It's time to start saving up for a new streaming service, as from 2024, you'll need a Paramount Plus subscription to watch Paramount films.
The decision was announced by Paramount yesterday and follows the precedent set by likes of Disney and Warner, both of which now keep their original content exclusive to their respective platforms. Films already on the studio's slate for 2024 include Mission Impossible 8 and A Quiet Place: Part 3.
Paramount Plus is currently available in North America, Australia and parts of the Middle East and Scandinavia, but the company has indicated that the move would initially only affect viewers in the US.
In a statement, Paramount said, "Starting with 2024 film releases, Paramount Plus will become the streaming home for all new Paramount Pictures movies in the US following their theatrical runs."
Currently, the studio has a shortened theatrical release of 45-days for its big-budget films or a 30-day for smaller titles, after which its movies can be made available for streaming.
Later this year, Paramount will combine forces with Sky, Peacock, Universal and Showtime to launch a new joint streaming service in parts of Europe, called SkyShowtime.
Although SkyShowtime won't be available in the UK, Paramount Plus will be coming to British viewers in summer 2022 as part of Sky's multi-year distribution agreement, which gives Sky Cinema subscribers access to Paramount's content at no additional cost. All other Sky Q customers will be able to subscribe to Paramount as an add-on to their account.
Paramount Plus boasts more than 30,000 hours of viewing from across its stable of networks, including CBS, BET, Comedy Central, MTV, Nickelodeon, Paramount Pictures, and Smithsonian Channel, with a decent library of content in 4K HDR and Dolby Atmos.
As part of a broader effort to unify the brand, Paramount's parent company ViacomCBS revealed yesterday it would also be changing its name to Paramount Global.
"Paramount's iconic peak represents a rich history for our company as pioneers in the Golden Age of Hollywood. Today, as we embrace the Paramount name, we are pioneers of an exciting new future," said Bob Bakish, President and CEO.
Paramount certainly has a steep hill to climb as it strives to reach over 100 million subscribers by 2024 via both Paramount Plus and SkyShowtime. However, that figure still falls short of its biggest rivals' current audiences, with Disney Plus recently expanding to 130 million users, while Netflix still dominates with 222 million.
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Any word on when this will happen ??