Major streaming service ups prices by 33 per cent: 'Just cancelled!'
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Paramount is hiking the price of its streaming service as it looks to boost falling profits.
On Monday, it said it will increase Paramount+ Essential option by $2 to $7.99 for new customers - which works out as a huge 33 percent price rise.
It is also upping the bundle with Showtime by $1 to $12.99 - for both new and existing customers. Prices rises take effect on August 20.
Paramount is the latest to raise prices as TV streamers seek to turn a profit on businesses that until now have lost money.
They have been willing to spend on big budget shows - but offer cut-price subscriptions - in a bid to lure in customers. But investors now want to see a return.
Paramount + is hiking its prices by up to $2 a month
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Peacock, the streaming arm of Comcast's NBCUniversal, has said it will raise prices in July ahead of the Olympics. The event airs exclusively on NBC and Peacock.
That is Peacock’s second price increase in the past year.
Earlier this month, Warner Bros. Discovery angered customers by raising the price of its ad-free Max subscription for the second time.
Paramount announced in April that it had added 3.7 million Paramount+ subscribers during the first quarter, bringing the total to 71 million.
However, like most of its media peers, Paramount reported losses related to its streaming service.
Last year, Paramount combined the Showtime and Paramount+ platforms to streamline content spending, a growing priority for media companies.
After cutting costs on programme-making, it now wants to boost the money it brings in from subscribers.
Customers reacted to Paramount's price rise on social media.
'Another day, another streaming service price increase,' one said on Reddit.
'Just cancelled. Not much new stuff I'm interested in is coming out soon,' added another.
'These streaming services seem to expect to survive by offering one decent show a week with constant raising prices.
'At least Netflix has so much new content it's worth paying for.'
As more and more streaming services have flooded the market, companies have had to hike their prices and alter their business models in an attempt to improve profitability.
The vast majority of streaming platforms have increased in price in the last year - some by as much as 43 percent
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When it comes to television, eight of the nine major services have hiked their prices in the last year, DailyMail.com analysis revealed.
Apple TV+, for example, increased the price of its ad-free tier by a huge 43 percent - from $6.99 to $9.99.
Disney+, meanwhile, hiked the price of its offering by 27 percent - to $13.99 from $10.99.
Last October, Netflix axed its 'basic' $9.99 per month ad-free plan for new members - and upped it to $11.99 for existing members.
It means its cheapest plan without commercials for new joiners is the 'standard' one at $15.49 a month.