Paramount + Plans Revealed at Paramount Investors Day

At the new Paramount Global, franchising is a philosophy, kid-friendly content is key, and Paramount+ could perform better than Peacock.

ViacomCBS used his Investor Day to get survival. Revealing strategy – business philosophy? — where all roads lead to streaming and franchising, the company announced that the Company formerly known as ViacomCBS will now be Paramount Global, a nod to the oldest property. company (Paramount Pictures), the company’s most important product (Paramount+) and the worldwide reach it needs to thrive.

“We are already in motion in a virtuous cycle,” said board chairman Shari Redstone. “Our legacy business powers our transformation and the transformation enhances and extends our legacy.”

It’s the second time Redstone’s company has changed its name in two years, but it’s all part of a two-and-a-half-hour-long effort to convince Wall Street that it has a chance in the streaming wars right now. even when it fights in the end. among its peers.

Paramount Global has big ambitions in the coming years, but there are four key factors that will determine its success.

After beating expectations, it has to do so many times

Tuesday marked the first time executives broke subscriber counts for Paramount Global’s streaming services: Paramount+ had 32.8 million subscribers at the end of last year, taking the service to the top. two years ahead of its growth target — and overtakes Peacock, its ultimate rival. Paramount+ now aims to hit 100 million subscribers by 2024, where it was once hoped to be 65 million -75 million. The company had to broaden its ambitions as it tried to catch up with competitors that had launched months or years earlier.

Last quarter, Paramount+ added more subscribers than HBO Max, but WarnerMedia has 73.8 million subscribers between HBO and HBO Max. It is still far from Netflix (222 million) and Disney + (129.8 million).

It’s unclear whether Peacock or Paramount+ are leading; Comcast likes to cherry-pick its numbers. That service currently has 24.5 million monthly active accounts between the free and paid tiers, either through direct subscription or through a plan. According to Comcast’s earnings call last month, Peacock also has 9 million premium subscribers and 7 million subscribers who receive premium rates through cable or cell phone plans.

Children’s content is of “huge” importance

“SpongeBob SquarePants” is Paramount+’s most watched show; “PAW Patrol” is number four. “ICarly,” “PAW Patrol: The Movie” and “SpongeBob SquarePants: Sponge on the Run” are three of the top titles attracting new subscribers, according to the company.

Nickelodeon content is some of the service’s most productive; it also keeps the client locked out of the subscription. “Once families sign up, they continue to sign up,” said Brian Robbins, director of film, children and family content for Paramount+. “Viewers coming to kids and family content reduce churn rates to double digits, creating even more lasting value. With 25 million homes in the U.S. with kids ages 2-11 and millions more globally, Paramount+ is one of the leading providers of kids’ content – well, from the location we’re in. I gain is great. ”

Churn is the enemy of streaming success, and Paramount is investing more to make sure that happens less often. Robbins announced three new “character-driven” “SpongeBob” movies that will play on Paramount+ and a “big theater hit” “in the works.”

Franchising is a philosophy

At Paramount Global, it’s all about franchising. Bakish can’t seem to overstate the importance of identifying, launching, and nurturing IPs.

“If you look at the history of the company, probably most of that franchise work was done at Nickelodeon,” he said. Now, “what you see is a broader commitment to the franchise, including strategies that stretch from theatrical to feature-length films… It’s really a shift in philosophy that connects. with a company mentality that transcends platforms and provides streaming feeds.”

What that means: Not only will “Transformers” get a three-image reboot starring Anthony Ramos, there will be a new Nickelodeon animated series and a theatrical CGI film as well. Sonic the Hedgehog’s Knuckles, voiced by Idris Elba, will get a live-action series adaptation; A third “Sonic” movie is in development.

And MTV’s “Jersey Shore” will never die. Paramount+ rolled out local versions of the reality series to Mexico and Brazil, where they became the number one series on the service. Seven more versions of “Shore” are coming.

Legacy is a help and a hindrance

Paramount executives love to say that Paramount+ has a “different strategy in streaming.” It sounds like spinning, but it differs from other corporations in that it includes both subscription streaming (Paramount+) and ad-supported, linear free streaming (Pluto TV).

In the US it has NFL football; internationally, it hosts famous football tournaments. It also reaches TV, cinema, and streaming: Paramount+ is connected on CBS every hour, for example.

Then there are the legacy downsides. Due to the licensing agreement signed with EPIX last year, Paramount+ won’t have its first full look at Paramount features until 2024. That means Paramount won’t be able to build on the Paramount+ message as they continue. display “SpongeBob” or “Quiet Place” for Theatrical Release.

Now, with executives giving the kind of inaccuracy, it’s a marketing nightmare: All those great movies were revealed on Tuesday? They will eventually “get to Paramount +”.

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https://www.indiewire.com/2022/02/paramount-plus-investors-day-1234699685/ Paramount + Plans Revealed at Paramount Investors Day

Olly Dawes

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