ViacomCBS recently announced that the global media company will become Paramount Global (referred to as “Paramount”), effective February 16, bringing together its leading portfolio of premium entertainment properties under a new parent company name.
“Paramount is an idea: A promise to be the best,” said Shari Redstone, Non-Executive Chair of the company’s Board of Directors. “That promise has always been at the centre of what we aspired to build as the steward of more than a century of cinematic excellence, and with businesses and brands that have defined and redefined entertainment for generation after generation. We have made enormous progress, and I have never been more excited about the future of this company.”
“Paramount’s iconic peak represents a rich history for our company as pioneers in the Golden Age of Hollywood. Today, as we embrace the Paramount name, we are pioneers of an exciting new future,” said Bob Bakish, President and Chief Executive Officer.
A focus on streaming and global expansion:
Paramount+ has exceeded the company’s goals since its launch, and ahead of schedule, as the key driver of ViacomCBS’ overall streaming growth. The company delivered more than 56 million total global streaming subscribers and 84% revenue growth in the direct-to-consumer segment in 2021. As a result of its streaming momentum and incremental investments, the company is raising its global streaming subscriber goal from 65-75 million global streaming subscribers to more than 100 million subscribers by year-end 2024. This is supported by the decision that ViacomCBS Networks Africa, now Paramount Africa, will be part of the expansion expedition to bringing subscription-based video on demand streaming platform, Paramount+, to Africa by 2023.
“We see a huge global opportunity in streaming, a much larger potential market than can be captured by linear TV and film alone,” continued Bakish. “We’re excited about our ability to not just compete, but thrive, creating significant value for both consumers and shareholders. How? Because we’re broader in four key areas: our diverse content, streaming model, mix of platforms and global reach. As we look forward, the size of the opportunity we see is matched only by our ambition to seize it.”
“The continued global expansion to bring Paramount+ to Africa by 2023 underscores the importance of the stories we create, which are only as powerful as the audiences they reach. Paramount+ has established itself as a leading brand in the industry in less than a year, and will strengthen the traditional business and allow greater opportunity for collaboration and growth. This is an exciting time for the Africa business, and our future streaming plans across multiple platforms will enable us to reach even greater audiences”, said Senior Vice President & General Manager at Paramount Africa, Craig Paterson.
Broad contend offering:
With an expansive slate of exciting programming announcements, this transition will see Paramount+ continue to deliver the most diverse content offering in streaming across every genre at scale, including beloved franchise extensions and all-new buzzworthy originals spanning must-see movies, scripted dramas, unscripted reality TV, comedy, kids and family, sports, news, specials, and events to super-serve the entire household. This is an extension to the commitment of authentic storytelling and bringing diverse stories to the world.
“This pioneering move amplifies our dedication to innovation, collaboration through partnerships, creativity and global reach, it’s a great opportunity to further showcase the power and growth of African content across the markets. While encapsulating the business objective and growth spectrum of the brand, the decision also enables us to continue to focus on delivering unique stories from Africa to the world. ViacomCBS Networks Africa, now Paramount Africa, will have the impetus to go forward in delivering on driving social change, diverse entertainment content creation and global format production partnerships,” said Paramount Africa’s Senior Vice President, General Manager, and Peer Lead at BET International, Monde Twala.
