In their last outings as leaders of ViacomCBS, the executive team led by Shari Redstone and Bob Bakish finally started to sound like they have a solid plan to compete in streaming. On the day Viaco…
, like its larger legacy media brethren, is betting the farm on refurbishing its TV and film businesses for new profit models and a new era.
The new-model Paramount is also pouring money into content at a rate that neither Viacom nor CBS Corp. was able to do on its own prior to the.
All of that enthusiasm was backed up by big moves to raise financial and operational guidance. Paramount is aiming to reach 100 million global direct-to-consumer subscribers by 2024, up significantly from the 65 million-75 million previously forecast. DTC revenue is expected to, up from the $6 billion forecast last year by 2024. Increases like that have to be backed up with some kind of reality, not just optimism.
As the presentation demonstrated, Paramount is no longer prioritizing the legacy linear channels beyond CBS, which operates at a far higher level than any other linear channel in the U.S. portfolio. The domestic MTV runs a 24/7 loop of “Ridiculousness” episodes most days while the energy and resources are going in to reinventing reality TV formats for global audiences.
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