Paramount to raise prices for its streaming subscribers this summer

By Denny Jacob

Paramount Global (PARA) is raising the price on subscriptions to its streaming service later this summer.

Paramount said the price of Paramount+ Essential will increase by $2 to $7.99 a month for all new subscribers. Its subscription plan which includes access to Showtime will bump up $1 to $12.99 a month.

The company, home to brands such as CBS, MTV, Nickelodeon and the Paramount film studio, said the new price will go into effect Aug. 20 for all new Paramount+ customers and for existing subscribers with its higher-priced offering on or after Sept. 20.

Paramount noted existing subscribers with its base offering will continue to pay $5.99 a month. Its limited commercial plan will increase by $1 to $7.99 for current subscribers.

Many streamers are charging more for their content library with aims of boosting profitability rather than singularly focus on subscriber growth. Paramount's latest price bump comes during an eventful period of news at the company, the latest being of a collapsed deal between Paramount and Skydance Media.

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06-24-24 1819ET

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