Paramount+ subscribers should prepare to pay more if they want to continue enjoying the streaming service’s growing catalog of original and exclusive content, which currently includes Yellowstone prequel 1923 with Harrison Ford, and Tulsa King, a crime drama led by Sylvester Stallone. According to remarks that executives shared during an earnings conference call held today, Paramount+ will be getting a price increase in the third quarter of 2023, with the cost of the ad-free plan rising from $9.99 per month for Paramount+ to $11.99 for Paramount+ with Showtime. The essential plan with advertising will also be getting a price hike, from $4.99 a month to $5.99.
From The Hollywood Reporter:
“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. And so in 2023, we will raise prices both for Paramount Plus Premium and Essential, both in the U.S., and select international markets,” CEO Bob Bakish said on the call.
These price changes will apply to new and existing customers upon launch of the integrated Paramount and Showtime offering. The company expects to see some reduction in total subscriber numbers when the two services are combined due to the way in which the numbers were previously calculated.
Both the Showtime linear pay-TV channel and the premium tier of Paramount+ will be rebranded as Paramount+ with Showtime, with Chris McCarthy to lead the Showtime studio and linear channel, while Tom Ryan oversees the streaming business, Paramount Global CEO Bob Bakish had detailed in a memo in late January.