07 December 2022, Berlin: Pam Kaufman, President and CEO of Paramount, joins us for the Paramount+ launch event. The Paramount+ streaming service is now available in Germany.
Jörg Carstensen | Image Alliance | Getty Images
World Paramount said it saw its streaming business grow in the fourth quarter and announced plans to raise prices for Paramount+ this year.
The price increases will take effect when Paramount+ and Showtime combine later this year. Chief Financial Officer Naveen Chopra said Thursday that the premium Paramount+ tier, which will include Showtime, will drop from $9.99 to $11.99, while its cheapest tier, without Showtime content, will increase from $1 to $5. $99.
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Price increases and the combination with Showtime will take place in the third quarter.
Paramount+ added 9.9 million subscribers during the fourth quarter. In total, Paramount+ reached nearly 56 million customers during the fourth quarter.
While the tough advertising market weighed on Paramount’s earnings, as the company previously warned, 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 fell 7% from a year ago to about $5.9 billion, due to lower advertising.
This story is developing. Please check for updates.
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