Tom Ryan, CEO and President 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 GlobalParamount+’s flagship streaming service will merge with its Showtime app in the US on June 27, the company said Monday.
With the newly merged streamer, there will be a price increase like Paramount did he announced earlier this year. Paramount+ with premium Showtime 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 capabilities. The premium cable TV network known for series like “Yellowjackets” and “Billions” will also be rebrandd like Paramount+ with Showtime, and the company will also retire the standalone Showtime app by the end of the year.
After the integration, the Showtime television network will also include content from Paramount+, which produced original series that spun off popular franchises such as “Yellowstone” and “Criminal Minds.” Showtime is an add-on to your pay TV subscription package.
Paramount said so expects record losses for its nascent streaming service Paramount+ this year.
The combined platforms will also help reduce content spending, which has been a recent focus for media companies as they seek to ensure streaming is profitable.
Warner Bros. Discovery has been reducing costs since the merger was completed. Society is too launching Max on Tuesday, a combination of HBO Max and Discovery+. However, Discovery+ will also remain a standalone service.
Disney announced this year that it would cut costs by $5.5 billion, including $3 billion in said content. Last week, CEO Bob Iger said Disney would do it add Hulu content to its Disney+ platform, moving towards a one-app experience for consumers and streamlining the business for advertisers. The company will also focus on adding more ad-supported customers and plans to raise ad-free streaming prices later this year.