07 December 2022, Berlin: President and CEO Paramount Pam Kaufmann joins us at the launch event for Paramount+. Paramount+ streaming service is now available in Germany.
Jorg Carstensen | Picture Alliance | Getty Images
Paramount Global said it has expanded its streaming business fourth quarterand announced plans to raise prices for Paramount+ this year.
The price increase will take effect when Paramount+ and Showtime combine later this year, CFO Naveen Chopra said Thursday that the Paramount+ premium tier, which includes Showtime, would increase from $9.99 to $11.99, while its low-cost tier without Showtime content would increase from $1 to $5.99.
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The price increase and the combination with Showtime will take place in the third quarter.
Paramount+ added 9.9 million subscribers during the fourth quarter. Overall, Paramount+ reached approximately 56 million subscribers during the fourth quarter.
While a tough advertising market was putting pressure on Paramount’s earnings, because The company had warned earlier, the company’s direct-to-consumer streaming business saw a 4% increase. Advertising revenue fell 5%, the majority of which was attributed to the international market.
Overall, Paramount’s fourth-quarter revenue declined 7% from the prior year, to roughly $5.9 billion, due to declining advertising.
This story is developing. Please check back for updates.