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Paramount Streaming

Paramount Streaming is the division of Paramount Skydance responsible for overseeing the company's direct-to-consumer video streaming services, including the premium subscription video-on-demand platform Paramount+ and the (FAST) service . Launched as a rebranding of CBS All Access on March 4, 2021, Paramount+ combines on-demand access to a vast library of over 40,000 episodes and movies from brands such as , , , , , and Showtime, with of affiliates, sports events like games and , and breaking news from . The service expanded internationally starting in 2021, debuting in markets including , , , and the Nordics, and now operates in over 20 countries with localized content and . As of the third quarter of 2025, Paramount+ had 79.1 million global subscribers, reflecting a recovery from a slight decline to 77.7 million by the end of the second quarter and a 14% year-over-year increase, amid ongoing industry challenges. In Q1 2025, it had reached 79 million subscribers, up 11% year-over-year. Paramount Streaming's business model emphasizes a diversified approach across free, ad-supported, and premium tiers, generating revenue through subscriptions, advertising, and licensing, with the division reporting improved profitability in 2025 following the $8 billion merger of with , completed on August 7, 2025. Streaming revenue grew 17% year-over-year to $2.17 billion in Q3 2025.

Overview

Corporate Structure and Ownership

Paramount Streaming traces its origins to 2005, when established as a dedicated division to spearhead the company's expansion into digital content and online platforms. This unit was formed under the leadership of Larry S. Kramer, focusing on developing strategies and properties to complement 's traditional operations. In 2007, the division underwent a to CBS Interactive, which assumed responsibility for overseeing a broad portfolio of online properties, including websites and early initiatives. The corporate landscape shifted significantly in 2019 with the merger of and Viacom, creating ViacomCBS in an all-stock transaction valued at approximately $30 billion. Under this new structure, CBS Interactive was repositioned as the (DTC) arm, integrating Viacom's content assets to bolster streaming capabilities and . In 2022, ViacomCBS rebranded to , aligning the company around the Paramount name and elevating the streaming division—renamed Paramount Streaming—to centralize oversight of DTC services like Paramount+ and . In August 2025, Paramount Global merged with in an $8.4 billion deal, forming Paramount Skydance Corporation and marking a pivotal in ownership and integration. emerged as a core division within the segment of the restructured company, responsible for managing streaming technology, platforms, and services across global markets. The merger integrated Skydance's content production expertise, enhancing Paramount Streaming's pipeline while placing the overall entity under board oversight led by as chairman and CEO. Prior to the merger, the division was headed by Tom Ryan as and CEO.

Leadership and Key Executives

As of November 2025, Cindy Holland serves as Chair of Direct-to-Consumer (DTC) for Paramount Skydance Corporation, where she oversees the strategy, operations, and performance of the company's streaming platforms, including Paramount+ and Pluto TV. Appointed in August 2025 following the Skydance-Paramount merger, Holland, a former Netflix executive who previously led original content acquisition and licensing, has focused on enhancing content curation and monetization efficiency amid post-merger integrations. Her leadership emphasizes subscriber retention and advertising growth, building on prior efforts to streamline the DTC portfolio. Under her, key appointments include Jane Wiseman as head of content and Efrain Miron in a senior role supporting streaming operations. Prior to Holland's appointment, Tom Ryan held the position of President and CEO of Paramount Streaming from 2020 until his departure in August 2025. Ryan, who co-founded and joined ViacomCBS after its 2019 acquisition of the service, drove significant expansion, including the launch and scaling of Paramount+. Under his oversight, the streaming division achieved notable growth, with Paramount+ reaching 79 million global subscribers by Q1 2025 and narrowing losses by 62% to $109 million for the quarter, positioning the business toward domestic profitability by year-end. Historically, leadership at Paramount Streaming traces back to its roots in CBS Interactive. Jim Lanzone served as President and CEO of CBS Interactive from 2011 to 2019, succeeding Neil Ashe and playing a pivotal role in mobile expansions and early streaming initiatives, such as the development of CBS All Access in 2014. Lanzone's tenure emphasized , integrating properties like and while laying the groundwork for video-on-demand services that evolved into modern streaming offerings. The 2025 Skydance-Paramount merger introduced broader oversight influences on streaming decisions, with appointed as Chairman and of the combined entity. , founder of , has shaped strategic directions including content investments and technological integrations that impact the DTC unit, such as enhanced AI-driven personalization for platforms like . His role ensures alignment between streaming operations and the company's overall media ecosystem post-merger.

