Paramount is increasing prices for their monthly subscription in 2023. During the third quarter of the year, Paramount+ with Showtime will debut. Following that new combo service, the price will go up a bit. The ad-free plan will go up 2 dollars to $11.99 and the essential plan with ads will get a dollar bump up to $5.99. So the changes will hit both new and existing customers when Paramount+ with Showtime makes its big entrance. CEO Bob Bakish touted the increase in subscribers for both Paramount+ and Pluto TV. Both of those services have added millions of viewers in the last couple of weeks. Here’s what the company had to say about the price increases.
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“We all know streaming represents incredible value for consumers and the Paramount Plus offering is far from the industry price leader,” CEO Bob Bakish explained. “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.”
Paramount+ Subscription Numbers Have Bloomed Heading Into 2023
Bakish stated their goal for the future, “Our content and platform strategy is working and, with even more exceptional content coming this year, we expect to return the company to earnings growth in 2024.”
“Subscriber growth was driven by a strong content slate, including the NFL, the expansion of existing franchises like Top Gun: Maverick and 1923, the success of new franchises like Tulsa King and Smile, as well as CBS’ overall entertainment slate,” the company continued during the call. “Internationally, Yellowstone and Top Gun: Maverick were top acquisition drivers for the service.”
“Paramount continues to demonstrate the success of its global multiplatform strategy, with popular content at its core,” Bakish told investors. “Nowhere was this more evident than in the growth of Paramount+, which added a record 9.9 million subscribers in the fourth quarter, driven by hit content like Top Gun: Maverick, 1923 and Criminal Minds: Evolution. In addition, in 2022, Paramount Pictures had six films open at number 1 in the U.S. box office, and Paramount regained its position as the most-watched media family in linear television.”
What do you think of the raised prices for Paramount+? Let us know in the comments!
