ViacomCBS Inc., the New York City-based American multinational mass media conglomerate having had a revenue of $27.81 billion to-date, had issued a statement earlier this week saying that the diversified media company would launch its streaming service ‘Paramount+’, previously CBS All Access, in the United States as early as by March 4 this year, joining a fiercely competitive streaming media industry largely dominated by the streaming media trailblazer Netflix Inc.
Apart from that, ViacomCBS Inc., the New York-headquartered mass media mogul employing over 24,000 people across the globe, had also added in the statement that its streaming media service, Paramount+, would make its debut in Latin America and Canada on the same day, while the Baltic nations would witness its entrance into a highly clogged media streaming industry by March 25.
Besides, ViacomCBS Inc., the American multinational mass media company formed by a merger of the second incarnation of Viacom and the second embodiment of CBS Corporation on December 4, 2019, after having been split from the first version of Viacom back in the 2006s, was also quoted saying that its newly introduced streaming media service Paramount+ would make its debut in Australia on mid-2021.
ViacomCBS Inc. to compete for space in streaming media industry
If truth is to be told, a swathe of streaming media services providers ranging from the industry-leader Netflix Inc to Walt Disney’s Disney+ to AT&T Inc’s HBO Max, benefitted from the pandemic outbreak, while conventional in-house movie theatres had witnessed a sharp drawdown at their revenues as pandemic-wary people across the globe preferred to turn online, while a sharp uptick in work-from-employees had also led to a rapid rise in paid subscriptions for streaming media services last year.
Despite such pluperfect business landscape for streaming media services, Paramount+ would be necessarily requiring to wrestle for just a breathing space in the rapidly growing industry amid a flurry of competitions from a number of relatively newcomers such as HBO Max alongside Disney+, suggested analysts.
Besides, the cash-strapped industry leader Netflix was quoted saying later this week that it would no longer require debt-loads to create Netflix originals, reflecting an upper-hand over its smaller rivals. Nonetheless, addressing to ViacomCBS Inc.’s vast collection of TV shows and movies, a spokesman for the company had said that Paramount+ would feature TV shows and movies from ViacomCBS subsidiaries such as BET, CBS, MTV, Nickelodeon, Comedy Central and the Paramount Pictures, while it was also working out Paramount+ originals such as “The Twilight Zone” and “The Good Faith”.