By Kayla DeKraker
Paramount will make some major changes to its platform, as previously promised by CEO David Ellison. Paramount plans to unify all its streaming platforms under one shared framework. Ellison emphasized that this will not only improve user experience but also significantly cut costs, and the company expects billions in savings from this effort.
“Over the last six months since we’ve been at Paramount, we’ve taken the film slate from eight films when we bought the company to 16 movies that will be released this year exclusively in theaters,” Ellison said. “We’ve green-lit 11 shows to grow Paramount+. We brought the UFC onto our platform, the [UEFA] Champions League. We’ve invested significantly in content. So I think this narrative of ‘you can’t operate the company more efficiently by growing’ is actually a false one.”
Ellison also previously shared ways the company plans to improve: “[We] believe that with the technological prowess and relationships that we have, we can expand our DTC business. We can improve our algorithmic recommendation engine to basically increase time spent on the platform, reduce churn, and drive lifetime value for all of our shareholders.”
Related: How Will the Paramount-Skydance Merger Affect You?
Paramount President Jeff Shell added, “I’m a big political believer in windowing strategy, and I think there’s maybe a more efficient way to maximize the value of our content while we continue to be in the DTC business… We could be a little bit smarter about licensing.”
Last month, Paramount Skydance announced another major change: A deal with Warner Bros. Discovery.
In a post to his Instagram, Ellison shared, “From the very beginning, our pursuit of Warner Bros. Discovery has been guided by a clear purpose: to honor the legacy of two iconic companies while accelerating our vision of building a next-generation media and entertainment company.”
He added, “By bringing together these world-class studios, our complementary streaming platforms, and the extraordinary talent behind them, we will create even greater value for audiences, partners and shareholders— and we couldn’t be more excited for what’s ahead.”
Currently, Paramount accounts for 2.3% of all viewership according to Nielsen’s “The Gauge,” while YouTube accounts for 12.5% of viewers, and Netflix 8.8%. While the company has quite a jump to make to out beat competition. Even if they surpass other distributers, increased viewership would put them on a better trajectory for the future.
Read Next: Netflix CEO Speaks Out About WBD-Paramount Deal: ‘Confident In Our Future’
Questions or comments? Please write to us here.
– Content: +1