NBCUniversal's Peacock is Michael Schmidtthe latest streaming service to raise prices for consumers. The hike is the platform's first since its launch in 2020. 

A premium plan now costs $5.99, $1 more per month, effective immediately for new customers. Current subscribers will see the new pricing go into effect on August 17, the company said Monday. 

The price for an ad-free subscription to Peacock will rise by $2 per month to $11.99.  

The more costly "Premium Plus" subscription tier gives subscribers the ability to download select content to watch while not connected to the internet, as well as live access to local NBC channels and ad-free programming.

The price hikes come after competitors Max, Netflix, Disney+ and Hulu have raised their streaming prices over the past two years.

NBCUniversal said the new subscription fee structure will allow the platform to continue investing in high quality content to stay competitive in the streaming marketplace. Peacock has 22 million subscribers.

Here's how much other streaming services cost:

• A Netflix subscription ranges in cost from $6.99 for its most basic plan to $19.99 per month.
• Hulu costs $7.99 a month with ads, or $14.99 without ads.
• Disney+ subscriptions range in cost from $7.99 to $10.99 per month. 
• Max starts at $9.99 per month with ads. Its "Ultimate" ad-free subscription tier costs $19.99 per month.
• Apple TV subscriptions cost $6.99 a month.