Breaking: Peacock Shakes Up Streaming Market with Unprecedented Price Update in 2022

Peacock, the streaming service, has recently implemented price increases for the first time since its launch in 2020. As a platform under NBCUniversal, it offers various NBC shows, including Law & Order and Quantum Leap, as well as original movies and series like Poker Face and Praise This. According to Comicbook.com, the ad-supported version of Peacock Premium will now cost $5.99 per month instead of $4.99, while the ad-free version's price will rise from $9.99 to $11.99 per month. This move aligns Peacock with other streaming services that have also raised their prices in recent years.

Why Streaming Services Keep Getting More Expensive

Peacock is not the first streaming service to raise its prices in 2023. HBO Max already did so in January 2023, increasing monthly subscriptions by $1. Meanwhile, Netflix raised its prices in 2022, with their premium plan now costing $19.99 per month.

The main reason for the rising costs of streaming services is the increased production of content. Streaming services like Netflix and Peacock are able to fund original series such as Stranger Things and Poker Face because of the financial success they have achieved. In order for the companies to continue creating original content and making a profit, they have to increase their prices. However, these higher prices may result in the production of more content with better quality.

Despite this, the consistent rise in subscription service costs may discourage potential new users from signing up. To convince customers, platforms like Peacock must demonstrate that the elevated fees will result in a greater quantity of high-quality original movies and shows being released more frequently. Yet, considering the ongoing Hollywood strikes involving actors and writers, it is uncertain what Peacock will offer to justify the impending price hike.