Paramount+ is destined to fail
February 26, 2021
For any who watched the Super Bowl, you likely saw several ads for the premier of a new streaming service, Paramount+. There were six total ads for the platform, with the first two premiering during the AFC Championship Game, and the subsequent four playing during the Super Bowl. The platform plans to replace CBS All Access with the addition of new content.
I’m not sure how much it cost to run the Paramount+ commercials during the Super Bowl, considering the Super Bowl aired on CBS, and CBS and Paramount+ have the same parent company: ViacomCBS. Even if they didn’t pay for the commercials, they took a lot of space that could have otherwise gone to other companies.
With that significant expense, direct or indirect, ViacomCBS is hoping that Paramount+ will be a success, but it won’t. They’re just too late to the game and don’t have anything that can’t be replaced. Netflix, Hulu, and Amazon Prime are already well- established and cover almost all the bases. Paramount+ is hoping to emulate Disney+ because Disney+ also arrived well after the other platforms were established. However, Disney+ is a completely different scenario. Disney+ features a large variety of movies that you can’t find a replacement for anywhere: Star Wars, Marvel, Pixar, and Disney movies. Each of those categories has a huge amount of loyal fans who will continue to subscribe for and watch those movies. Paramount+ doesn’t seem to have anything remotely comparable.
Paramount+ will continue to feature the live sports that previously played on CBS All Access, but that didn’t seem to work that well for CBS All Access, considering it’s already being replaced. The platform will also feature original content from Nickelodeon, Comedy Central, BET, MTV, Paramount Pictures, and CBS. I could see someone buying the service for Nickelodeon or Star Trek, but it doesn’t seem to have the same demand as movies on Disney+.
Paramount+ is hoping to mimic Disney+, but it seems more likely that it will follow in the footsteps of Quibi. For those who are unaware, Quibi was a streaming service that was introduced late, raised over a billion dollars in investments, and shut down just over six months later. For lack of a better word, it was a dumpster fire.
While Paramount+ likely won’t fail as badly or as quickly as Quibi, it certainly won’t share the success of Disney+.