=+TALK ABOUT STUPID PEOPLE==
In a cost-cutting move, Paramount Global announced they were shutting down the MTV News website. The announcement was soon followed by Paramount’s decision to shut down the websites of cable properties; CMT, Comedy Central, TV Land and Paramount Network removing all online content. According to several reports, users attempting to access the websites were instructed to access or subscribe to the company’s SVOD service Paramount+.
In a statement, Paramount said, “As part of broader website changes across Paramount, we have introduced more streamlined versions of our sites, driving fans to Paramount+ to watch their favorite show.” Paramount also mentioned content for their cable networks are available via your TV provider.
At the end of first quarter 2024, Paramount+, which was launched in 2021, had 71 million global subscribers, a quarterly increase of 3.7 million. Despite the steady increase, the streaming unit has yet to become profitable. In first quarter 2024 Paramount’s streaming unit lost $286 million. On a positive note, the losses have subsided. In first quarter 2023 Paramount’s direct-to-consumer division reported a loss of $511 million. According to Nielsen’s Gauge Report for May, Paramount+ had a TV audience share of 1.2%, below rival streamers; YouTube, Netflix, Prime Video, Hulu, Disney+, Tubi and Roku and comparable to Max and Peacock.
Paramount Global recently announced a rate increase for Paramount+. The cost of Paramount+ with Showtime will increase $1 to $12 .99 monthly. The monthly cost for Paramount+ with ads also increased $1 to $7.99. The cost of the Paramount+ Essential plan will increase $2 to $7.99 monthly for new subscribers. Paramount expects their streaming unit to be profitable by the end of next year. The cost increases will take effect later this year.
https://www.forbes.com/sites/bradadgate/2024/07/01/paramount-global-shuts-down-cable-network-websites/