Paramount+ to lower subscription price

It also could improve your streaming options.

Editor’s note: This article was written by Nick Cole and originally appeared on Clark.com.

Are you a current or prospective Paramount+ subscriber? We have good news!

Viacomcbs confirmed plans for an upcoming pricing change for the new streaming service during its Q1 2021 Earnings Call on May 6.

The company leadership also confirmed some ambitious new plans for films on the streaming platform.

The Paramount+ ad-supported subscription price will drop from $5.99 to $4.99 in early June 2021.

“We’re really excited about it,” CEO Bob Bakish said of the upcoming price drop. “It brings live sports, breaking news and a good amount of entertainment — including our plans for an expanded originals slate — to the market at a lower price point.

“That’s great from a consumer perspective, but for us it also has cost advantages that improve margins from that of the $5.99 legacy product that we will be discontinuing.”

Bakish is referring to retiring the pricing strategies (both from a consumer and advertising cost standpoint) from the CBS All Access product, which carried a $5.99 monthly price tag and was rebranded as the “first version” of Paramount+ when it launched in March 2021.

In other words, you’re getting a lower price and an enhanced product, and the company is counting on the new strategy to attract more viewers.

There is no announced change to the $9.99 ad-free subscription level.

Paramount+ also announced that it will soon be expanding its film library on the service and revealed an aggressive plan to increase the amount of original content on the service in 2022.