Streaming has become an increasingly popular way for people to watch their favorite TV shows and movies, and for the companies that provide streaming services, it has become a lucrative business. However, with the competition increasing and the cost of producing quality content on the rise, streaming services have had to adjust their pricing to remain profitable. One of the latest services to increase their prices is Paramount+. Here are the details…
Paramount+ will raise prices in 2023 for Premium and Essential tiers
During a recent earnings briefing, CEO Bob Bakish announced that the monthly membership prices for Paramount+ Premium and Essential would go up in the US and select international markets. Bakish explained that the price increase is necessary as they are currently on the value end of the pricing spectrum, and the streaming landscape is becoming more expensive.
The premium tier, which currently costs $10 per month, will increase to $12 as part of the bundle’s conversion to Paramount+ with Showtime. The ad-based essential tier, which currently costs $5 per month, will go up to $6. These new prices will be applicable to both new and existing customers when they go into effect sometime in 2023.
While the price hikes are not welcomed news for subscribers, it is worth noting that they are not unusual. Streaming services like Netflix, Disney+, and Hulu have all raised their prices in recent years to cover the cost of producing quality content and remain profitable. However, it’s still important for consumers to consider their streaming budget, especially with the increasing number of services available.
Paramount+ currently has 56 million subscribers globally, and the company’s total network of paying streaming members has jumped to 77 million. Despite the growth in subscription and ad sales, Paramount’s streaming division lost $575 million in the last quarter. It is, therefore, not surprising that they are adjusting their pricing to remain profitable.
In addition to the price increase, Paramount+ subscribers will soon have access to Showtime as part of their bundle. The integration of Showtime into Paramount+ will bring with it new and exciting content, including a second season of the popular Halo series.
In conclusion, the Paramount+ price increase is an unfortunate but necessary move by the company to remain profitable in the increasingly competitive streaming landscape. It is essential for subscribers to consider their budget and determine if the service still offers value for money. Nevertheless, the addition of Showtime and other upcoming content provides exciting prospects for subscribers.