn to the platform for reruns of classics like The Office. The Premium subscription that features ads will now cost an extra dollar, moving to $6 per month, whereas the ad-free Premium Plus service will increase by two dollars, now costing $12 per month. Annual subscribers to the Premium plan will see a hike of $10, making it $60 per year, while Premium Plus annual plan increases by $20 to $120 per year. According to an email distributed to current subscribers, the new pricing will start from August 17th.
This represents the first instance of a price increase by the NBCUniversal-owned platform since it began operations in 2020. Both existing and new subscribers will be affected by the price adjustments. Earlier this year, the service abandoned its free tier, requiring payment to access content including beloved series like The Office.
The reason behind the price increase? Despite its rapidly growing subscriber base, Peacock has been losing money. By April, the platform had over 22 million subscribers, yet the cost of programming had resulted in a loss of over $700 million. Other major streaming services had already increased their subscription prices, making Peacock the last to do so. Paramount+, Disney+, Apple+, and Max, among others, all implemented price hikes earlier this year.
However, if the ongoing Hollywood strikes aren’t resolved promptly, content scarcity could soon be a concern for all streaming platforms. Current releases were filmed last year, and unless the strike ends soon, next year could be hit by a severe content drought.
Despite these challenges, Peacock has managed to acquire over 20 million subscribers in just a few years, not solely due to classics like The Office. The service also broadcasts a wide range of live sports, such as NFL football, Premier League soccer, and WWE wrestling. Additionally, the platform is known for its collection of quality original content, which includes shows like the uproarious Mrs. Davis and the highly-rated detective series, Poker Face.
Frequently Asked Questions (FAQs) about Peacock subscription price increase
When will the new Peacock subscription prices go into effect?
The new subscription prices for Peacock will go into effect on August 17th.
What are the new prices for Peacock’s subscription plans?
The Premium subscription with ads will now cost $6 per month, while the ad-free Premium Plus service will cost $12 per month. The annual subscription prices will also increase to $60 for Premium and $120 for Premium Plus.
Is this the first time Peacock is raising its subscription prices?
Yes, this is the first time Peacock is raising its subscription prices since its launch in 2020.
Who will be affected by the price increase?
Both current and new subscribers of Peacock will be affected by this price increase.
Why is Peacock increasing its subscription prices?
Despite its rapidly increasing subscriber base, Peacock is losing money due to the high costs of programming, which led to this decision.
Will the price increase affect the content on Peacock?
The price increase will not affect the content directly. However, there might be a shortage of new content next year due to the ongoing Hollywood strikes. Peacock will continue to provide a range of live sports and quality original content.