Peacock raises prices for the first time since launching in 2020

Peacock is phasing in the first price hike in its three-year history, which will increase the Premium tier of the streaming service rates $1 per month and the Premium Plus tier $2 per month.

After the increase, the new prices will be $5.99 for Premium and $11.99 $ for Premium Plus. This final tier is virtually ad-free and also includes access to live local NBC channels and the ability to download programs. The update will go into effect on August 17 for existing subscribers and immediately for new ones.

NBCUniversal's parent company, Comcast, will release new numbers later this month as part of of its quarterly results, but as of March 31, Peacock had 22 million subscribers. The service has grown faster than most since a strategic shift in 2021 from its free, ad-supported origins to a focus on paid subscribers. Yet it still lags behind traditional company-backed rivals Disney+, Max and Paramount+, not to mention pure streamers Netflix and Prime Video. The red ink continues to flow (as with most in streaming), with losses projected by the company to peak at $3 billion this year. At launch, executives predicted the service would break even by 2024; last year they admitted that the transition to profitability could take a little longer than that.