Paramount+ will try to release a new original movie every week of 2022, according to ViacomCBS CEO Bob Bakish. The platform also plans to start a “Mountain of Movies” initiative to fill out its library, starting with the release of Infinite (a movie originally intended for theaters) in June.
The new Paramount+ strategy takes a cue from Warner Bros (HBO Max), which was one of the first corporations to pivot its theatrical releases to a streaming service. It also mimics Netflix’s “a film a week” plan for 2021.
After Paramount kicks off its “Mountain of Movies” initiative with the release of Infinite, it will add films like The Avengers: Skyfall and Rocketman to its roster. The highly-anticipated A Quiet Place Part II will also land on Paramount+ 45 days after its theatrical Memorial Day weekend release.
News of Paramount+’s movie avalanche came during a Q1 earnings call, where CEO Bob Bakish discussed increased streaming profits and future plans for Paramount+. While you might assume that the fledgling Paramount+ isn’t making much money yet, ViacomCBS reports $816 million in streaming-related revenue, a 65% increase from Q1 2020.
While much of this money comes from Pluto TV, it’s easy to see why ViacomCBS is hyping up Paramount+ to its investors. It seems that the new service is already outdoing CBS All Access, the platform that it replaced. But only time will tell if this expensive “Mountain of Movies” strategy pays off.
Source: ViacomCBS via Cord Cutters News