Bob Bakish: ViacomCBS Looking to Spend $5 Billion on Streaming Content by 2024

ViacomCBS’s ambitious plans to average an original new movie a week on Paramount+ in 2022 now has a price tag: $5 billion. That’s the figure CEO Bob Bakish told shareholders on the May 25 virtual annual meeting.

The company spent a total of $15 billion on all content in 2020, with plans to spend $5 billion exclusively on streaming content by 2024.

ViacomCBS is adding 1,000 movies to the $4.99 monthly with ads ($9.99 without) platform in June; elevating the total to 2,500 movies by July.

“That number includes content exclusively for our streaming services and some allocation of highly valuable content that we’ll use across both streaming and traditional [television and theatrical distribution],” Bakish said.

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Bob Bakish

As previously reported, in June Paramount+ will exclusively debut the new science-fiction thriller Infinite, starring Mark Wahlberg and directed by Antoine Fuqua, skipping theaters in the process. It was originally slated to launch in theaters on Sept. 24.

Paramount Pictures shortened to 45 days theatrical windows for  A Quiet Place Part II and Mission: Impossible 7 in an effort to expedite access to the SVOD platform. New “Paranormal Activity” and “Pet Sematary” releases will also forgo theatrical distribution.

“You will see us scale up more of our content on Paramount+,” Bakish said, adding that select scripted series such as supernatural drama “Evil” would be moving from linear channels to streaming.

“Season one was a hit on Netflix,” Bakish said. “Season two will be moving exclusively to Paramount+.”

CBS series “Seal Team” will debut select episodes on the network this fall before moving the entire season onto streaming.

One thought on “Bob Bakish: ViacomCBS Looking to Spend $5 Billion on Streaming Content by 2024”

  1. Maybe Paramount+ could spend a few dollars by adding a “Queue” to their service so subscribers can keep up with shows and movies they want to watch. I, for one, will never take them seriously until they do. I signed up for a year in advance but will not renew since it’s laughable that I can’t create my own personal “watch list” with titles I plan to watch over time (like EVERY other major streaming service!).

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