Peacock increases its prices by $3

Peacock has announced that it is increasing its subscription prices by $3. This is the third price hike in 3 years.

The cheapest plan, which is the ad-supported Peacock Premium plan, will cost $10.99 per month (up from $7.99/month). Peacock Premium Plus, which is the ad-free subscription, will cost $16.99 per month (up from $13.99). The new prices come into effect from July 23.

Variety reports that NBCUniversal executives believed that Peacock is underpriced compared to its rivals. Not anymore it isn't. 9to5Mac notes that ad-supported plans for Disney+, HBO Max, Hulu subscriptions cost $9.99 per month, while Netflix and Paramount+ offer their ad-supported plan for $7.99 per month. Even Apple TV+ costs $9.99 per month. Peacock is now more expensive than the rest.

Believing that the streaming service is underpriced is some flawed logic, considering that Peacock is only available in the U.S. Most of the other services are available in multiple Countries. Peacock has many live sports including NFL, NBA, WWE, Premier League, Golf, etc. This is likely the reason why the company has hiked its prices. But that is a good way to lose subscribers, and users are angry.

Not everyone watches sports, many people don't watch any, and even if you count those who like sports, they probably just like one or maybe two. The fact that Peacock is bundling sports and TV/Movies together is the problem. It would probably benefit subscribers if the company offered a lower tier plan without the sports content. Take a look at Apple, it has an MLS Season Pass, which is optional. Speaking of which, Apple is also working on adding more sports content to its plans. Following the success of F1 The Movie, the Cupertino company wants to get the streaming rights for Formula 1 racing.

Peacock is said to be testing a "Select" tier with NBC and Bravo seasons along with some other titles, for $7.99 per month. The streaming service reportedly has 41 million subscribers.

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