Just like it did last summer, Paramount Plus is getting ready to hike the prices on some of its streaming service subscriptions.
Paramount announced today that, beginning August 20th, the monthly costs for its Paramount Plus with Showtime, Paramount Plus Essential, and Paramount Plus with limited commercials plans will increase for all new subscribers. Paramount Plus with Showtime will now cost $12.99 a month ($1 more expensive), Paramount Plus with limited commercials will now cost $7.99 a month, and Paramount Plus Essential will now cost $7.99 a month ($2 more expensive).
Prices for annual Paramount Plus Essential and Paramount Plus with Showtime aren’t changing, and people already subscribed to Paramount Plus Essential on a monthly basis will continue to pay $5.99. But folks already subscribed to Paramount Plus with Showtime will have to start paying the new price either on their next billing date or after September 20th.
Following Paramount’s potential merger with Skydance falling through a few weeks ago, the pivot to price hikes does not exactly come as a surprise and reads very much like parent company Paramount Global looking for an easy way to recoup some of the streamer’s losses. Earlier this month, just before the failed merger, Paramount’s Office of the CEO — George Cheeks, Chris McCarthy, and Brian Robbins — told shareholders that they had a plan to get the company in a stable position and recoup $500 million in costs. We knew that plan was going to involve job cuts, and now we know that passing the burden onto consumers is also part of the equation.