Peacock to raise streaming prices just ahead of 2024 Paris Olympics
Comcast's (CMCSA) flagship streaming service Peacock will once again raise prices after the platform hiked prices for the first time last summer
The streamer plans to raise prices by $2 for its Peacock Premium plan and mostly ad-free Peacock Premium Plus tier to $7.99 and $13.99, respectively.
Annual plans will rise to $79.99 from $50.99 for Premium and $139.99 from $119.99 for Premium Plus. The price changes will be implemented on July 18 for new customers while existing subscribers will see the changes go into effect at the start of their next billing date on or after Aug. 17.
The timing of the hikes aligns with the 2024 Paris Olympics, which is set to run July 26 through Aug. 11. Peacock plans to stream every Olympic event and recently recruited "Call Her Daddy" podcast host Alex Cooper to host a series of interactive Olympics watch parties for the platform.
Comcast revealed last week that Peacock added 3 million subscribers in the first quarter, buoyed by January's NFL wild card game, which streamed exclusively on the platform. Revenue at the streamer increased 54% year over year to $1.1 billion.
Losses at Peacock narrowed to $639 million compared to a loss of $704 million in the prior-year period. The company previously said 2023 would be the year of "peak losses" at the streaming service.
Comcast president Mike Cavanagh hinted at future price hikes then, telling investors during the earnings call, "Our content offering provides such a great value proposition that we should have some real pricing power over time."
In total, Peacock subscribers have climbed 55% year over year to reach 34 million. The company said consumers are spending 90% of their time on the platform viewing non-sports content, which includes original scripted series like "Ted" and "Apples Never Fall" along with reality programs like "The Traitors."
"Oppenheimer," which premiered exclusively on Peacock in February, was the most watched film across all of streaming in its first seven days on the platform, management added.
Still, the platform plans to continue to leverage its sports content, particularly its partnership with the NFL. Peacock will exclusively stream the Friday night opening game between the Philadelphia Eagles and Green Bay Packers live from São Paulo, Brazil, on Sept. 6.
Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.
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