Paramount+ Becomes Latest Streamer to Announce Cancelations, Content Removals
Paramount+ is apparently willing to follow the crowd in hopes of streaming profitability. The service became the latest streamer to cancel original series and immediately announce their removal from the platform, as news broke Friday that shows like “Grease: Rise of the Pink Ladies,” “The Game,” “Star Trek: Prodigy,” and “Queen of the Universe” will soon disappear.
The shows are being removed in the name of helping Paramount peak its streaming losses, and start the climb to profitability. The company will see an impairment charge for pulling the titles, though unlike Disney it probably won’t rack up close to $2 billion in such fees. Paramount is taking Disney and Warner Bros. Discovery’s lead in a more general sense, following the pattern of cancelations and content removals for streamers of both those companies.
Paramount is attempting to use other drastic measures to make its streaming arm profitable, as well. The company is in the midst of attempting to sell BET Media Group, which includes BET, BET+, and VH1. Tyler Perry, who already owns 25% of BET and BET+ is considered the front-runner to acquire the assets, but the two sides have not agreed on a proper price yet. Paramount has also considered selling off its children’s streamer Noggin.
Fans of these series can take some hope from the news that Paramount will shop them around to other streaming platforms, so they could live on elsewhere, but nothing has been reported on that front as of yet. Alternatively, episodes of the canceled series could end up on Paramount’s free streaming platform Pluto TV.
The content removal announcements come just days ahead of the launch of Paramount’s new streaming product Paramount+ with Showtime. Starting June 27, the Premium tier of Paramount+ will be sunset, and in its place, the company will offer a plan which combines the features and content of Paramount+ Premium and SHOWTIME onto one platform.
Cancelations and content removals can be devastating to fans and show creators alike. But, the sad reality of the streaming industry as it now stands is that streamers are all in hot pursuit of profitability. They all see the dividends WBD’s strategy of cuts and removals have paid in reversing its streaming losses, and most of them will use similar techniques to get their own financial houses in order.
Paramount Plus
Paramount+ is a subscription video streaming service that includes on-demand access to 40,000+ TV show episodes from BET, CBS, Comedy Central, MTV, Nickelodeon, Nick Jr. and more. The lineup includes “1883,” “Tulsa King,” “Star Trek: Discovery,” Nickelodeon’s “SpongeBob SquarePants,” and “PAW Patrol.” Subscribers can watch the NFL, college football, The Masters, college basketball, UEFA Champions League, UEFA Europa, Serie A, and NWSL. The service also offers the option to watch your live CBS affiliate. The upgraded ad-free package includes premium movies and shows from Showtime.