Relaunch set for this summer
With more people streaming because of shelter-at-home orders meant to slow the spread of the new coronavirus, ViacomCBS said it was accelerating plans for an expanded subscription video on demand service built on CBS All Access.
The service will be rebranded and relaunched this summer.
“We believe audiences want their entertainment on demand and their news, sports and events live, and our expanded offering will be the service that gives them what they want, how they want it all in one place and then a great value," CEO Bob Bakish said during the company’s earnings call with analysts on Thursday.
Bakish said the expanded service starts with what on CBS All Access now, including CBS network programming, library content and an expanding slate of originals. In addition, it will have content from Viacom cable channels including Nickelodeon, Comedy Central, MTV, BET and Paramount Network, plus material from the Smithsonian Channel.
It will also have more than 100 Paramount films, beginning this week.
Bakish said the streaming platform’s originals strategy is designed to take advantage of its intellectual properties through a growing cadence of tentpole series.
“Our experience makes clear that we can acquire new customers in a disciplined and economically efficient way while reducing churn and driving customer retention with a deep volume of entertainment news and sports,” he said.
Bakish said the distribution strategy for the streaming platform will include working with existing partnerships. He noted that CBS All Access is already distributed by Comcast, AT&T, Verizon and Roku with more to come.
ViacomCBS will also be able to use its network as promotional platforms to draw people to the streaming service.
Bakish added that the promotions platform included PlutoTV, which will have clickthroughs designed to upsell viewers from the free Pluto service to the paid product.
He said ViacomCBS will also be launching a broad pay streaming product in multiple markets over the next 12 months.
“We are full speed ahead on streaming seeing strong demand for our services today with a strategy to achieve accelerated growth domestically and internationally in the months and years to come,” he said.
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