Peacock Plans 25-30% Price Increase, Adds New Select Tier

NBCUniversal is raising subscription prices for its Peacock streaming service by $3 per month across its Premium and Premium Plus plans, effective July 23, with annual pricing also increasing. This marks the third consecutive yearly price hike, positioning Peacock's rates above competitors like Netflix, Disney+, and Paramount+. Alongside the increases, Peacock is piloting a new, lower-cost "Select" tier at $7.99 per month or $79.99 per year, featuring current NBC and Bravo shows and select library content, aimed at more price-sensitive viewers. The price adjustments come amid growing content investments, including exclusive WWE programming and major sports rights such as the Paris 2024 Olympics and NBA games, as Peacock shifts focus from subscriber growth to maximizing revenue per user. Despite potential subscriber churn, the strategy is expected to boost Peacock's revenue significantly, helping offset soaring content acquisition costs. The changes highlight a broader streaming industry trend toward value recalibration and audience segmentation in 2024.