Despite Suffering Major Losses Paramount Is Still Committed To Its Streaming Approach
Naveen Chopra, Paramount's Global CFO stands firm by the company's $6 billion content budget despite their streaming platforms collectively losing $1.8 billion in losses.
In 2021, Paramount+ debuted, taking the place of CBS All Access, the company's previous streaming service. It is a component of the broader selection of streaming services offered by the business, which also includes Pluto TV and Showtime OTT.
Prior to its release, Paramount+ made a great deal out of its original content selection, especially The Offer, a high-profile historical drama that would follow the making of The Godfather beginning on April 28, 2022. The streaming service also generated a lot of buzz for its upcoming Grease TV spinoff, Grease: Rise of the Pink Ladies.
Halo and 1883 were two more original shows that Paramount+ recently debuted, and both were huge hits for the platform. In Paramount+'s admittedly little existence, the Yellowstone prequel 1883 presently has the most viewers, with Halo, a video game adaption, following in second.
But even though Paramount seemingly has a firm and solid plan for its future and knows the path they want to follow, it has been a bumpy road for them. Reporting a $1.8 billion loss in 2022, Paramount Global CFO Naveen Chopra recently defended the mass media company's streaming approach. "On content spend, the most important thing to remember is that when we think about our content investment, we are always looking at it in terms of the growth and the return it unlocks," he said. The CFO also pointed to rising subscriber numbers and streaming revenue as further signs that Paramount's costly strategy was sound, adding: "Our content investment is working. We don't want to sacrifice a long-term opportunity."
Mayor of Kingston, a murder thriller starring Jeremy Renner, will return for a second season, while the Sonic the Hedgehog spinoff Knuckles is another notable Paramount+ Original presently in production. Along with its own programming, Paramount+ makes use of the vast library of TV shows produced by its parent company. This covers all of the Star Trek franchise's iterations, including the current programs Discovery and Picard, as well as well-liked kids' cartoons like SpongeBob SquarePants and Dora the Explorer. Beavis and Butthead and South Park, two popular adult animated sitcoms, are now available on the site.