Streaming service Paramount+ plans to increase prices after growth in subscribers, says report

Paramount Global has stated that its streaming business grew during the fourth quarter, and announced plans to raise prices for Paramount+ this year, as per a report by CNBC. Paramount’s Chief Financial Officer (CFO), Naveen Chopra, told CNBC on Thursday that the price of the company’s premium tier subscription, which will include Showtime, will be hiked to $11.99 from $9.99. He added that the streaming service’s lower-priced tier subscription, which doesn’t include Showtime content, will increase by $1 to $5.99. The price hike will reportedly come into effect when Paramount+ and Showtime merge later this year. A total of 9.9 million subscribers were added by the Paramount+ in the fourth quarter. Paramount+ touched about 56 million customers in total during the same period.  Free ad-supported streamer Pluto, which is owned by Paramount Global, reported a growth of 6.5 million monthly active users as well. The growth in the subscribers of Paramount+ was attributed to the NFL Sunday games, which are simulcast with the firm’s CBS broadcast network, along with the addition Top Gun: Maverick, one of the year’s biggest blockbusters, in late December. The jump in subscribers was also the result of original programming that stemmed from the “Yellowstone” and “Criminal Minds” franchises. Paramount Global Chief Executive Officer (CEO) Bob Bakish, stated on Thursday that the media corporation’s general assets, cable-TV networks such as Comedy Central and MTV, were part of its strengths. “The general entertainment space may not make sense for everyone but it clearly makes sense for us when we look at our asset combination,” he said. Bakish noted that Paramount Global believed in its sports and general entertainment strategy when it started Paramount+. In terms of revenue, Paramount saw its fourth-quarter earnings fall 7 percent to $5.9 billion, despite the addition of subscribers. The media company said that its revenue was impacted by weak advertising. Paramount’s executives anticipate that the advertising market is going to bounce back in the second half of the year. Read all the Latest News, Trending News, Cricket News, Bollywood News, India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.