ViacomCBS rebrands to Paramount, plans Asia expansion in 2023

ViacomCBS will officially rebrand to become Paramount Global bringing together its portfolio of entertainment properties under a new parent company name.

Bob Bakish, president and chief executive officer shared that Paramount's iconic peak represents a rich history for the company as pioneers in the Golden Age of Hollywood. “Today, as we embrace the Paramount name, we are pioneers of an exciting new future," Bakish added.

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.

“We see a huge global opportunity in streaming, a much larger potential market than can be captured by linear TV and film alone," said Bakish. He added that the company is excited in its ability to not “just compete, but thrive, creating significant value for both consumers and shareholders” through four key areas:

• Diverse content
• Streaming model
• Platforms mix
• Global reach

ViacomCBS will continue the global expansion of Paramount+ in 2022. In 2023, the company will look to expand in Asia, Africa and the Middle East.

In 2021, 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 company is also raising its 2024 direct-to-consumer revenue goal from US$6 billion to US$9 billion.

Naveen Chopra, EVP and CFO said:

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.

"Paramount is an idea: A promise to be the best," added on Shari Redstone, non-executive chair of the company's board of directors.

"That promise has always been at the centre 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."

The streaming scene in Asia has been heating up, with players such as Netflix, Disney+, Viu, and iQIYI vying for consumer eyeballs. WarnerMedia's HBO Max is also expected to launch in the region, as the company ramps up preparations with Jason Monteiro at the helm as GM of HBO Max Southeast Asia, Hong Kong and Taiwan. Meanwhile, Malaysian broadcaster Astro also launched its very own mobile-first streaming service, sooka, last year which allows for Millennials access more hyper-local and relevant content.

According to a 2020 study by The Trade Desk, 180 million Southeast Asians use OTT streaming services and viewers stream eight billion hours of OTT per month across Southeast Asia. Nearly 57% of OTT viewers have increased streaming during COVID-19, and 73% plan to maintain or increase OTT consumption even after the pandemic. Regionally, 17% of OTT viewers haven’t watched any traditional TV in the three months prior to responding to the survey.

Photo courtesy: 123RF

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