Paramount Plus could be the latest streaming service to increase its prices.
As reported by The Verge on Wednesday, Paramount held its quarterly earnings call. On the call, chief financial officer Naveen Chopra revealed that the company sees “opportunities to increase price on Paramount Plus” and that it will “do that in the future.”
This is the clearest indication that Paramount Plus is close to a price hike. Chopra went further, saying that it is simply following the trends seen in the rest of the streaming industry.
“I think it’s fair to say that pricing is moving higher across the industry — you see that with a number of competing services. We think that means we have room to increase price.”Naveen Chopra
Almost every streaming service has seen a recent increase in prices. Apple TV Plus just increased its price for the first time from $4.99 to $6.99 per month. Hulu increased its ad-supported plan from $6.99 to $7.99 per month and its ad-free plan from $12.99 to $14.99 per month.
While the price for Paramount Plus would likely happen on its ad-free plan, Chopra says that the company would “continue to serve price-sensitive users” with its ad-supported plan, indicating that it may keep that particular plan at the same price.
The streaming service has a couple of moves to make to stay competitive over the next year. Not only will it bring Top Gun: Maverick to the platform later this year, it has also launched a partnership with Walmart that offers the service as a perk that is included for Walmart Plus subscribers. There’s plenty of other things new for Paramount Plus subscribers in November.
The ad-supported tier of Paramount Plus currently comes in at $4.99 per month or $49.99 per year. The ad-free Premium plan currently costs $9.99 per month or $99.99 per year. We’ll have to wait and see how long those numbers stick since, according to Chopra, the future is coming.