ViacomCBS plans to detail to investors its broader streaming strategy, which includes Paramount+ along with free, ad-supported streamer Pluto TV and premium subscription service Showtime OTT, on Feb. 24, a week before the service’s planned relaunch.
The early March premiere date means that Paramount+ will debut to consumers less than a month following the upcoming Super Bowl broadcast, slated to air on CBS on Feb. 7. The timing makes it almost certain that the game will serve as a considerable marketing opportunity for the upcoming service, which ViacomCBS hopes will attract a wide swath of viewers.
ViacomCBS, created after CBS and Viacom merged in December 2019, has looked to position its company to better capitalize on the opportunity presented by direct-to-consumer streaming, and underwent an executive overhaul in October to streamline its operations and make streaming more centralized within the company.
With Paramount+, the company is looking to leverage its library of films and shows to attract viewers while capitalizing on the expanding opportunity in international markets with a globally recognized brand name.
Unlike competitors that have spent the last year debuting entirely new services to consumers, the debut of Paramount+ will require reeducating consumers who may have familiarity or affinity with the soon-to-be-shuttered CBS All Access brand.
Like many other entertainment companies, streaming is becoming an increasingly important part of ViacomCBS’s business. During a call with investors in November, ViacomCBS CEO Bob Bakish detailed the company’s streaming growth. Domestic streaming and digital video revenue rose to $636 million, a 56% increase from the previous year, and the company’s subscription streamer revenue saw 78% year-over-year growth.
Ad-supported free streamer Pluto TV also saw wins, with domestic monthly active users growing to 28.4 million and 36 million monthly active users globally, Bakish said.