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Ten Network Owner CBSViacom Set To Launch New Streaming Service

ViacomCBS, the owner of the Ten Network in Australia, is set to launch a new streaming service called ParamountPlus – and Australia is tipped to be one of the launch countries.

The owners of Paramount Pictures, CBS, and Nickelodeon ViacomCBS are looking to differentiate itself by offering live news and sports, two types of entertainment that big streamers such as Stan, Disney and Netflix have stayed away from.

It’s not known whether the Ten Network in Australia will deliver a local news service.

The company, which owns the CBS News channel in the USA and holds broadcast rights to sports such as the NFL in the USA, said Paramount Plus would include access to 1,000 live sporting events a year, as well as a live feed of CBS News channels.

ViacomCBS also said it would stream upcoming Paramount films between 30 and 45 days after they left cinemas — shortening the traditional 90-day window that has been dismantled by the coronavirus pandemic.

Viacom stopped short of a more dramatic move taken by rival Warner, which is streaming all of its films this year at the same time they debut in cinemas.

Warner and HBO are available on Foxtel in Australia.

According to Bloomberg, the new service, called Paramount Plus, will from March in the USA offer viewers access to thousands of television episodes and films, spanning hits such as The Godfather, Titanic, Star Trek and SpongeBob SquarePants, for $10 a month.

In June, the company will launch a $5-a-month option with advertisements and more limited programming.

ViacomCBS anticipates it will grow streaming revenue to more than $7bn annually by 2024, at which point it expects to reach 65m subscribers across its services — double the current level.

Described as the most powerful companies in Hollywood, ViacomCBS has been very low key in Australia basically operating as Australia’s third commercial network behind Seven and Nine networks.

Overnight ViacomCBS executives spent hours touting the shows and movies available on Paramount Plus, promising “a new reality series every month” as well as reboots of popular hits from the 1990s, such as Frasier, Rugrats, and The Real World.

ViacomCBS shares have gained more than 70 per cent this year as investors anticipated an ambitious push into streaming.

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