Paramount CFO says company will hike Paramount+ price this year
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Paramount's (NASDAQ:PARA) (NASDAQ:PARAA) CFO Naveen Chopra said on Tuesday that the media and entertainment giant would increase the price of its streaming service this year as the industry looks to cut losses and boost profitability.
Speaking at Deutsche Bank's tech, media and telecom conference, Chopra also noted the weakness in the advertising market has created revenue "headwinds" for the direct-to-consumer market. 
Paramount+ starts at $4.99 per month with ads and costs subscribers $9.99 per month with no ads, or $99.99 for an annual subscription.
Earlier this month, Paramount (PARA) (PARAA) reported that it grew its subscriber count for Paramount+ to nearly 56M following as of the fourth-quarter, adding 9.9M subscribers during the period.
However, it saw further losses in the segment as adjusted OIBDA widened from a loss of $502M in the year-ago quarter to $575M, reflecting investments in content and international expansion.
Chopra also said on Tuesday that the company would introduce multiple streaming tiers internationally.
Paramount (PARA) (PARAA) is being sued by Warner Bros. Discovery (WBD) after the David Zaslav-led Warner Bros. Discovery (WBD) accused Paramount of reneging on parts of a 2019 deal for a notable $500M that licensed streaming rights to South Park to HBO Max
Comedy Central, which airs South Park is a part of MTV Entertainment, itself a part of Paramount.
Chopra also touched on the weak advertising market, stating the company expects the second-half of 2023 to see a "noticeable" rebound in the advertising market.
During its most recent quarter, Paramount (PARA) (PARAA) saw TV media revenue decline 7% year-over-year, with advertising revenue down 7% as lower impressions and unfavorable foreign exchange headwinds were not enough to offset increases in political advertising and pricing.
Earlier this month, Berkshire Hathaway disclosed that it had raised its stake in Paramount Global (PARA) (PARAA) in the fourth-quarter, while making several other changes to its portfolio.