Brand Strategy Future of TV

ViacomCBS completes Paramount rebrand in streaming shift

By John Glenday | Reporter

Paramount

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rebrand article

February 16, 2022 | 3 min read

ViacomCBS has rebranded as Paramount to finally position the company as a genuine streaming contender.

The unwieldy media conglomerate was forged from the union of CBS and Viacom in 2019 and will now be given a more consumer-friendly title as it seeks to win over 100 million subscribers by 2024 – a hefty increase on its previously stated goal of 65-75 million.

The higher target will be a tall order, even with the instant name recognition provided by the illustrious film studio, but chief exec Bob Bakish believes Paramount has what it takes to “turn streaming into a sustainable business for the future“.

Crucial to these efforts will be the exclusive distribution of all Paramount films on Paramount Plus from 2024 in the US after their theatrical presentations.

Paramount has been buoyed by rapid growth over the fourth quarter at all three of its streaming brands (Showtime, PlutoTV and Paramount Plus), which now boast 56 million subscribers between them. This has propelled revenues up 48% year over year to $1.3bn, with streaming subscription revenue up a very healthy 84% and related advertising revenue up 26%.

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Reading these figures, it is not surprising that Bakish has been given the confidence to shoot for the moon over the coming two years on the coattails of a flurry of content that includes the second season of Halo and a Sonic TV series.

Media colossus Paramount also owns the CBS, Nickelodeon and MTV television networks, as well as the Simon & Schuster film studio.

Brand Strategy Future of TV

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