Tom Ryan, president and CEO of Paramount Streaming, speaks during LG’s press conference ahead of the Consumer Electronics Show (CES) in Las Vegas, Nevada, on January 4, 2023.
Patrick T. Fallon | AFP | Getty Images
Paramount Global’s flagship streaming service Paramount+ will be combined with its Showtime app in the US on June 27, the company said on Monday.
With the newly merged streamer comes a price increase, which Paramount had notified Earlier this year. Paramount+ with Showtime premium tier will increase to $11.99 from $9.99, while the Paramount+ option without Showtime content will increase by $1 to $5.99.
The integration goes beyond Paramount’s streaming options. The premium cable TV network, known for shows like “Yellowjackets” and “Billions,” will also be rebrandingd as Paramount+ with Showtime, and the company will also shut down the standalone Showtime app at the end of the year.
Once integrated, the Showtime television network will also include content from Paramount+, which has produced original series that have spun off popular franchises such as “Yellowstone” and “Criminal Minds.” Showtime is an additional subscription fee to the pay TV package.
Paramount has said so expects top losses for its fledgling streaming service Paramount+ this year.
The combined platforms will also help cut content spending, which has been a recent focus for media companies as they look to make streaming profitable.
Warner Bros. Discovery has reduced costs since the merger was completed. The company is also launching Max on Tuesday, the combination of HBO Max and Discovery+. However, Discovery+ will also remain as a stand-alone service.
Disney announced this year that it would cut $5.5 billion in costs, including $3 billion on content. Last week, CEO Bob Iger said Disney would add Hulu content to its Disney+ platform, a step towards a one-app experience for consumers and to streamline business for advertisers. The company will also focus on adding more ad-supported customers and plans to raise its ad-free streaming prices later this year.