U.S.-based streaming service Peacock is making its biggest price increase
Peacock is betting that its live sports catalogue will help it stay in the race, even if it means asking users to pay $3 more.
Streaming used to feel like the budget-friendly alternative to cable. Now, it is starting to look just as pricey. Peacock is the latest platform to raise its subscription prices, with a new round of increases kicking in on July 23.
The ad-supported Premium plan will jump from $7.99 to $10.99 per month. The ad-free Premium Plus plan will rise from $13.99 to $16.99. Annual subscriptions are climbing as well, with Premium going up to $109.99 and Premium Plus increasing to $169.99. Existing subscribers will see the higher rates when their current plan renews after the new prices take effect.
The company is justifying the price hike by pointing to its significant recent investments in live sports. Peacock recently secured a $2.45 billion per year deal to stream NBA games. By 2026, it expects to offer more live sports than Netflix, Max, Amazon Prime Video, Apple TV+, Paramount Plus, and Hulu combined.
Ogbonda Chivumnovu
Peacock isn't alone in raising prices. Apple TV+ hiked its price by $3 in 2023 (from $6.99 to $9.99), and even Netflix has steadily nudged up costs while cracking down on password sharing and restructuring its plans.
To soften the blow of the price hike, NBCUniversal, the owner of Peacock, is quietly testing a new tier called Peacock Select. This stripped-down version of the service will cost $7.99 and exclude sports and original content. Instead, it focuses on on-demand shows from NBC and Bravo, potentially appealing to viewers who want core TV programming without the extras.
In the end, this pricing shift reflects a broader change in how streaming platforms operate. As content costs rise, services are leaning harder on subscribers to foot the bill. For Peacock, the gamble is that enough viewers see live sports as worth the added price or at least enough to keep the service competitive in an increasingly crowded market.
Emmanuel Oyedeji
