Price Hikes Planned For Paramount+ Streaming Services
Get ready, Star Trek fans. In its Q4-2022 earning report this week, Paramount Global’s CEO Bob Bakish said the company plans to raise subscription prices on Paramount+ streaming tiers that now are combined with bundled options for the Showtime service.
The current price for the premium tier of Paramount+ including Showtime will climb $2 a month to $11.99, while the basic essential tier without Showtime will increase by $1 to $5.99 per month, the company said in its quarterly reporting.
Combining Paramount+ with Showtime is expected to save the company $700 million annually, according to a Paramount Group executive.
The announcement was made as part of the company’s Q4-2022 earnings report that indicated losses from the direct-to-consumer businesses rose 15% YoY to $575 million. This was despite the addition of 10 million streaming subscribers globally in quarter.
In addition to raising prices for its services, the company’s executives said they are controlling spending on programming by focusing on franchises.
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Losses from the streaming businesses contributed to 99% drop in profit YoY, even as revenue rose to $8.13 billion from $8 billion a year ago.
Paramount+ added 9.9 million subscribers in the fourth quarter for a total of nearly 56 million. Revenue increased 81%.
The company’s total global direct-to-consumer subscribers climbed by 10.8 million YoY to 77 million in the period.
Direct-to-consumer revenue increased 30% to $1.4 billion, with subscription revenue up 48% to $936 million and ad revenue up 4% to $460 million, the company said.
Meanwhile, company’s Pluto TV free ad supported TV (FAST) service Pluto TV added 6.5 million monthly active users for a total of 79 million at the end of the year.
The company said Paramount’s TV business saw a 5% increase in operating income to $1.3 billion and a 7% drop in revenue $5.9 billion in the period. Income for the period increased due to a 9% decrease in expenses to $4.6 billion.
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By Greg Tarr
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