Major Changes Coming to Paramount+
The relentless wave of streaming service rate hikes continues, and this time it’s Paramount+ making headlines. The streaming giant is set to increase prices for two of its plans, starting August 20 for new customers. But don’t panic just yet—some existing users can dodge the dreaded price hike.
New Pricing Details
Essential Plan Hike: Get ready for a $2 jump! The Paramount+ Essential plan will rise from $5.99 to $7.99 per month. This might seem like a small increase, but for regular users, it adds up over the year.
Showtime Combo Adjustment: For those who enjoy the premium content of Paramount+ with Showtime, the monthly fee is going up by $1, making it $12.99. While this might feel like a modest bump, it’s a signal that the cost of streaming our favorite shows isn’t getting cheaper.
Existing Customers: What to Expect
Good News for Some: Existing customers of the Paramount+ Essential or annual plans can breathe a sigh of relief—they won’t see a price hike. However, those on the legacy Limited Commercial plan will face a $1 increase, making it $7.99 per month.
Showtime Subscribers Beware: If you have the Paramount+ with Showtime plan, expect the price change to hit around September 20. It’s crucial to check your subscription details and consider if the content justifies the new cost.
Strategic Moves and Market Impact
Post-Merger Cleanup: Over the past year, Paramount+ has been streamlining its plans after merging with Showtime. Interestingly, the Premium plan with Showtime, which was previously $15.99, saw a decrease as users migrated to newer plans. This transition phase included shutting down Showtime’s standalone app in April 2024.
Industry-Wide Trends: Paramount+ isn’t alone in raising prices. Max (formerly HBO Max) increased its rates in June, while Amazon Prime Video introduced ads and an option to pay $2.99 more to remove them. Hulu, Netflix, Apple TV+, Disney+, Peacock, and Crunchyroll have all followed suit with their own hikes over the past year.
Rejection of Acquisition Offers
A Bold Move by Paramount Global: In a significant business maneuver, Shari Redstone, Chairwoman of Paramount Global, recently rejected a purchase offer from a consortium led by Skydance and Redbird Capital. This decision underscores the company’s commitment to maintaining control and possibly aiming for future growth and expansion despite market pressures.
Final Thoughts
The streaming landscape is ever-evolving, with price adjustments becoming more frequent. For viewers, it’s essential to stay informed and evaluate whether the content and service quality justify the new costs. As Paramount+ navigates these changes, its subscribers must decide whether to stay onboard or explore other options in the saturated streaming market.