Struggling Paramount Announces Price Hike Again

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Australia’s Network 10 owners Paramount Global aren’t in a good place. As ChannelNews recently reported, its ratings could be cut to junk for the second time following the collapse of a mega deal with Skydance.

Paramount’s Non-Executive Chairwoman Shari Redstone failed to reach an agreement with David Ellison’s Skydance Media for the latter to acquire a controlling stake in Paramount Global.

Now, its consumers are set to pay the price as the company struggles to keep its revenue flowing. Its streaming service, Paramount Plus, is set to get yet another price hike.

Beginning August 20th, the monthly costs for its Paramount Plus with Showtime, Paramount Plus Essential, and Paramount Plus with limited commercials plans will increase for all new subscribers.

International pricing for Paramount Plus with Showtime will now cost $12.99 (approx. A$19.52) a month, while Paramount Plus with limited commercials will now cost $7.99 (A$12.01) a month, and Paramount Plus Essential will now cost $7.99 (A$12.01) a month.

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Prices for annual Paramount Plus Essential and Paramount Plus with Showtime aren’t changing, and people already subscribed to Paramount Plus Essential on a monthly basis will continue to pay their existing rate.

However, those subscribed to Paramount Plus with Showtime will have to start paying the new price either on their next billing date or after September 20.

Here in Australia, at present, Paramount Plus’ standard plan is available for A$9.99 a month, or you could choose an annual subscription for A$89.99 (which rounds out to A$7.49 a month).

The Premium Plan costs A$13.99 a month or A$124.99 annually. The newly announced Basic (with ads) tier is the cheapest at A$6.99.

Paramount co-CEOs told employees earlier in June that the company will focus on transforming its streaming business, reducing costs and divesting some assets to help pay its debts, according to an email seen by Reuters.

Paramount’s streaming service is far smaller than its rivals and has more than 71 million subscribers compared with Netflix’s 269.6 million.

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