Peacock will raise its price in August 2023

It’s the first price increase since the streaming service launched

Peacock to Raise Prices , for First Time.NBCUniversal's streaming service revealed its first-ever price hike in an email on July 18, CNN reports.Current subscribers will enjoy an extra month of lower costs before being charged new prices. .New users will have to pay more immediately.A premium subscription will now cost $5.99 a month instead of $4.99.An annual subscription for this tier is now $59.99, up from $49.99.The premium plus tier is now $11.99 per month, up from $9.99.The annual subscription for this tier has increased by $20 to be $119.99.In the three years that the streaming service has been active, its subscriber base has hit nearly 22 million. .However, Peacock endured over $700 million in losses due to higher programming costs, which it hopes to offset with an increase in subscription prices

NBC’s Peacock streaming service will increase its subscription price starting August 17. It’s the first time the service has increased prices since launching in 2020.

According to Variety, “effective August 17, for existing users on their next billing cycle and immediately for new customers, the price of Peacock Premium (with ads) will increase by $1, to $5.99 per month, and Peacock Premium Plus (which is mostly commercial-free) will rise $2, to $11.99 per month.”

Media outlets have reported the hike in price is due to the increase of subscribers. The service now has “nearly 22 million” subscribers, and, according to NBC Universal, the new price will allow Peacock “to continue to invest in the best user experience and the highest-quality content while remaining competitive in the marketplace.”

Peacock is an extension of NBC Universal and features both live and on-demand watch options. Earlier this year, the company shut off access to Peacock’s free tier for new users and, in June, stopped bundling Peacock Premium for free for Comcast’s Xfinity customers.