Paramount+ is set to increase its subscription prices for new customers starting on August 20th. The streaming service announced the price hike in late June, affecting both the Essential and ad-free tiers. The Essential plan will see an increase from $5.99 to $7.99 per month, while the ad-free tier with Showtime will rise from $11.99 to $12.99 per month.

To provide some relief for customers, Paramount+ offers annual plans that allow subscribers to prepay and avoid the price increase. By opting for an annual plan, customers can lock in the current subscription rate and enjoy the service without worrying about price changes until the following year.

The price hike aligns with the trend seen across various streaming services in the market, as they adjust their pricing structures to meet evolving market demands and content offerings. Subscribers are encouraged to take advantage of the current rates by considering the annual plan option to secure a more stable subscription cost for the upcoming year.

This move by Paramount+ reflects the ongoing dynamics in the streaming industry as providers strive to balance content investments and operational costs while providing value to their subscribers. Customers can explore the annual plan option to maintain access to Paramount+ at a more predictable rate amidst the changing landscape of streaming service pricing.