The launch of Paramount Plus: Streaming isn’t a ‘winner takes all market’ says global chief
Paramount Global President and CEO Bob Bakish denied that the video streaming space was a “winner takes all market” as the media giant rolls out Paramount Plus for Brits.
Launched this morning in the UK, the streaming service houses around 4,000 films, including content from household brands like Paramount Pictures, Nickelodeon and MTV.
The subscription, which costs £6.99 a month (or £69.90 a year), has no adverts, offering a similar, albeit cheaper model to the likes of Disney Plus (£7.99 a month).
However, like its streaming giant rivals, including Netflix which saw subscriber numbers dwindle in its last quarter, Paramount will have to contend with cautious audiences that are becoming even more selective as a result of tightening purse strings.
Bakish said in a round-table discussion this week that despite additional pressures on the cost of living, people are still inclined to have two or three subscriptions. “We want to be one of a number”, he said.
His comments sit in contrast to Kantar’s research that found that households with at least one subscription shrank in the first quarter of the year, with money saving being a key driver for this change.
Nonetheless, Bakish told City PM that the UK was a “really important” market for Paramount as it carves out its global subscription-based presence.
Part of this path is also about investing in British creative talent. Paramount confirmed that twenty new British shows have been commissioned by the streamer, including a prequel series based on the British film Sexy Beast.
On whether the US powerhouse was considering a Channel 4 takeover following privatisation talks, Bakish batted it away and said: “We feel good about our asset position”.
Paramount, formerly known as ViacomCBS, snapped up Channel 5 back in 2014 for £450m.