2023 is the year of streaming price hikes. HBO Max, FuboTV, and Amazon Music have raised their prices this year, with Disney+ and YouTube Premium setting the trend in 2022. Now Paramount+ plans to raise its premium tier from $9.99 to $11.99 and its ad plan from $4.99 to $5.99, Variety reports.
The reported price hike plan comes amid economic woes for both the streaming platform and the media production industry as a whole. Paramount Global’s Q4 earning report shows that the company intends to write down $1.5 billion due to its recent integration of Showtime into the Paramount+ streaming platform. The company also acknowledged that it would have negative free cash flow in 2023. Furthermore, Paramount Global CEO Bob Bakish conceded that the company is facing significant headwinds and that 2023 won’t be an overly profitable year for the entertainment giant.
However, don’t adjust your monthly budget just for the price hike just yet. While company executives have stated the price hikes are planned, they haven’t said exactly when, just that they’re coming in 2023.