ViacomCBS announced that the global media company will become Paramount Global, effective February 16, bringing together its portfolio of premium entertainment properties under a new parent company name. "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," commented Bob Bakish, President and Chief Executive Officer of the company.
"Paramount is an idea: a promise to be the best. That promise has always been at the center 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," added Shari Redstone, Non-Executive Chair of the company's Board of Directors.
In addition to the name change, the company detailed plans to accelerate the global momentum behind Paramount+, unveiling new content, enhanced product offerings and continued international expansion at its investor event. According to the firm, Paramount+ will continue to deliver the most diverse content offering in streaming across every genre at scale, including beloved franchise extensions and all-new 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.
"We see a huge global opportunity in streaming, a much larger potential market than can be captured by linear TV and film alone. We're excited about our ability to not just compete, but thrive, creating significant value for both consumers and shareholders. That is 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," Bakish continued.
● GLOBAL EXPANSION
ViacomCBS announced that it will continue the global expansion of Paramount+ in 2022. In fact, the company revealed that Paramount+ will make its debut in France as an exclusive bundle with Canal+ Group, giving subscribers immediate access to Paramount+ through the country's largest provider. Paramount+ will also be available on an a la carte and direct-to-consumer basis in the French market.
With Paramount+ and SkyShowtime, the company will have streaming services available in more than 60 markets across the UK, Latin America, Canada, Australia, South Korea, the Caribbean, and all major markets in Europe by the end of this year. In 2023, the company will look to Asia, Africa and the Middle East, building on Paramount+'s strong momentum to grow its presence in every region of the world.
● CONTINUED MOMENTUM
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. The firm is also raising its 2024 DTC revenue goal from $6 billion to $9 billion.
"In just one year, Paramount+ has outperformed all expectations. Our powerful content, marketing and distribution engines drove explosive growth as further proof of our ability to establish a sustainable, large scale streaming business with a differentiated global playbook," declared Naveen Chopra, Executive Vice President, Chief Financial Officer at ViacomCBS.
Today, as we embrace the Paramount name, we are pioneers of an exciting new future” Bob Bakish President and Chief Executive Officer of ViacomCBS