Paramount Global is set to increase the prices of its flagship streaming services as part of its strategy to revitalize its business. Effective August 20, the Paramount+ with Showtime plan will rise by $1 to $12.99 per month, and the Paramount+ Essential plan will see a $2 increase to $7.99 per month for new subscribers.

Existing subscribers to Paramount+ with Showtime will experience the price hike starting September 20, while current Paramount+ Essential customers will not face a price increase. Additionally, the cost of the limited Paramount+ commercial plan will increase by $1 to $7.99 for existing users.

This adjustment aligns with a broader trend among media companies aiming to achieve profitability in the streaming sector. Paramount Global, alongside other industry players, has been incrementally raising prices to offset the financial losses associated with streaming services. NBCUniversal recently announced a price hike for Peacock, its streaming service, while Warner Bros. Discovery also raised the cost of its Max service earlier this month.

Paramount Global’s price increase follows the merger discussions with Sky dance that were recently terminated. National Amusements, which controls Paramount and is led by Shari Redstone, ended negotiations with Sky dance’s David Ellison.

Paramount is now managed by the “Office of the CEO,” comprising CBS CEO George Cheeks, Paramount Media Networks CEO Chris McCarthy, and Paramount Pictures CEO Brian Robbins. At Paramount’s annual shareholder meeting, this leadership trio outlined plans to reduce debt, explore streaming joint ventures, cut $500 million in costs, and divest noncore assets. Further details on these strategies are expected in Paramount’s August earnings report.

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