Paramount+ price hike: Here’s how much streaming subscriptions will cost

Paramount Global will soon start charging more for its namesake streaming platform. The company said on Monday that prices for new monthly subscribers to Paramount+ with Showtime and Paramount+ Essential will increase come Aug. 20. New members will pay $7.99 per month for Paramount+ Essential, a $2 increase. Those already subscribed to the ad-supported tier will get to keep the current $5.99 monthly fee, according to Paramount Global. Paramount+ with Showtime will climb by $1 to $12.

However, the cost of annual Paramount+ with Showtime and Paramount+ Essential subscriptions will not change from their respective $119.99 and $59.99 levels. Paramount Global’s direct-to-consumer unit brought in about $1.88 billion in revenue during its most recent quarter, including $1.36 billion from subscriptions. The company has been working to make its direct-to-consumer business, which includes BET+ and Pluto TV in addition to Paramount+, profitable for some time.

Paramount launched Paramount+ in 2021, and it has since amassed more than 71 million subscribers as it competes with other streaming platforms like Netflix, Disney+, Hulu and Max. Netflix, the leader in the sector, prices its ad-supported plan at $6.99 per month in the U.S., its standard ad-free plan at $15.49 and its premium ad-free plan at $22.99.

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