Paramount+ to boost costs for its streaming plans later this yr

Streaming subscribers will quickly be paying extra for Paramount+, whether or not or not they’ve Showtime added on to their plan.

Paramount Global
Chief Executive Bob Bakish stated Thursday on the corporate’s earnings name that costs will rise within the third quarter of 2023, regardless of Paramount+ seeing a report addition of almost 10 million subscriptions final quarter.

See: Paramount swings to a loss however sees report subscriber development for Paramount+

“We all know streaming represents incredible value for consumers and the Paramount+ offering is far from the industry price leader. We are on the value end of the pricing spectrum. And so in 2023, we will raise prices both for Paramount Plus Premium and Essential, both in the U.S., and select international markets,” Bakish stated, in line with a FactSet transcript.

The worth of the ad-supported tier, which doesn’t embody Showtime, will rise from $4.99 a month to $5.99 a month, whereas the ad-free tier will rise from $9.99 a month to $11.99 a month, together with Showtime. They’ll be the primary worth hikes since CBS All Access rebranded as Paramount+ two years in the past.

Even on the larger worth, the service will nonetheless be cheaper than rivals equivalent to Netflix
Hulu, and Warner Bros. Discovery’s
HBO Max.

In January, Paramount introduced Paramount+ and Showtime will merge later this yr, below the brand new title “Paramount+ with Showtime.” The merger is predicted within the third quarter as nicely.

Paramount shares have shot almost 40% larger yr so far, however are nonetheless down 20% over the previous 12 months, in comparison with the S&P 500’s
6.5% enhance in 2023 and 6.6% decline over the previous yr.

Also see: What to observe? Get month-to-month picks at What’s Worth Streaming

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