Paramount Global's streaming service, Paramount+, is increasing subscription rates in August and September to address debt and restructure its business.

The ad-free plan for new subscribers will now cost $12.99 per month, while the ad-supported plan will be $7.99 per month.

The Paramount+ with Showtime plan will be priced at $13 a month, and the Essential plan at $8 a month.

The company is focused on cost reduction and asset divestment as it works to turn around its streaming business.

Paramount+ boasts 71 million paying customers but still operates at a loss, prompting the search for a strategic partner.

Other streaming services like Peacock and Warner Bros Discovery are also raising prices, prompting customers to reassess their subscriptions in the face of industry-wide price hikes.