Peacock launched in 2020, and up until now, the service had managed to avoid increasing in price. That’s now changed, however. Peacock has confirmed its first price increase, and the higher rates are already in effect for new subscribers.
Although Peacock had managed to avoid raising prices in its first three years, there were some changes during this time. For example, the service dropped its free trial back in 2021 and this was then followed by the removal of the free tier in February of this year.
Now, and almost exactly three years after launch, Peacock has raised its prices for the first time. For any new subscribers signing up to Peacock today, the Premium plan now costs $5.99 per month, an increase of $1 a month.
For those wanting to sign up for an ad-free viewing experience, the Premium Plus plan now costs $11.99 per month, an increase of $2 a month.
For reference, Peacock does also offer the option to upgrade from the Premium plan to the Premium Plus plan. This Premium Plus add-on mostly applies to those getting Premium for free or at a cheaper rate, and has now increased by $1 to $6 a month.
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These price increases are exactly in line with the price increases Paramount Plus implemented just launch month. However, the increase in price of the ad-free Paramount Plus plan to $11.99 per month did also result in subscribers getting access to the Showtime library as well.
Existing subscribers to pay higher prices too
For those already signed up to Peacock, they too will see their subscription costs increasing by the same amount. However, they are being given a little longer to adjust to the change.
According to Peacock, existing subscribers wont see their price increase until at least August 17, 2023. As is the case with any change to a subscription, the exact date that an existing Peacock subscriber will see their price increase will depend on their individual billing cycle.
Likewise, any existing customers that were locked in to a cheaper monthly rate will continue to pay that same rate until the end of the promotional period. At which point, their subscription will renew at the new and higher rate.
Peacock annual plans have increased as well
In addition to Peacock increasing the price of its monthly plans, the cost of its annual plans have risen, accordingly. As a result, the Premium annual plan now costs $59.99 (an increase of $10) while the Premium Plus plan has risen to $119.99 (an increase of $20) per year.
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At these new rates, the annual plans now cost on average the same price as the monthly plans used to. In other words, paying for the annual plan reduces the average monthly price of Premium down to $4.99, and the average monthly cost of Premium Plus down to $9.99.
Of course, whether it is worth new subscribers signing up to (or existing subscribers switching to) an annual plan will depend on whether they intend to remain subscribed to Peacock for the entire year.