Comcast's NBCUniversal is gearing up for a price adjustment on its streaming service, Peacock, just in time for the 2024 Olympics. 

As reported by CNBC, the ad-supported subscriptions will be adjusted to $7.99 a month, reflecting a $ 2 increase. Similarly, the ad-free plans will also see a $ 2 increase, bringing the monthly cost to $13.99. 

These changes will take effect for new customers starting July 18, and existing customers will receive the latest pricing on or after Aug. 17.

Peacock Streaming Service Surges to 34 Million Subscribers Amid Price Hikes

This marks Peacock's second price hike last year to take advantage of significant events like the Olympics. With streaming wars intensifying, media companies seek ways to make their streaming offerings more profitable. 

Peacock, launched in 2020 ahead of the Tokyo Olympics, has been positioning itself in the competitive streaming landscape.

Despite the price increase, Peacock has been experiencing significant growth. As of the end of the first quarter of 2024, the service boasts 34 million subscribers, up 55% year-over-year. The platform has seen success in subscriber retention strategies, such as exclusive content like the NFL Wild Card game.

Peacock's content offerings have been a key driver of its success. From live sports content, including the NFL and Premier League, to exclusive streaming rights to blockbuster movies like "Oppenheimer," Peacock offers a diverse range of programming. With nearly 100,000 programming hours, including originals and next-day episodes, Peacock continues to attract viewers.

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What's Next?

Financially, Peacock has been making strides. Despite initial losses, revenue rose by 54% to $1.1 billion in the first quarter of 2024, partly driven by increased advertising revenue. 

NBCUniversal expects record advertising revenue during the upcoming Summer Olympics, with more events featured on both broadcast networks, NBC and Peacock.

Peacock aims to leverage its strong content offering to exercise pricing power over time. The focus is on making the direct-to-streaming business profitable, with strategies like shutting down the free tier and bundling options. 

With the 2024 Paris Olympics on the horizon, Peacock is set to deliver more streaming content than ever, including interactive features and 5,000 hours of coverage.

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