Prepare your wallet: Peacock raises its paid subscriptions starting August 17

These days streaming services are extremely popular, and most of you are likely subscribed to at least one. If you happen to be one of the 21 million paid subscribers to Peacock, you should know that the NBCUniversal-owned streaming service is raising its prices.

According to TechCrunch, Peacock is notifying its existing customers that it will increase subscription prices starting on August 17. The change will affect new customers immediately. The Premium (ad-supported) plan, which used to cost $4.99 per month, will now be priced at $5.99 per month. On the other hand, the Premium Plus (ad-free) plan, which includes offline downloads and access to live, local NBC channels, will see a $2 increase, bringing it to $11.99 per month.

Since its launch in 2020, Peacock has maintained the same prices. However, the company now claims that these changes are necessary to continue investing in high-quality content and improving the user experience.

A Forbes survey revealed that 26% of Peacock users would consider unsubscribing due to increased prices and regulations. It's worth noting that Peacock isn't in the best financial shape, as the company reported $704 million in losses during Q1 of 2023, a significant jump from $456 million in the same period the previous year. Despite the risks associated with price increases, the company seems to believe it's a necessary step.

Other streaming services, such as Netflix, HBO Max, Apple TV+, and Disney Plus, have also raised their subscription prices, and it seems like these increases haven't driven users away from these platforms. According to the same survey, 86% of streaming service users pay for more than one service. Each streaming service has its own advantages and disadvantages, leading many users to subscribe to multiple services to access the content they find important or entertaining.