Major streaming service hikes prices by 33 percent: ‘Time to cancel!’
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Peacock has raised prices on its streaming service in an attempt to boost flagging profits.
A $2-per-month increase goes into effect on Thursday, bringing the price of the standard service — confusingly called “Premium” — to $7.99. The annual fee will increase by $20, from $59.99 to $79.99.
In both cases, it amounts to a huge price increase of 33 percent.
‘Premium Plus’ has also increased by $2 to $13.99 per month and by $20 to $139.99 per year.
New subscribers will pay the higher prices for all subscriptions starting today. For existing subscribers, the price will go into effect on August 17.
Peacock is the latest to raise prices as TV streamers look to make a profit on businesses that have been operating at a loss.
Peacock, which employs Yellowstone, is raising prices by $2 per month
They were willing to spend money on big-budget shows — while also offering discounted subscriptions — in an effort to lure customers. But investors now want to see a return.
Peacock, the streaming arm of Comcast’s NBCUniversal, is raising prices ahead of the Olympics. The event will be broadcast exclusively on NBC and Peacock.
This is Peacock’s second price increase in the past year.
Customers took to social media to respond to Paramount’s price increase.
“Time to cancel,” the customer wrote. Reddit.
Another user summed up the opinions of several people on the site as follows: ‘For $6 this was a ‘nice’ service, as someone summed up perfectly above.
“But from what I hear on this submarine, it’s far from necessary.”
Some suggested that the solution would be to cancel and take advantage of one of the promotional offers.
On Reddit, someone wrote: “There’s no reason to pay full price for peacock. They have deals all year long for $20 annual subscriptions. I’m upgrading to ad-free so it’s going to be a bit expensive after this.”
As more streaming services enter the market, companies must raise prices and adjust their business models to improve profitability.
Peacock’s price increases are the latest for streaming service customers.
In late June, it was announced that Paramount+ Essential would increase by $2 to $7.99 for new customers — also a 33 percent price increase. Current customers will pay the same.
Spotify has announced that the cost of its ad-free premium subscription ‘Individual’ will increase by $1 per month to $11.99 in the US
The streamer is also raising the price of its bundle with Showtime by $1 to $12.99 — for both new and existing customers. The price increases will go into effect on August 20.
Warner Bros. Discovery raised the price of its ad-free Max subscription for the second time in a year.
The price increase from $1 to $16.99 per month for the ad-free plan went into effect last month for new subscribers.
The “ultimate” ad-free option, which offers 4k streaming and the ability to manage four accounts simultaneously, is also increasing by $1 to $20.99.
Spotify also announced last month that the cost of its ad-free premium subscription would increase by $1 per month to $11.99 in the US.