Peacock is raising subscription prices next month. Here’s what you need to know

Peacock users will soon have to pay more for the streaming service than ever before.

Prices are going to $5.99 — up from $4.99 — for premium monthly subscribers with ads, which translates to a $10 price increase in the yearly fee of $59.99 a year. 

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There's also rises for the premium plus service, which increases to $11.99 on a monthly basis, up from $9.99, and a $20 hike in the annual fee, which will cost $119.99 a year.

This is the first time customers of the streaming service have been hit with a price increase in the platform's three-year history. The information was shared with current customers on Tuesday when they were told of the price increases via email. 

Peacock will give existing customers an extra month before increasing subscription prices, with the price hike officially going into effect next month on August 17. The increased prices will go into effect immediately for new subscribers.

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Peacock features over 80,000 hours of TV shows and movies. It serves as NBC's streaming library and is the home of Yellowstone, Parks & Recreation, and The Office. It also 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, dropping their prices to $1.99 a month and $5.99 a month, respectively.