Tub overflow leak into bathtub

Hello, My bathtubs' overflow valve recently started leaking. The amount of water that is coming out is between a fast drip and a steady stream. It runs from the bottom of the overflow cover down into the bathtub drain. Do I need to just replace the overflow cover (which looks like it could use replacing) or could this be something more serious?

This needs immediate attention. If water is coming out the overflow, you either have a major blockage on the drain line; or you have a leaking pipe or fitting inside the wall and the water happens to find its way through the overflow cover.