Paramount+ to raise subscription prices

(NEXSTAR) – Watching the newest season of “Yellowstone” will soon be more expensive: Paramount+ is planning subscription price increases later this year, the company announced Thursday.

Currently, the streaming service — which includes shows and movies from CBS and Paramount — offers three subscription plans, as well as two bundles with Showtime. With its most affordable plan being just $4.99 a month, Paramount+ is one of the cheapest streaming services available.

But, according to CFO Naveen Chopra, that’ll change — though only slightly — later this year.

During a call with investors on Thursday, Chopra said two plans will become more expensive when Paramount+ and Showtime combine later this year.

The streaming service’s basic tier, “essential,” will increase from $4.99 a month to $5.99. The “premium” tier will jump from $9.99 to $11.99 and will include Showtime.

Paramount+ already offers a Showtime bundle plan at this price point, but it wasn’t clear Thursday how this will change when the platforms combine later this year.

Chopra didn’t give an exact date for the price hikes, but CNBC reports that the increases, and the combination with Showtime, are scheduled for the third quarter.

Paramount+ is the latest streaming service to raise its subscription prices within the last year.

In fall, Disney+ and Hulu plans saw price hikes as Disney+ added a new ad-supported tier. Last February, Amazon Prime’s annual cost jumped, impacting streaming through its platform. Netflix raised its monthly costs in January 2022, and introduced an ad-supported plan in November.