For NBC, big balloons mean a bigger budget.

What Happened: The Macy's Thanksgiving Day Parade, known for its extravagant performances and cartoon character floats, is getting pricier.

Since 1953, the peacock-branded network has aired the iconic turkey-day tradition. And, according to The Wall Street Journal, NBC is considering a $60-million agreement - triple the current $20 million rate - to secure those rights through the next decade.

So why the hefty price? Consider the appeal of live events in a streaming-dominated world.

Comcast Corp. (CMCSA  )-owned NBC and other traditional forms of TV are struggling to keep audiences after the whole cord-cutting trend. Marquee moments like parades, football games, boxing matches and awards shows are now popping up streaming services.

For NBC, the bet is that Peacock streaming customers will tune into the Nov. 28 crowd-pleaser, which is expected to feature celebrity appearances and live Broadway performances.

Walt Disney Co (DIS  ) can relate. The Burbank, California-based conglomerate shelled out a 20% premium to swipe the Grammy Awards from Paramount Global (PARA  ), which had been airing it on CBS.

Why It Matters: The value of a live audience is as buoyant as a giant Snoopy balloon.

Nearly 30 million viewers tuned in to watch last year's parade, and this Thursday morning promises another spectacle of at least 11 marching bands, 28 clown crews, 22 balloons and 33 floats.

As for performers, viewers can expect a lineup of famous faces, including Charli D'Amelio, original "Wicked" star Idina Menzel, "Tonight Show" host Jimmy Fallon with The Roots, Coco Jones, Liza Colón-Zayas, The Temptations, T-Pain and the New York Liberty.

The route stretches 2.5 miles. It begins at 77th Street and Central Park West and winds its way down to Macy's Herald Square, the flagship store of Macy's Inc (M  ).

For those in New York City eager to preview the parade prep, the balloon inflation event happens Wednesday, Nov. 27, on the Upper West Side - a chance to get up close and personal with the towering inflatable icons.

Per USA Today, this year's event will debut new balloons, including Minnie Mouse, the Extraordinary Noorah and Gabby from Gabby's Dollhouse.