Paramount Global will increase the subscription fees for most Paramount+ plans starting August 20 for new customers.
Existing Paramount+ With Showtime customers will see the price change on their next billing date around September 20.
(Photo : Chris Delmas/AFP via Getty Images)
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Paramount+ Hikes Price for Streaming Plans
Customers of Paramount+ With Showtime will experience a $1 increase, resulting in a $12.99 monthly charge. The Paramount+ Essential plan (with ads) is increasing by $2, hiking the price to $7.99 monthly for new subscribers in August.
For the existing monthly subscribers of Paramount+ Essential, the old price of $5.99 per month will be retained. In addition, annual subscriptions for both tiers will also remain unaffected.
Paramount+ With Showtime costs $119.99 per year and Paramount+ Essential is offered for $59.99 per year. On the contrary, the Paramount+ Limited Commercial plan will increase its price to $7.99 per month.
Paramount Global Targets Strategic Partnership Amid Price Hike
Head of Showtime/MTV Entertainment Studios, Chris McCarthy, announced that Paramount Global is seeking a strategic partner that will provide opportunities to scale up the streaming platform.
It was previously reported that Skydance Media was supposed to merge with the company but the discussion was called off. Moreover, there were also plans before to merge with NBCUniversal's Peacock but it was also canceled.
McCarthy shared that the company is "exploring options with both SVOD players and the leading technology platforms with the goal of forming a joint venture or a long-term strategic partnership to maximize our momentum and take advantage of our combined strengths."
Despite the price hike, Paramount+'s increased fees are still cheaper compared to ad-free versions of Max, Netflix, and Disney+. Last year, the company integrated Showtime into its streaming tier after the stand-alone service was closed.
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