Paramount's Big Streaming Plans: What's Next?
Paramount is making waves in the streaming industry.
CEO David Ellison's Vision
At a recent press conference, David Ellison, CEO of Paramount, outlined the company's ambitious plans for streaming. Paramount is fully committed to this space, exploring various options, including partnerships and potential mergers between Paramount+ and Pluto TV.
Ellison emphasized the critical role of streaming in Paramount's future, especially as cable TV viewership declines. He highlighted Paramount's strong content, including Taylor Sheridan's series and NFL games, which are major attractions for subscribers.
Subscriber Numbers and Competition
- Paramount+ boasts 77.7 million subscribers, a significant number but not the highest in the industry.
- Pluto TV, a pioneer in free, ad-supported streaming, faces growing competition.
Ellison clarified that while no deals are finalized yet, Paramount is actively evaluating its options.
The Importance of Content and Technology
Gerry Cardinale, from Skydance's financial backer RedBird Capital, stressed that high-quality content is no longer optional—it's essential. He also noted that monetizing this content effectively is just as crucial.
Jeff Shell, Paramount's President, discussed the need for technological upgrades. Although not the most glamorous aspect of the takeover, it's vital for a company of Paramount's size.
Andy Gordon, COO and Chief Strategy Officer, added that improvements to the user interfaces of Paramount+ and Pluto TV are on the horizon to enhance user experience.
The Tech Challenge for Hollywood
Ellison called on Hollywood companies to elevate their technological capabilities. With three streaming services operating on different systems, change is necessary. He warned that unless Hollywood can match the tech innovation of Silicon Valley, they risk falling behind in the competition.