History

Origins as CBS Digital Media and CBS Interactive (2005–2019)

CBS Digital Media was established by Viacom in April 2005 to manage and expand CBS's online video offerings and interactive content, responding to the rapid increase in U.S. broadband household penetration, which reached approximately 33 million by the end of that year. The division focused on leveraging emerging digital technologies to distribute CBS's broadcast programming, including news and entertainment clips, beyond traditional television. In July 2005, CBS Digital Media partnered with CBS News to launch a 24-hour on-demand broadband news network on CBSNews.com, providing free video clips and interactive features like the "Public Eye" blog to engage viewers in the nascent online video space. This initiative represented an early effort to transition CBS's linear content into a digital format amid growing consumer demand for anytime access. By , CBS Digital Media underwent a to CBS Interactive, reflecting its evolution into a comprehensive digital media entity that integrated portals like CBS.com for streaming episodes and interactive elements, alongside newsletters delivering TV clip previews and updates to subscribers. The emphasized syndication and audience expansion, with CBS.com serving as the flagship hub for on-demand video and user engagement tools, while newsletters helped build direct consumer relationships in an era when was gaining traction for media promotion. Under new leadership, including Quincy Smith as head of interactive operations, prioritized building an "Audience Network" to distribute content across partner sites, aiming to capture a larger share of the burgeoning market. Key to CBS Interactive's growth were strategic acquisitions that diversified its portfolio into music and technology sectors. In May 2007, CBS Interactive acquired the UK-based music discovery and streaming platform for $280 million (£140 million), integrating personalized radio features and social networking to enhance CBS's appeal to younger, digitally native audiences seeking music content online. The following year, in May 2008, it purchased Networks for $1.8 billion, incorporating popular sites such as for gaming coverage, for aggregated reviews, and CNET for consumer technology news and reviews, thereby bolstering CBS Interactive's expertise in high-traffic tech and entertainment verticals. These moves positioned CBS Interactive as a top-10 U.S. property, combining CBS's entertainment assets with specialized digital communities. Through the 2010s, CBS Interactive achieved significant scale, reaching 190 million monthly unique visitors by 2019 across its network of sites, driven by synergies from acquisitions and expanded content distribution. However, the transition from broadcast dominance to presented notable challenges, including adapting ad models as traditional TV stagnated—CBS's core TV ad sales grew modestly while interactive revenues occasionally dipped amid economic pressures like the 2008 recession. Additionally, the rise of devices required substantial investment in app ; early efforts, such as testing mobile-optimized content and second-screen experiences by 2009, highlighted the need to reengineer user interfaces for smartphones, though full-scale mobile apps for properties like emerged progressively into the mid-2010s.

ViacomCBS Merger and Rebranding (2019–2022)

The merger between and Viacom Inc., announced on August 13, 2019, and completed on December 4, 2019, formed ViacomCBS and consolidated the companies' digital assets to pursue a unified streaming strategy amid growing competition in the sector. This all-stock transaction, valued at approximately $30 billion, reunited media properties under the family's control and positioned the new entity to leverage combined content libraries for enhanced streaming offerings. In October 2020, Tom Ryan was appointed president and CEO of ViacomCBS Streaming to lead this integrated effort. To streamline operations and prioritize video streaming, ViacomCBS divested its Media Group—which included sites like , , and —to in a $500 million deal announced on September 14, 2020, and closed later that year. This sale allowed the company to refocus resources on core streaming initiatives, shedding non-video digital properties acquired in prior years. On March 4, 2021, ViacomCBS launched Paramount+ as its flagship streaming service, rebranding and expanding CBS All Access while integrating content from Viacom's libraries, such as and series, to create a more comprehensive platform. The service debuted in the U.S., , and , marking a key step in the company's post-merger streaming pivot. In February 2022, ViacomCBS rebranded to effective February 16, emphasizing its streaming and film assets, with the digital division renamed Paramount Streaming to align with this corporate identity shift. This rebranding underscored the company's commitment to a model. As part of early international expansion, formed a with in August 2021 to launch SkyShowtime, a streaming service targeting over 20 European countries starting in 2022.

Expansion, Challenges, and Skydance Merger (2022–Present)

