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These three all descend from major US broadcast networks, which shapes their catalogs more than most people realize — each one is strongest specifically in the content tied to its parent network, worth knowing before assuming they're interchangeable general-purpose services.
Hulu: the deepest next-day network TV catalog
Hulu remains the strongest option specifically for next-day access to current network television — ABC, NBC, and Fox shows typically land on Hulu the day after broadcast, which none of the other two match as consistently. It also carries a substantial original series library and, on higher tiers, live TV channels, making it the most well-rounded single option of the three for general TV-watching habits.
Paramount+: CBS content plus Paramount's film library
A Paramount+ subscription is the right pick specifically for CBS content (including live sports on CBS) and Paramount Pictures' film catalog, including newer theatrical releases that land there after their cinema run. If CBS shows or Paramount's specific movie library matters to your household, this is the service built around that content rather than a general competitor to Hulu.
Peacock: NBCUniversal's catalog plus meaningful live sports
Peacock Premium carries NBCUniversal's shows and films, plus increasingly significant live sports rights (parts of the Olympics, NFL, and Premier League depending on the season) that have made it more than just a catch-up service for NBC shows. Its sports coverage in particular has expanded meaningfully in recent years, worth checking current rights if live sports factor into your decision.
Bundled offers are common and often the better deal
All three are frequently offered in bundle deals with other services from the same parent companies (Disney+ and ESPN+ bundled with Hulu, for example) — before subscribing to any one of these standalone, check whether a bundle including something you already want brings the effective per-service cost down meaningfully.
Live TV tiers change the comparison significantly
Beyond the on-demand tiers discussed above, all three offer higher-priced live TV tiers that function closer to a full cable replacement — worth treating as a separate comparison from the base on-demand tiers, since the value proposition and competing alternatives (like YouTube TV or Sling TV) shift considerably once live linear channels are part of the equation.
Ad-supported tiers are the default on all three
All three default to a cheaper ad-supported tier with an ad-free upgrade available at additional cost, similar to the pattern across most streaming services now — worth checking the current ad-free upgrade price against your tolerance for commercial interruptions before assuming the base advertised price includes an ad-free experience.
Simultaneous stream limits and downloaded-content-for-offline-viewing policies also differ by specific plan tier across all three, worth checking directly against how your household actually watches, rather than assuming any single plan tier automatically covers your exact usage pattern.
The bottom line
Want the deepest next-day network TV catalog: Hulu. Want CBS content and Paramount films: Paramount+. Want NBCUniversal content plus growing live sports coverage: Peacock. All three, plus live TV alternatives, are in Video Streaming.