You’re going to be paying more for the ability to stream Top Gun: Maverick whenever you want.
Paramount+ is hiking prices as parent company Paramount Global reported its operating income plummeted 93 percent for the fourth quarter as the weak advertising market continues to weigh on the media giant’s properties, including CBS and PlutoTV.
The ad market is hammering Hollywood’s biggest media companies as households drastically cut back on spending in the wake of runaway inflation and skyrocketing energy prices brought on by the Biden administration.
Consumers who currently subscribe to the ad-free Paramount+ “Premium” tier for $9.99 per month will see their service replaced by a version that includes Showtime that will cost $14.99 per month. The new tier will be called Paramount+ with Showtime.
The existing ad-supported tier for $4.99 per month will increase by $1, or a 20 percent price hike.
Paramount said it would implement the price hikes this year but didn’t specify a date.
As Breitbart News reported, Paramount started enacting layoffs back in November. On Wednesday, Paramount reported its ad revenue fell five percent for the fourth quarter, pushing revenue down seven percent. Overall, operating income plummeted a stunning 93 percent for the period.
Even though Paramount+ added 9.9 million subscribers for the fourth quarter, the company saw its streaming business losses widen to $575 million from $502 million in the year-ago quarter.
Streaming prices are rising across the board as Bidenflation hits Hollywood hard. Netflix and Disney+ are among the major streamers to have hiked prices for consumers in recent months.
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