Brace yourselves, cord cutters. The price of Peacock is going up.
NBCUniversal’s popular video streaming service, which is the streaming home of hit shows like “The Office” and “Yellowstone,” announced a new price increase on July 17, 2023.
The changes will impact new and existing customers on both monthly and annual payment plans.
Let’s take a look at the details.
Peacock Increases Prices for Monthly and Annual Subscriptions
Peacock notified existing customers via email on July 17, 2023, that it will be increasing subscription charges.
The price for both Premium and Premium Plus subscriptions went up. Both monthly and annual customers will be impacted.
Premium (ad-supported) customers will have a $1 monthly increase from $4.99 to $5.99. Annual subscriptions will jump from $49.99 to $59.99.
Premium Plus, which is the ad-free subscription that includes a livestream of your local NBC affiliate, increased from $9.99 per month to $11.99 per month. The annual pricing went from $99.99 to $119.99 per year.
Peacock broke down the pricing changes in this chart:
These new prices are already live on the Peacock website and appear to be effective immediately for new subscribers.
Existing customers will receive a grace period before paying the higher prices. The email that Peacock sent existing subscribers explained how that will work:
“As a current subscriber, you’ll receive one additional month at the current price. The new pricing will be effective on your next billing date on or after August 17, 2023. If you are currently on an offer, your promotional pricing will continue through the end of the promotional period. Note that if you are on an offer and upgraded to Premium Plus for $5/mo., your price for the Premium Plus Add-On will increase to $6/mo. effective on your next billing date on or after August 17.”
This means that existing customers who took advantage of a promotional offer, like the $19.99 annual rate offered during the “Summer of Peacock,” should be able to enjoy their subscription at the agreed-upon price until the promotional period ends.
Is Peacock Still Worth It?
Argh. Cord cutters must face the reality of yet another streaming service price increase.
With many services asking for more money, budget-conscious streamers are being forced to pick and choose which services to keep and which to discard. And it’s fair to wonder if it’s worth keeping Peacock at the higher cost.
If you are an existing customer, you should do an assessment of how much you use Peacock in any given month.
Some of the top perks Peacock offers that you may have trouble finding elsewhere include:
- Exclusive on-demand streaming home of hit television shows such as “The Office” and “Yellowstone.”
- Original content menu that includes “Bel Air” (a remake of 1990s hit “The Fresh Prince of Bel Air”) as well as projects from comedians Kevin Hart and Rainn Wilson.
- Live sports offerings that include: English Premier League soccer, NFL Sunday Night Football, MLB Sunday Leadoff, pro golf events like The Open Championship, WWE wrestling and the Summer and Winter Olympic Games.
- The complete “Harry Potter” movie series, as well as other popular movies from the NBCUniversal library.
Regular users of one or more of these features may find that the extra $1-2 per month is worth keeping Peacock around.
However, if this price increase has you looking for a low-cost alternative, we may have a money-saving solution to try: Money expert Clark Howard has been consistent in recommending that cord cutters give free streaming TV services a try in 2023.
The content may not be quite as good as what you’re receiving from Peacock, but there is no financial risk in trying services like Pluto TV or Tubi TV to see if they may be a suitable alternative.
Making the switch could save you hundreds of dollars per year in streaming bills!
Do you plan to pay the higher prices for Peacock? We’d love to hear your thoughts in the Clark.com community.
