On Schedule Upgrade: Understanding the Latest Price Hikes on Paramount+

It’s been one year since the last Paramount+ price hike. And, unsurprisingly, customers will have the privilege of paying even more for their subscription after September 20th. New subscribers who join after August 20th will face the updated pricing at signup.

This price hike affects both Paramount+ membership tiers. However, there are some concessions for existing Essential-tier subscribers and those who pay annually.

• Paramount+ Essential: $7.99 monthly (Up from $5.99)
  • Existing subscribers will continue paying $5.99.
  • Annual pricing remains unchanged at $59.99 a year.
• Paramount+ with Showtime: $12.99 monthly (Up from $11.99)
  • Annual pricing remains unchanged at $119.99 a year.
• Limited Commercials (Legacy Plan): $7.99 (Up from $6.99)

So, if you’re subscribed to Paramount+ Essentials, you’re good. And if you pay for an annual plan (whether you join now or later), there’s no change in price. Otherwise, you’ll be paying more for Paramount+ by the end of September.

It seems that every streaming service is double-dipping on price increases. This used to be a “once every couple of years” thing, but Peacock , Spotify , Max , and others announced a 2024 price increase on the anniversary of their 2023 price increase. Paramount+ is simply joining in on the fun, though I will admit that this is a less aggressive change in pricing than what the platform pushed last year .

Note that Paramount is in a precarious financial position. Paramount makes money in cable television , loses money in streaming, and breaks even at the box office. As cable TV continues to rot away, so too will Paramount’s main source of profit. The company is desperately trying to secure a “joint venture or a long-term strategic partnership” with a large company like Comcast or Warner Bros. Discovery .

Acquisitions are also on the table—Sony has shown interest in buying Paramount (and stripping it for parts). In any case, Paramount may undergo some dramatic changes over the next few years.

Paramount+ will crank up its subscription fees on August 20th, 2024. If you plan to stick with this streaming service, I suggest that you switch to an annual payment option, as annual pricing has not increased and will save you a lot of money.

Source: Paramount via Variety

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