Paramount+ intends to increase subscription costs this year

Unless you watch on Peacock, watching the latest season of “Yellowstone” will soon cost more: The company announced on Thursday that Paramount+ intends to raise subscription prices later this year.

The streaming service currently offers three subscription plans, two bundles with Showtime, and includes shows and movies from CBS and Paramount. Paramount+ is one of the cheapest streaming services on the market, with its most affordable plan costing just $4.99 per month.

However, CFO Naveen Chopra claims that this will change somewhat later this year.

Chopra stated that two plans will become more expensive when Paramount+ and Showtime combine later this year during a call with investors on Thursday.

The basic tier of the streaming service, called “essential,” will cost $5.99 per month instead of $4.99. Showtime will be included in the $9.99-to-$19.99 “premium” tier.

At this price point, Paramount+ already offers a Showtime bundle plan, but how this will change when the platforms combine later this year was unclear on Thursday.

Although Chopra did not specify a specific date for the price increases, they are anticipated to occur during the third quarter, along with the merger with Showtime.

The most recent streaming service to raise its subscription fees in the past year is Paramount+.

As Disney+ added a new ad-supported tier, prices for Hulu and Disney+ plans increased in the fall. The increase in the annual cost of Amazon Prime in February had an effect on streaming through the platform. Netflix introduced an ad-supported plan in November and increased its monthly fees in January 2022.