Paramount Is Shutting Down Its Best Streaming App?
Paramount is in early discussions to cancel Showtime and combine it with Paramount+.
Showtime may be finally going away. According to the Wall Street Journal, Paramount Global is in “early discussions” regarding shutting down Showtime as a standalone service and is considering “migrating” the network’s slate to the company’s premium streaming service, Paramount+. This comes as many studios are amid a streaming war and starving for new, quality content.
According to company insiders, there are no imminent changes for the Showtime brand. The Wall Street Journal’s report adds that Paramount has “broached the idea of ” scrapping Showtime in talks with a “major pay-TV partner.” No details were given as to which TV partner it could be.
Variety added that sources told them Paramount is “floating the prospect” of combining Showtime with Paramount+. The report noted that the plan is part of long-term discussions with distributors. This just so happens as SkyShowtime- a joint venture between Comcast and Paramount Global-is about to launch in many Nordic countries.
Paramount did not address the situation with Showtime in their statement. The company wrote that they are “exploring options to maximize the value of [their] content investment.” They also reaffirm their commitment to providing “great content” to consumers through “an array of services and platforms.”
As noted by Variety, the report comes after Paramount integrated Showtime into the Paramount+ app. The Paramount+ Showtime bundle became available to subscribers on August 31st and offered subscribers access to content from both streamers all in one place. The bundle also offered subscribers discounts of up to 33%.
During the Q2 earnings, the media conglomerate announced that Paramount+ had roughly 43.3 million paid subscribers. The total of global subscribers reached 63.7 million in the second quarter, which was a gain of 1.7 million. Paramount’s decision to possibly “migrate” much of Showtime’s content into the streaming service could add more to their overall subscriber base.
The current pricing for the Paramount+/Showtime bundle is $11.99 per month for the first tier and $14.99 per month for the premium tier. The company recently closed a deal with Walmart to include Paramount+ into the retail giant’s membership program. The streaming service was initially labeled as CBS All Access before being rebranded last year.
The merger of Paramount+ and Showtime, along with the streaming service’s growth, comes as other major streaming services are plateauing or dwindling in terms of their subscriber base. In July, Variety reported that Netflix lost roughly 970,000 subscribers in Q2. In addition, NBC’s Peacock streaming service stalled at around 13 million in the same month.
While other streaming services seemed to be struggling, Paramount+ appears to be on the rise. Variety reported in August that the streamer more than doubled its revenue to $672 million in Q2. Additionally, their overall direct-to-consumer revenue saw an increase of about 56%. The company could potentially see more of its numbers rise if the Paramount+ and Showtime report is accurate.
As of now, it’s a matter of waiting to see whether Paramount will actually discontinue Showtime. The premium television network has provided consumers with some excellent content over the years. If it indeed disappears, it’ll be another causality in the streaming wars.
