Peacock is raising membership prices next month. here’s what you need to know

Peacock users may soon have to pay more than ever for a streaming service.

Prices are increasing from $4.99 to $5.99 for premium monthly subscribers with ads, meaning a $10 increase in the annual fee of $59.99 per year.

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There is also an increase in the Premium Plus service, which has gone up from $9.99 to $11.99 on a monthly basis, and a $20 increase in the annual fee, which will cost $119.99 per year.

This is the first time that subscribers of the streaming service have faced a price hike in the platform’s three-year history. This information was shared with existing customers on Tuesday when they were informed about the price hike via email.

Peacock will give existing customers an additional month before increasing the subscription prices, with the price hike officially coming into effect next month on August 17. The increased prices will be applicable immediately for new customers.

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Peacock has over 80,000 hours of TV shows and movies. It serves as NBC’s streaming library and is home to Yellowstone, Parks and Recreation and The Office. It gives users access to 50 live channels, events, and sports including MLB, WWE, Sunday Night Football, Premier League, and more.

College students can get a discount on their Peacock Premium and Premium Plus subscriptions, bringing their prices down to $1.99 per month and $5.99 per month, respectively.