(Reuters) – Warner Bros Discovery’s streaming platform Discovery+ is increasing its monthly subscription price by $1, the company said on Tuesday, becoming the first streaming service to raise rates in the new year.
Last year, several streaming services, including Warner Bros Discovery’s flagship service Max, Paramount+, and Peacock, increased subscription prices to focus on profitability as the market matures and subscriber growth slows.
Discovery+’s ad-supported plan will now cost $5.99 per month, up from $4.99, while the ad-free plan will increase to $9.99 from $8.99.
New subscribers will see the price change immediately, with existing subscribers affected during their next billing cycle or from February 7.
Warner Bros Discovery does not break out the number of subscribers for Discovery+, but it’s believed to have a smaller user base than Max.
The service offers content from channels such as Food Network, Animal Planet, and Magnolia Network, with most of its programming also available on Max.
It streams adventure reality shows such as the “Deadliest Catch” and “Dual Survival”.
Warner Bros Discovery is undergoing a restructuring and announced in December its plans to separate its declining cable TV businesses, such as CNN, from streaming and studio operations like Max, setting the stage for a potential sale or spinoff of its TV business as more cable subscribers cut the cord.
(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Tasim Zahid)
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