August marks the beginning of Peacock’s first increase

Peacock is an American video streaming service. It was introduced back in 2020. It is a subsidiary of NBCUniversal Television and Streaming. According to some recent reports, Peacock is raising its price for the first time since its launch. Well, this is not surprising at all since inflation is affecting nearly everyone.

The reports indicate that the new prices will go into effect on August 17. The new chargers for the Peacock Premium customers are $5.99/month whereas the Peacock Premium Plus customers will pay $11.99 per month. It is just basically an increase of $1 and $2 respectively. Previously, Paramount introduced a similar increase in its prices.

Comcast is the parent company of NBCUniversal that owns Peacock. It believes that the price increase won’t impact the growth of the business. Given the first three months of the current fiscal year, Peacock observed a 60% YoY subscriber increase. Currently, we don’t have access to the most recent data. It might be available with the quarterly earnings of Comcast.

Peacock adds more prime content and sports

A price increase is not favored by anyone. However, if a service comes with certain benefits and perks then it is something digestible. NBCUniversal always looks to add prime content to Peacock. Besides this, the company has added various live sports options to the service.

Peacock reveals that it has added 80,000 hours of content since its release. With this price increase, “Peacock will continue to make investments in delivering an outstanding consumer experience and the highest-quality content while staying viable in the marketplace.” Despite the current price hike, Peacock is one of the cheapest streaming services currently. In comparison, Apple TV+ costs $6.99 per month, Paramount Plus costs $5.99 per month, and the subscription of Netflix is priced at $8.99 per month.

Given the current price increase, NBCUniversal is still expected to lose around $3 billion in 2023. Well, this is particularly due to the transition of Comcast’s division from a broadcast model to a streaming one.