New York (CNN Business) The streaming field is becoming increasingly crowded and consumers have more choices than ever if they're willing to pay for them. So what better way to stand out from your competitors than by giving away your streaming service free? That seems to be NBCUniversal's play with Peacock, the streaming service it unveiled on Thursday.

At an event in New York, the media and investors were treated to the first look at Peacock from inside the company's headquarters with a presentation from Studio 8H — the home of "Saturday Night Live." NBCUniversal pulled out all the stops to make sure it had the public's attention by constructing a giant topiary in the shape of peacock outside of 30 Rockefeller Plaza for the occasion.

The service will have ad-supported and ad-free options.

"Peacock Free" will be a free, ad-supported option for any consumer regardless of cable provider. "Free" will provide 7,500 hours of programming that includes movies and classic shows.

"Peacock Premium" will come with 15,000 hours of programming including original Peacock series, early viewings of NBC's late-night shows and sports like the Premier League. It will be free to Comcast and Cox subscribers, and it will cost $4.99 to everyone else. "Premium" without ads will cost $9.99. That's a little bit more than Disney+ and Apple TV+ but a little less than Netflix and WarnerMedia's upcoming service, HBO Max.