Can Paramount+ Reach The Peak of Streaming?

Key details for Paramount+:
1) Formerly CBS All Access
2) 30K TV episodes
3) 2.5K movies
4) 1K+ live sports events per year

The bull case for Paramount+: CBS All Access (launched in 2014) is an OG in the streaming space. Pluto TV has proved to be one of the smartest acquisitions in the streaming era and gives ViacomCBS experience in the ad-supported (FAST) space.

The bear case for Paramount+: One unknown that will decide the success of a service like Paramount+ is consumers’ willingness to subscribe to additional streaming services.

ViacomCBS streaming subscribers (includes CBS All Access and Showtime OTT) (YoY growth):
1) 2019 – 11M
2) 2020 – 19M (↑ 71%)
3) 2021P – 30M (↑ 56%)
4) 2024P –  ≈ 70M

Paramount+ is launching w/ two pricing tiers:
1) Ad-supported –$5
2) Ad-free – $10

ViacomCBS streaming revenue (YoY growth):
1) 2019 – $1.6B
2) 2020 – $2.6B (↑ 63%)
3) 2024P – ≈ $7B

PlutoTV monthly viewers (YoY growth):
1) 2016 – 5M
2) 2018 –12M
3) 2019 – 22M (↑ 87%)
4) 2020 – 30M (↑ 34%)
5) 2021P – 43M (↑ 43%)
6) 2024P – 110M

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