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Your Paramount+ subscription will get a bit more expensive this year.
Paramount Global plans on hiking the streaming service’s monthly subscription rate in the near future due to its combination with Showtime, executives said Thursday during an earnings call.
“We all know streaming represents incredible value for consumers and the Paramount Plus offering is far from the industry price leader. We are on the value end of the pricing spectrum,” CEO Bob Bakish said. “And so in 2023, we will raise prices both for Paramount Plus Premium and Essential, both in the U.S. and select international markets.”
The news comes a few weeks after the company announced the Paramount+ and Showtime integration. But even if you’re subscribed to Paramout+’s ad-supported tier, which won’t include Showtime, you’ll see a hike in your bill.
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How much does Paramount+ cost?
With the increase, the price of the Paramount+ Premium tier (with Showtime) will jump from $9.99 a month to $11.99 a month, while the Essential tier (without Showtime) will go from $4.99 a month to $5.99 a month.
Executives said the prices will change when Paramount+ with Showtime launches early in the third quarter of 2023.
Currently, a Paramount+ and Showtime bundle starts at $11.99 per month.
The company expects to see a reduction in total subscribers as Paramount+ and Showtime combine.
Launched in 2021, Paramount+ added 9.9 million subscribers in the last quarter of 2022, bringing the total number of global subscribers to 56 million. Revenue grew by 81% year-over-year to around $800 million.
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