Paramount streaming service will merge with Showtime on June 27th

Paramount GlobalThe company’s flagship streaming service Paramount+ will be combined with its Showtime app on June 27 in the US, the company announced Monday.

The newly merged streamer will be accompanied by a price increase, as Paramount announced earlier this year. The Paramount+ with Showtime premium tier increases from $9.99 to $11.99, while the Paramount+ option without Showtime content increases by $1 to $5.99.

Integration goes beyond Paramount’s streaming options. The premium cable TV network known for shows like Yellowjackets and Billions is also rebranding as Showtime to Paramount+, and the company will also be retiring the standalone Showtime app by the end of the year.

Following the integration, TV network Showtime will also feature content from Paramount+, which has produced original series spawned from popular franchises such as Yellowstone and Criminal Minds. Showtime is an additional subscription fee for the Pay TV package.

Paramount has announced that it expects maximum losses for its young streaming service Paramount+ this year.

The combined platforms will also help reduce content spending, which media companies have recently focused on to make streaming profitable.

Warner Bros. Discovery has reduced costs since the merger was completed. The company is also launching Max, the combination of HBO Max and Discovery+, on Tuesday. However, Discovery+ remains a standalone service.

Disney earlier this year announced cost reductions of $5.5 billion, including $3 billion for content. Last week, CEO Bob Iger said Disney will add Hulu content to its Disney+ platform to offer consumers a one-app experience and streamline the business for advertisers. The company will also focus on attracting more ad-supported customers and plans to increase pricing for ad-free streaming later this year.