Disney+, HBO Max, Peacock… the list of new streaming services goes on, with many already becoming household names. Disney+ launched during the fall of 2019 and has become a staple in the streaming consumer’s subscription arsenal. Apple TV+ has made a name for itself with award-winning shows like Ted Lasso and The Morning Show, not to mention the promotional free year’s subscription Apple device buyers are gifted. HBO Max and Peacock are both coming up on their one-year anniversaries and have been well-accepted into the world of streamers. HBO Max’s WarnerBros movie release deal has upped the ante when it comes to attracting viewers, while Peacock’s legacy content like Friends and The Office has solidified its appeal as a must-have subscription.
That’s why it’s a little disheartening to hear that newcomer Paramount+ might have a harder time carving out a name for itself in the streaming landscape. The platform launched earlier this month, and yet according to a study by CordCutting.com, 54% of streamers don’t even know it exists. Aside from some well-placed Super Bowl LV ads which surely got it in front of a lot of eyeballs, there hasn’t been much advertising hype around the new service compared to other rivals’ launches.
The good news is that at least Paramount+ isn’t starting from scratch. When CBS All-Access was phased out, all of its 8 million existing subscribers were automatically inherited by Paramount+. While 8 million may sound like a lot, the scale seems diminished when compared to Disney+’s launch which saw 10 million signups in one day. The study shows respondents were more likely to say they subscribe or had subscribed to CBS All Access than to say that they were current customers of Paramount+, meaning the platform has more legacy subscribers than fresh signups.
As new streaming services continue to pop up, subscribers will inevitably jump around to figure out which ones they want to stick with. After all, while there are multiple streaming platforms available, the average person only subscribes to four.
According to data from the report, most people feel that there are too many streaming services available out there. Almost 65% of people agree with that statement, with more than 32% of those saying they strongly agree. When people feel overwhelmed with the number of choices, they might be tempted to just stick with their tried and true favorites. Or, is something shiny and new enough to get them to switch? Apparently, it has to be one or the other.
The streaming service people are most likely to cancel in order to subscribe to Paramount+ is Netlfix with 38% of respondents saying it will or did get the ax when they added Paramount+. The next two streaming services to go were Hulu and Prime Video. On a lighter note, more than 36% don’t plan to cancel any other subscriptions if they tack on Paramount+ to their list of monthly bills.