ViacomCBS is getting a new name: Paramount.
The media behemoth — which was created through the merger of CBS and Viacom in 2019 — said the rebrand is meant to focus on the company’s future, where it will focus on becoming a major player in streaming. It is also, plainly, just a better name.
Paramount intends to “turn streaming into a sustainable business for the future,” Paramount CEO Bob Bakish said during an investor event this afternoon, “and know this we are committed to that future and creating that value.”
The company intends to hit 100 million streaming subscribers by 2024 — up from its previous goal of 65 million to 75 million during the same time frame. The company plans to further its international expansion and offer mobile-only plans in some regions to hit its aggressive subscription goals. It’ll also start bringing all Paramount movies to Paramount Plus exclusively starting in 2024 in the US, following their theatrical runs.
“We’ve got the passion, the vision, and the discipline to deliver,” Bakish said.
Paramount includes major TV networks, like CBS, Nickelodeon, and MTV; the publisher Simon & Schuster; and its titular film studio. But the company is increasingly focused on streaming, where it has three key brands: Showtime, Pluto TV, and Paramount Plus.
Announcing its fourth-quarter 2021 earnings today, Paramount highlighted the rapid growth of its streaming brands. It now has more than 56 million combined streaming subscribers, and streaming revenue is up 48 percent year-over-year, hitting $1.3 billion in the holiday quarter. Streaming subscription revenue was up 84 percent while streaming advertising revenue was up 26 percent.
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