Starting July 23, Comcast’s (NASDAQ:CMCSA) Peacock streaming service will cost new subscribers $11 per month for the ad-supported plan and $17 for the ad-free version, reflecting a $3 increase.
It marked a 38% price hike for the ad-supported plan. Existing users will see the updated pricing from August 22, Bloomberg reported on Friday, citing Comcast.
In addition, Comcast introduced a new “Select” tier at $8 per month, offering current seasons of NBC and Bravo shows along with select library content.
The telecom giant’s efforts reflect its attempts to boost margins by tapping the popularity of its streaming service.
Comcast’s revenue declined 0.6% year-over-year (Y/Y) to $29.89 billion in the first quarter, topping the analyst consensus estimate of $29.76 billion.
Peacock’s paid subscribers increased by over 20% Y/Y to 41 million, while revenue grew by 16% Y/Y to $1.2 billion. It lost $215 million on sales during the quarter.
Comcast lost 427,500 video subscribers as streaming giants like Netflix (NASDAQ:NFLX) gained traction. It lost 199,000 broadband customers in the period amid rivalry with telecom companies.
Comcast stock has lost 8% year-to-date while Netflix gained 43%.
Price Action: Comcast stock was trading higher by 0.23% to $34.78 premarket at last check Friday.
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