ViacomCBS, the parent company for Channel 5, has changed its name to Paramount Global.
The new name became effective amid the latest company’s financial earnings release and Paramount Global covers the whole portfolio of entertainment properties owned by the company.
Paramount+, the direct-to-consumer streaming service, exceeded launch expectations and helped Paramount Global grow D2C revenues by 84% during 2021, the company announced on 16 February.
In the UK, terrestrial broadcaster Channel 5 is part of Paramount Networks UK & Australia, alongside MTV, Comedy Central and a joint venture of the Nickelodeon UK brand with Sky.
Paramount now has 56 million global streaming subscribers and has raised its target from 65 million-75 million subs by year-end 2024 to 100 million. The company has raised its 2024 direct-to-consumer revenue goal from $6bn to $9bn.
Building momentum
The company has outlined some of the ways it intends to build momentum for Paramount+, including a decision that starting in 2024, Paramount+ will become the streaming home for all new Paramount Pictures movies in the US following their theatrical runs.
New franchise expansions have been unveiled, with A Quiet Place, Star Trek and Teen Wolf among the brands involved. As an example of the franchise expansions, Sonic the Hedgehog will see an original live-action series, featuring the character Knuckles, voiced by Idris Elba. More kids and family content has been announced, too.
Paramount+ is being pitched as a broad-reach service, with Paramount promising it “will continue to deliver the most diverse content offering in streaming across every genre at scale, including beloved franchise extensions and all-new buzzworthy originals spanning must-see movies, scripted dramas, unscripted reality TV, comedy, kids and family, sports, news, specials and events to super-serve the entire household.”
Tanya Giles, chief programming officer, streaming, at Paramount, said: “On Paramount+, we have something for everyone. We are taking our broad content offering and deepening it with more content in key categories, building on our treasure trove of IP to create lasting, hit franchises.”
On the distribution front, Paramount+ will make its debut in France as an exclusive bundle with CANAL+ Group this year. The D2C offer will still be made available directly on the French market (outside of Pay TV ‘carriage’).
NOW READ Videonet editor John Moulding’s comment: Why Paramount+’s content strategy is multi-genre in nature
A version of this article was originally posted on Videonet, Mediatel News’ sister publication.
