Paramount+ price hike: Here’s how much streaming subscriptions will cost

Paramount Global will soon start charging more for its namesake streaming platform.

The company said on Monday that prices for new monthly subscribers to Paramount+ with Showtime and Paramount+ Essential will increase come Aug. 20.

New members will pay $7.99 per month for Paramount+ Essential, a $2 increase. Those already subscribed to the ad-supported tier will get to keep the current $5.99 monthly fee, according to Paramount Global.

The Paramount Plus logo is displayed on a smartphone screen. ((Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images) / Getty Images)

Paramount+ with Showtime will climb by $1 to $12.99 a month for new members.

The increase for current Paramount+ with Showtime customers will take effect the next time they have to pay their bill on or after Sept. 20.

The Paramount+ with Showtime offering has been available for roughly a year, since the company combined Paramount+ and Showtime content. 

Video on demand, TV streaming, multimedia. Hand holding remote control (iStock / iStock)

The price of its Limited Commercial Plan will increase $1 to $7.99 per month, Paramount said Monday.

However, the cost of annual Paramount+ with Showtime and Paramount+ Essential subscriptions will not change from their respective $119.99 and $59.99 levels.

Paramount Global’s direct-to-consumer unit brought in about $1.88 billion in revenue during its most recent quarter, including $1.36 billion from subscriptions.

In this photo illustration, a hand holding a TV remote control points to a screen that displays the Paramount + (Plus) logo.  (Rafael Henrique/SOPA Images/LightRocket via Getty Images / Getty Images)

The company has been working to make its direct-to-consumer business, which includes BET+ and Pluto TV in addition to Paramount+, profitable for some time. In the first quarter, its adjusted operating income before depreciation and amortization was a $286 million loss, marking a 44% improvement.

Paramount launched Paramount+ in 2021, and it has since amassed more than 71 million subscribers as it competes with other streaming platforms like Netflix, Disney+, Hulu and Max.

Netflix, the leader in the sector, prices its ad-supported plan at $6.99 per month in the U.S., its standard ad-free plan at $15.49 and its premium ad-free plan at $22.99.