The company sees opportunities to increase price on Paramount Plus and will do that in the future, according to the CFO. The commercial-free Premium plan costs $9.99 per month, while the ad-supported version costs $4.99 per month.
It won't be alone if the service raises its price in the US. The price of Apple TV Plus went from $4.99 to $6.99 per month, while the price of the ad-supported plan went from $6.99 to $9.99 per month.
Pricing is moving higher across the industry with a number of competing services. We think we have enough room to raise the price. The ad-supported plan would be allowed to continue to serve price-sensitive users while prices were increased by tier. The price of Paramount's commercial-free plan in Canada has been raised.
The Plus streaming service added 4.5 million subscribers this quarter, bringing its total subscribers to 46 million, according to Paramount's earnings report.
Pluto TV saw some growth as well. There was a double-digit increase in viewing hours for the service. The first free, ad-supported service to present a significant portion of TV viewing was Pluto TV.
The increase in subscribers is linked to the growing library of content, which includes popular series likeHalo and Yellowstone. Some of the football games it airs on CBS as well as the soccer games on the platform are credited.
The addition of Top Gun: Maverick to Paramount's streaming service is expected to be a driver of subscribers. In September, the company launched a partnership with Walmart that gave Walmart Plus subscribers free access to the Paramount Plus plan. The partnership is off to an excellent start.
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