The endless parade of price hikes continues this week as Paramount+ is now getting in on the fun. On Monday, Paramount Global announced that most subscribers will start paying more for access to the streaming service after August 20th.
Currently, Paramount+ offers two plans: Paramount+ Essential and Paramount+ with Showtime. On August 20th, the monthly subscription for Paramount+ Essential will increase by $2, jumping from $5.99 to $7.99. At the same time, the price of Paramount+ with Showtime will increase by $1, from $11.99 to $12.99.
If you’re an existing Paramount+ with Showtime subscriber, the new price will take effect on the next billing date on or after September 20th. Meanwhile, all of the current Paramount+ Essential subscribers will be able to stay at the $5.99-a-month rate. If you have been thinking about trying out Paramount+ and don’t mind commercials, be sure to start your subscription before the price hike hits in August to lock in the cheaper rate.
Finally, if you’re still subscribed to the legacy Paramount+ Limited Commercials plan, your price is going up by $1, from $6.99 to $7.99 a month.
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The silver lining—as thin as it may be—is that the yearly plans aren’t affected by this price hike. Paramount+ Essential costs $59.99 a year, while Paramount+ with Showtime costs $119.99 per year, and both will stay at these prices for the foreseeable future.
These price hikes come weeks after Paramount Global tried and failed to merge with Skydance Media. Skydance has produced some of the biggest movie franchises of the past two decades, from Mission: Impossible and Top Gun to Transformers and Star Trek.
Virtually every major streaming service has now raised its prices or announced its intentions to do so in the last 12 months. Netflix, Disney+, Hulu, and Apple TV+ all got more expensive last October. Prime Video then added a $3 fee to remove ads in January. In May, Crunchyroll raised prices, while Peacock and Paramount+ are both hiking prices this summer.
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