Following the rebranding of ViacomCBS Streaming to Paramount Streaming in February 2022, the division pursued aggressive expansion by fully integrating as its flagship (FAST) service, enabling cross-promotion and unified user experiences across Paramount's portfolio. This integration complemented Paramount+'s paid offerings and drove overall streaming hours up 8% year-over-year for full year 2024, with a 28% increase in Q4 2024. Paramount+ itself saw substantial subscriber growth, reaching approximately 56 million global subscribers by the end of 2022 and expanding to 77.5 million by the close of 2024, fueled by original content launches and bundling partnerships. Despite these gains, Paramount Streaming faced significant financial challenges, with direct-to-consumer losses peaking at $1.8 billion in 2022, largely attributed to elevated content acquisition and production costs amid intense competition in the streaming market. To address profitability pressures, the company implemented price increases for Paramount+, raising the Essential (ad-supported) tier from $4.99 to $5.99 per month in June 2023, while emphasizing ad-supported tiers and leveraging theatrical releases like the franchise to boost post-theater viewership on Paramount+. These measures contributed to a narrowing of losses, with full-year 2024 direct-to-consumer adjusted OIBDA improving to -$444 million from -$1.82 billion in 2022, alongside $489 million in for the year— the highest in four years—driven by higher and cost controls. A pivotal development came with the July 7, 2024, announcement of a merger between and , valued at $8 billion, which aimed to inject capital into streaming operations and enhance technological capabilities. The deal closed on August 7, 2025, forming Skydance Corporation and committing $8 billion in investments, including $1.5 billion specifically for streaming enhancements like expanded content libraries and global reach. Post-merger, the company initiated cost-streamlining efforts, including layoffs affecting approximately 2,000 employees (about 10% of the workforce) starting in October 2025, to eliminate redundancies and focus resources on high-growth areas. Additionally, the merger accelerated the adoption of AI-driven content recommendation systems on , improving personalization and user retention through advanced data analytics integrated from Skydance's tech infrastructure. In Q3 2025, added 1.4 million subscribers to reach 79.1 million globally, with the segment achieving profitability of $340 million; the company also announced further price increases effective January 2026, raising the Essential tier to $8.99 per month.

Services and Properties

Active Streaming Services

Paramount+ serves as the primary premium subscription video-on-demand (SVOD) service under Paramount Streaming, having launched on March 4, 2021, as a rebranding and expansion of CBS All Access. The platform features an extensive library exceeding 40,000 episodes and movies, encompassing original programming such as the franchise—including series like Star Trek: Discovery—and Taylor Sheridan's Yellowstone universe, alongside live sports broadcasts like games. This content mix positions Paramount+ as a versatile offering for entertainment and sports enthusiasts, emphasizing Paramount Global's owned intellectual properties. Subscription options for Paramount+ include two main tiers as of 2025: the ad-supported plan at $7.99 per month, which provides access to the core library and select live events, and the ad-free Premium plan at $12.99 per month, incorporating full Showtime integration for additional premium scripted content like . Prices are set to increase in January 2026, with rising to $8.99 per month and Premium to $13.99 per month. The Showtime merger, completed in early 2024, unified the services by rebranding the linear Showtime channel as Paramount+ with Showtime and shuttering the standalone Showtime app in April 2024, thereby enhancing the Premium tier's value through bundled access to Showtime originals without separate subscriptions. Paramount+ is available in nearly 30 countries across , , , , and select Asian markets, supporting international growth via localized content and partnerships. As of the third quarter of 2025, Paramount+ reported 79.1 million global subscribers, reflecting a 1.4 million increase from the prior quarter driven by promotional bundling and sports viewership. This subscriber base underscores Paramount Streaming's focus on scaling paid SVOD amid competitive pressures. Pluto TV operates as Paramount Streaming's flagship (FAST) service, acquired by Viacom in January 2019 for $340 million to bolster its ad revenue . The platform delivers more than 250 curated channels, blending live —such as news, movies, and genre-specific feeds—with on-demand video, all accessible without cost to users. Key channels draw from Paramount's libraries, including themed offerings based on , , and properties, positioning Pluto TV as an accessible gateway for broad audience engagement. As of 2023, had approximately 80 million monthly active users worldwide, highlighting its role in driving ad impressions and serving as an acquisition funnel for Paramount's premium services by exposing users to cross-promotions for Paramount+. This integration strategy leverages 's low-barrier entry to convert free viewers into paid subscribers, contributing to overall ecosystem synergies alongside Paramount+'s Showtime bundling. The service's global footprint aligns with Paramount Streaming's expansion, available in numerous markets to support localized ad targeting and content distribution.

Divested and Defunct Properties

In September 2020, ViacomCBS sold its Media Group to for $500 million, divesting a portfolio of digital media properties that included , , , , Comic Vine, and . This transaction marked a significant strategic shift, allowing the company to streamline operations and prioritize video-centric streaming services over text-based publishing amid accelerating trends in the media industry. The net proceeds, approximately $330 million after taxes and fees, were directed toward bolstering investments in emerging streaming initiatives. Earlier properties under CBS Interactive also faced de-emphasis or closure as part of the broader evolution toward integrated streaming platforms. , acquired by in May 2007 for $280 million to enhance its digital music offerings, discontinued its streaming radio service in April 2014, retaining only its core music recommendation and scrobbling functionality. Similarly, , an early portal for TV show information and community features originally acquired via Networks in 2008, was fully discontinued in June 2021. Since the 2020 CNET divestiture, Paramount Streaming has pursued no major asset sales, focusing instead on consolidating its active services, though minor international app adjustments occurred in line with global expansion efforts.

