Peacock TV, one of the top streaming services, has made a significant move by raising its subscription prices for the first time. This development was expected and has now been confirmed.
According to The Hollywood Reporter, starting from August 17, subscribers to Peacock Premium will experience a price increase from $4.99 to $5.99. On the other hand, Premium Plus subscribers will face a monthly increase of $2, raising their prices to $11.99.
Despite this price adjustment, NBC Universal, the parent company of Peacock, remains confident that it will not hinder the platform’s success. In fact, subscriber numbers have soared by an impressive 60% year-on-year during the first three months of 2023.
Why is the price of Peacock going up?
The motivations behind the price increase go beyond a simple desire for profit. NBC states that the higher prices will allow Peacock to invest further in enhancing user experience and offering the highest-quality content, all while remaining competitive in the market. Additionally, since its launch, Peacock has added over 80,000 hours of content.
However, despite its growing subscriber base, Peacock currently operates at a substantial loss. NBC Universal anticipates a loss of approximately $3 billion this year, primarily due to the transition of its Comcast division from a broadcast model to a streaming model.
It is worth noting that NBC is not alone in raising prices. Other streaming services such as Paramount Plus with Showtime and industry giants like Disney Plus, Apple TV Plus, Netflix, Amazon Prime Video, and Max have all implemented similar increases.
It was only a matter of time before Peacock followed suit, aligning its pricing with the industry trend. Nevertheless, even with the increase, Peacock’s premium plan remains priced below competitors like Netflix and Apple TV Plus, which both charge $6.99, $1 more than Peacock.
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Alex Smith is a writer and editor with over 10 years of experience. He has written extensively on a variety of topics, including technology, business, and personal finance. His work has been published in a number of magazines and newspapers, and he is also the author of two books. Alex is passionate about helping people learn and grow, and he believes that writing is a powerful tool for communication and understanding.
