Paramount CEO Shares Outlook On The Profitability of Streaming
By Movieguide® Staff
Paramount Global CEO Bob Bakish recently shared his outlook on the increased focus on streaming.
Bakish oversees Paramount+ and Pluto TV, which he hope will eventually compete with the industry’s top streaming platforms like Netflix.
“We’ve always built this with the idea of building a real business and profitability in mind and will continue to make headway on that in 2023,” Bakish said in at the UBS Global TMT Conference.
“You think about using content across linear platforms and streaming that creates cost advantages, you think about marketing and leveraging platforms that creates cost advantages,” Bakish added of Paramount’s streaming strategy.
Bakish said that the company will not focus on streaming to the detriment of its blockbuster movies. The most recent example being the historic box office performance of Tom Cruise’s TOP GUN: MAVERICK, which did not appear on Paramount+ until a long theatrical stint.
As for profit, Bakish said that he hopes the company’s “multifaceted product” model for streaming contnet—which includes streaming platforms Paramount+ and Showtime, as well as Paramount Pictures, CBS, and ad-supported platform Pluto TV—will begin to turn a profit.
“So it takes a little while. But we are very focused on streaming profitability and building a financially compelling business here, and we’re very much tracking in that direction,” he explained. “The TV ecosystem is under pressure. That’s the bad news. The good news is we’re a cornerstone supplier. And we’re no longer in just the business of licensing linear feeds to video bundle operators. We are now in the multifaceted product with distributors, including for broadband-only.”
“The current market is challenging. That challenge is both on the linear and digital side,” he added. “While challenging, advertising is cyclical. This too is a cycle. This too will turn. The only question is when.”
Movieguide® previously reported:
After its historic run in theaters and at the box office, TOP GUN: MAVERICK will soon be available on streaming through Paramount+.
The sequel to the 1986 classic, TOP GUN: MAVERICK, currently sits at just under $1.5 billion worldwide. To boost Paramount+ ratings, investors questioned whether Paramount Global would choose to discontinue Showtime’s streaming service.
Paramount CEO Bob Bakish did not confirm or deny any future plans regarding the Showtime service but said that: “We should have that conversation, though it is not like we have made a decision to do something on such and such a date.”
“I guarantee you media will continue to evolve, I guarantee you our product line will continue to evolve and get better,” he added.
Paramount previously added Showtime programming content into the main Paramount+ app for users who are subscribed to both services. However, the Showtime app remains a separate option.
TOP GUN: MAVERICK enthralled audiences worldwide with its realistic ariel stunts and continuation of the story of Pete “Maverick” Mitchell, played by Tom Cruise.
According to Bakish, Paramount seeks to create content that appeals to the masses.
“You look at our content, we are not a coastal company, we didn’t win a lot of Emmys, we represent the masses,” Bakish said.
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Now more than ever we’re bombarded by darkness in media, movies, and TV. Movieguide® has fought back for almost 40 years, working within Hollywood to propel uplifting and positive content. We’re proud to say we’ve collaborated with some of the top industry players to influence and redeem entertainment for Jesus. Still, the most influential person in Hollywood is you. The viewer.
What you listen to, watch, and read has power. Movieguide® wants to give you the resources to empower the good and the beautiful. But we can’t do it alone. We need your support.
You can make a difference with as little as $7. It takes only a moment. If you can, consider supporting our ministry with a monthly gift. Thank you.
Movieguide® is a 501c3 and all donations are tax deductible.
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