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The premium plus service will increase to $11.99 on a monthly basis, up from $9.99, plus 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.
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.