If Netflix and Disney Plus are the big dogs of the streaming world, Paramount Plus is the terrier that barks at them.
Starting February 16, the burgeoning streamer's parent company, ViacomCBS, will change its name to Paramount Global (or, more simply, Paramount) in a bid to generate more name recognition for the company's core entertainment studio.
The announcement comes with a commitment to invest more than €6 billion in new streaming content over the next two years, with Paramount expecting its still young streaming service to surpass 100 million subscribers here in 2024.
Those numbers may seem like a bit of a change from Paramount Plus's biggest (and oldest) rivals: Netflix spent $17 billion on programming last year, while Disney is targeting around 250 million subscribers for Disney Plus for late 2024, but they are nonetheless a sign that Paramount intends to disrupt the streaming market sooner rather than later.
Its upcoming content list reflects this ambition. In addition to the first and second seasons of its highly anticipated Halo TV series, Paramount Plus is getting a Knuckles-centric Sonic series and several titles based on successful children's properties (Paw Patrol among them) in the years to come.
Since launch, we've made it clear: #ParamountPlus is home to a mountain of entertainment! We have the most diverse streaming content offering, with movies, kids and family programming, news, sports and events, unscripted TV, adult animation and scripted shows. pic.twitter.com/h8wr9Mg7yxFebruary 15, 2022
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The Mission: Impossible, Teenage Mutant Ninja Turtles, and A Quiet Place franchises are also owned by the studio, so future movies based on those respective universes will also be coming to Paramount Plus one way or another. Incidentally, all three franchises have new entries in the works, and starting in 2024 in the US, the streamer will gain exclusive rights to store these Paramount-produced films in its library, following their theatrical releases.
Like HBO Max, Paramount Plus is expanding to more countries around the world. The streamer will launch in the UK "this summer" (meaning between June and September), Paramount announced at its recent Investor Day, which means that those who aren't satisfied with Star Trek: The Discovery's release Netflix will soon have access to the show in its new permanent version. home.
It's a safe bet that existing IP won't make up all of Paramount's entertainment offerings in the future, either. A good chunk of that $6bn will no doubt go towards producing original movies and TV shows, especially with similarly young streamers like Apple TV Plus putting more emphasis on risky, big-budget projects in recent years.
Is it time to seal the deal?
For Paramount Plus to truly compete with its more established rivals, its parent company will likely have to come to the negotiating table.
Following Amazon's acquisition of MGM Studios and Discovery's merger with WarnerMedia (which owns HBO Max), Paramount should (and will invariably seek) to leverage its prominent position in the industry in an effort to seize 'one of the few giants' of entertainment in winning'.
Deadline reports that Showtime (a Paramount subsidiary) boss David Nevins wants to strike a deal to secure Starz (producer of shows like Power) and its parent company, Lionsgate (responsible for franchises like The Hunger Games and Twilight). In one fell swoop, such a move would almost certainly make some of the biggest movie franchises in recent history Paramount Plus exclusives.
With that said, this is the start of Paramount's new look and its proprietary transmitter. The immediate focus will be on expansion and consolidation, before the next few years usher in an inevitable series of acquisitions and content announcements.
Then get ready to add another streaming service to your long list of existing entertainment subscriptions.