The price of Paramount Plus is about to go up. In an earnings call on Thursday, Paramount chief financial officer Naveen Chopra announced that the price of Paramount Plus’ essential plan would increase from $4.99 to $5.99 per month, while the premium plan will go from $9.99 to $11.99 per month.
This news comes as Paramount Plus is combining the Paramount Plus and Showtime offerings to form the predictably named “Paramount Plus with Showtime.” While the readjusted essential plan will not include content from Showtime, the premium plan will. The price increase will go into effect “upon launch of the integrated service,” which is set to occur “early” in the third quarter of 2023. Paramount Plus currently offers Showtime content as part of a separate, more expensive subscription, with its ad-supported plan costing $11.99 per month and the ad-free one priced at $14.99 per month.
Paramount CEO Bob Bakish says the price hikes will apply to the US and “select” international markets. “We all know streaming represents incredible value for consumers, and the Paramount Plus offering is far from the industry price leader,” Bakish explains. “We are on the value end of the pricing spectrum, and so in 2023, we will raise price — both for Paramount Plus premium and essential both in the US and select international markets.”
The price hike doesn’t come as a surprise. In November, as other services like Netflix, Hulu, Disney Plus, and HBO Max raised their prices, Chopra said he saw a price increase in the streaming service’s future.
Paramount Plus added 9.9 million new subscribers over the past few months — the most the streaming service has added in a single quarter thus far. The company says its streaming service now has a total of 56 million subscribers. Meanwhile, its free ad-supported streaming service, Pluto TV, gained 6.5 million global monthly active users for a total of nearly 79 million.
According to data Paramount obtained from analytics company Antenna, Paramount Plus is the “#1 premium streaming service in domestic sign-ups and gross subscriber additions, and had the most sign-ups in 2022.” It also saw an 81 percent increase in revenue year over year.
Paramount credits the growth of Paramount Plus to “a strong content slate,” including the addition of Top Gun: Maverick and the live NFL games it airs through local CBS channels on the service. It also made its service available to Walmart Plus subscribers and announced a partnership with Delta in January.
“In less than two years Paramount Plus has become a service to be reckoned with,” Bakish notes. “And that’s because it’s a compelling product for the whole household, across the country and really around the world.”