Paramount CEO Bob Bakish has plans to keep the company’s streaming service, Paramount+, profitable amid the ongoing actors strike. During a Tuesday Q&A at MIPCOM, the CEO said Paramount will continue to license content beyond its own channels, Advanced Television reported. As an example, Paramount unveiled a multi-year deal with Greek pay-TV service Cosmote TV.
Bakish said content licensing provides “a robust supply of content from diverse creatives to entertain consumers” and anticipates that Paramount will begin to recoup streaming losses next year.
So far, Paramount found a new home in Netflix to revive its recently canceled Star Trek: Prodigy series. In August, Star Trek: Strange New Worlds made the leap to CBS in limited form. The upcoming Frasier reboot will also air on CBS after originally premiering on Paramount+.
Despite the resolution of the writers strike, actors are still on the picket line, and the entertainment industry is feeling the strain.
Talks to resolve the actors strike have been “suspended,” according to statements from SAG-AFTRA and the Alliance of Motion Picture and Television Producers, AMPTP, after the actors guild presented its most recent proposal on Wednesday. Actors and Hollywood studios have been back at the bargaining table for less than two weeks following two months of no communication.
Lines appear to be blurring between streaming and broadcast content as studios try to keep operating.
As a result, streaming services are trying to maintain a tricky balancing act of retaining subscribers while maintaining profitability. In response to rising inflation, a majority of platforms — Paramount+ included — have hiked prices. Asking increasingly budget-conscious customers to pay more for services is a risky bet.
In June, 38% of Americans said they were planning to cancel or limit the number of streaming services they pay for. Others said they planned to downgrade to cheaper options or share passwords with friends and family. Streamers, like Netflix, are also targeting password sharing to drive subscriptions. The streaming giant’s efforts have been successful, leading other platforms to start cracking down as well.
Paramount wasn’t immediately available for further comment.