Operations and Strategy

Content Strategy and Partnerships

Paramount Streaming's content strategy revolves around a hybrid model that integrates licensed intellectual property from its vast library—such as iconic franchises from and —with exclusive original productions, exemplified by the sci-fi series . This approach leverages Paramount's legacy assets to provide a diverse catalog of family-friendly animation, music-driven reality shows, and blockbuster adaptations, while originals like attract premium subscribers through high-profile adaptations of properties. The strategy prioritizes viewer retention by balancing evergreen licensed content with timely exclusives, ensuring broad appeal across demographics. A key pillar of this strategy is the emphasis on live sports to drive engagement and ad revenue, with Paramount+ securing exclusive U.S. streaming rights for matches starting in the 2024-25 season and continuing coverage of games via broadcasts. This focus on real-time events complements on-demand offerings, positioning Paramount Streaming as a hub for sports enthusiasts alongside scripted and unscripted fare. Production investments underscore this commitment, with allocating over $6 billion annually to content as of 2024 to fund originals and licensed enhancements. Following the 2025 merger with , co-productions have expanded, including new installments in the franchise, which blend theatrical releases with streaming windows to maximize cross-platform value. Strategic partnerships amplify content distribution and acquisition. A multi-year agreement with Nielsen, announced in early 2025, provides comprehensive measurement across 's broadcast, cable, and streaming platforms, enabling data-driven content optimization. Bundling deals, such as the ongoing integration of into + memberships since 2022 and expanded options in 2025 allowing switches to ad-supported tiers with services like Peacock, have boosted accessibility and contributed to subscriber growth. Internationally, collaborates on SkyShowtime, a European joint venture with that curates region-specific programming from both companies' libraries. In , a 2025 partnership with Japan's expands distribution, delivering localized access to films, series, and franchises tailored for Japanese audiences. These alliances reflect a focus on co-financing and shared content ecosystems to penetrate new markets efficiently. This content ecosystem has yielded measurable impacts, including a 15% year-over-year increase in revenue to $2.1 billion in Q2 2025, fueled by stronger theatrical-to-streaming windows for films like . In Q3 2025, DTC revenue rose 17% year-over-year to $2.17 billion, with 79.1 million global subscribers and expectations of full-year profitability for the DTC segment in 2025, supported by planned price increases for Paramount+ in Q1 2026. Subscriber additions from partnerships, such as those enhancing bundling, supported overall growth in the active streaming services segment.

Technological Infrastructure and International Expansion

Paramount Streaming's technological infrastructure relies on a cloud-based platform hosted on (AWS), enabling scalable media processing, content ingestion, and distribution across its services. This setup supports the development of next-generation media supply chains, where content is ingested, processed, and delivered efficiently to global audiences. The use of AWS facilitates and elasticity, allowing Paramount to handle varying loads from streaming services like Paramount+ and without significant downtime. To enhance user engagement, Paramount integrates and tools for personalization, including recommendation engines that analyze viewing habits to suggest tailored content. These AI-driven systems process , user behavior, and content attributes to power features like dynamic playlists and discovery algorithms on Paramount+. For instance, models are employed for text analysis, caption generation, and , improving the overall streaming experience by prioritizing relevant titles. On the advertising front, utilizes server-side ad insertion (SSAI) technology to integrate commercials seamlessly into video streams, minimizing disruptions and enhancing viewer retention. This ad-tech approach stitches ads directly on the server before delivery, supporting while reducing ad-blocking issues common in methods. 's implementation of SSAI, combined with header bidding, optimizes revenue generation for its (FAST) model. Paramount Streaming's hybrid applications support advanced video formats, including and , on compatible devices for select premium content on . This capability ensures high-quality playback across platforms like smart TVs, mobile devices, and browsers, aligning with industry standards for immersive viewing. The apps are designed with a cross-platform , leveraging technologies for consistent performance. In terms of international expansion, operates in more than 20 markets, including the , , , , the , , the Nordics, the Baltics, and . The service emphasizes availability in these regions, with ongoing efforts to localize content through and subtitling to comply with regulations and cultural preferences. SkyShowtime, a joint venture with , extends Paramount's reach to over 20 European markets, such as , , Bosnia & , and the , offering a combined from and Peacock. To address localization challenges, Paramount invests in and subtitling for multiple languages, supporting content adaptation in key international territories. Partnerships with local providers facilitate ; for example, collaborations in Europe help integrate services into bundled offerings. In the (MENA), a 2024 multi-year deal with introduced a Paramount+-branded destination, providing exclusive access to films, series, and catch-up content subtitled in , marking a step toward broader regional rollout. Performance metrics underscore the robustness of this infrastructure, with Paramount Streaming achieving high uptime and prioritizing mobile-optimized designs that drive a significant portion of global views. The platform's focus on low-latency delivery and enhancements supports seamless experiences across devices, contributing to sustained user growth in expanded markets.

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