Peacock increases subscription price by $3 a month
Beginning July 23, Peacock Premium will cost $10.99 a month, up from the current $7.99 fee, the company announced Thursday. The Premium Plus option will jump to $16.99 a month, up from $13.99.
Customers can pay $109.99 for an annual plan of Peacock Premium or $169.99 a year for its Premium Plus option.
Peacock is not the first streaming service to raise its fees as the cost of sports and other programming escalates.
Netflix raised its price on most plans in January, with its commercial-free standard plan increasing $2.50 a month to $17.99.
Media companies have been ratcheting up the fees as they struggle to transition from highly profitable but declining business models, including a heavy reliance on pay-TV distribution fees.
This spring, the share of viewers watching programs on streaming services eclipsed viewership of linear channels as traditional television companies increasingly focus on their streaming products.
Comcast-owned NBCUniversal has lost billions of dollars building its Peacock streaming service, which launched five years ago. The payoff remains elusive as the service lags Netflix, Amazon Prime Video and others in terms of subscriber counts and audience share.
Depending on billing cycles, some current Peacock subscribers will see the increases in their bills around Aug. 22.
NBCUniversal said it would test a new Peacock 'Select' tier, which will feature current seasons of NBC and Bravo shows and library titles for the former Peacock Premium price of $7.99 a month or $79.99 a year.
The company touted its programming including 'Love Island USA.'
In the television season that begins in September, Peacock will have 'Sunday Night Football,' NBA, WNBA, Premier League, Big Ten and the FIFA World Cup soccer championships in Spanish. It will also broadcast the Super Bowl and Milan-Cortina Winter Olympics and Paralympics in February 2026.
Surges in pricing come as consumers have faced several years of inflation and economic uncertainty. People who ditched their pricey cable bundles in favor of cheaper streaming services have found their total monthly subscriptions can add up quickly.
Staff writer Wendy Lee contributed to this report.
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