ViacomCBS has changed its name to Paramount. The new rebrand will start on Feb. 16, 2022.
Viacom merged with CBS back in 2019. The company stated the merger was one step closer to its goal of becoming a major player in streaming.
They are hoping to hit 100 million streaming subscribers by the year 2024. Originally their goal was 65 to 75 million users in the same timeframe. The major conglomerate media company plans to further its international expansion.
However, in some regions, they will offer mobile-only plans in hopes to hit their subscription goals. They also plan to move Paramount movies solely to Paramount Plus starting in 2024 in the United States — after they have hit the theaters.
During an investor event on February 15, Paramount CEO Bob Bakish stated that his company plans to “turn streaming into a sustainable business for the future.” He added they were “committed to that future and creating that value.”
Included in the Paramount company are major networks like Nickelodeon, MTV, and CBS. It also has its own film studio and the publisher Simon & Schuster. however, they are focusing on its streaming platform — its three major brands are Pluto TV, Paramount Plus, and Showtime.
ViacomCBS’s announcement was not the only good news Paramount had today. They also stated they have seen rapid growth in its streaming brands.
Currently, they have over 56 million combined streaming users. Paramount’s streaming revenue has risen 48% year over year. Over the last holiday quarter, they hit $1.3 billion. The company’s streaming subscription income is up 84% with the advertising income on those platforms being up 26%.
After ViacomCBS revealed the rebrand, Paramount announced its major movie and show lineup to its mainstreaming service. For instance, there will be a “Sonic” TV series focusing on the Idris Elba-voiced Knuckles, the second season of “Halo,” “Blue’s Clues” movie, and a sequel to the “Paw Patrol” movie.
Written by Sheena Robertson
Sources:
The Verge: ViacomCBS rebrands to Paramount in focus on streaming; by Jacob Kastrenakes
Deadline: ViacomCBS To Rebrand As Paramount Global; by Jill Goldsmith
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Inline Image Courtesy of AmaniTheLion1996’s Flickr Page – Creative Commons License
