A subscription to Paramount+ will get more expensive in 2023, CEO Bob Bakish has confirmed. During the company’s earnings briefing, Bakish said the monthly membership prices for Paramount+ Premium and Essential will go up in the US and some international markets.
“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,” he said, according to The Hollywood Reporter.
Premium will see its monthly price jump from $10 to $12 as part of the bundle’s conversion to Paramount+ with Showtime. The ad-based Essential tier will go up from $5 to $6. New and existing customers will pay these new prices when they go into effect sometime in 2023.
Price hikes are nothing new in the streaming landscape, as Netflix, Disney+, Hulu, and more tend to raise their prices from time to time.
Paramount+ now has 56 million subscribers globally, while Paramount’s total network of paying streaming members jumped to 77 million. Despite the growth in subscription and ad sales, Paramount’s streaming division lost $575 million in the last quarter.
As mentioned, Showtime will be bundled in with Paramount+ beginning in 2023. Among other upcoming shows, subscribers are getting a second season of the Halo series.