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Paramount+ to raise subscription prices

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FILE IMAGE - A TV remote is seen with the Paramount+ logo displayed on a screen in this illustration photo taken on Feb. 6, 2022. (Photo by Jakub Porzycki/NurPhoto via Getty Images) Paramount Global executives announced Thursday people will see an increase in the cost of Paramount+ streaming service subscriptions later in 2023.CEO Bob Bakish said during the company's earning call that "streaming represents incredible value for customers" and that Paramount+ is "on the value end of the pricing spectrum." Thus, the company in 2023 "will raise [the] price for both Paramount+ Premium and Essential," he said.CFO Naveen Chopra indicated the price changes are slated to come in the third quarter of 2023, when the company merges Paramount+ and Showtime.

The changes will affect current and future subscribers, he told analysts and investors."When we launch the integrated service in Q3, subscribers to the premium tier of Paramount+ will enjoy a greatly expanded selection of content, reflecting the full suite of Showtime and Paramount+ originals, library content, movies, live sports and events," Chopra said.Netflix paved the way for countless other entertainment streaming services to follow.The premier Paramount+ plan will see its price increase by $2 per month, rising from $9.99 to $11.99, according to Chopra.

For the essential Paramount+ tier that will not include Showtime, its cost will become $5.99 per month, a $1 lift. WALMART, PARAMOUNT LAUNCH STREAMING SERVICE FOR MEMBERS"The price increases will take effect across both our direct channels and all of our third-party platforms.

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