Paramount Pictures is on a roll. The studio has dominated the 2022 theatrical season, with all five of its big screen releases topping the weekend box office in their debuts.
Led by Top Gun: Maverick, which opened with $126.7 million in revenue across North America, Paramount saw Scream, Jackass Forever, The Lost City and Sonic the Hedgehog 2 all finish No. 1 at theaters. The last four titles all began streaming on Paramount+ 45 days after their theatrical debut — a strategy Paramount Global CEO Bob Bakish says helps lure moviegoers to the cineplex while also driving SVOD subscriptions.
“Franchise, franchise, we really love them” Bakish said June 14 at the virtual Credit Suisse 24th Annual Communications Conference. “Our position as a diversified business fundamentally improves the economics of streaming.”
Bakish said the growth in box office and streaming has been accomplished by a strong content portfolio, with spending across the company reaching $15 billion. He said some content investments is performing “double duty” across multiple platforms.
Paramount Pictures created the Netflix original movie Senior Year, which topped the streamer’s weekly English-language chart in its debut. The Lost City is currently the top-streaming movie on Paramount+, while the crime TV series “NCIS” and “FBI,” among others, are also popular on the SVOD platform, according to Bakish.
“That drives advanced return-on-investment (ROI) for us,” said the executive. “We see tremendous benefits from that. We’re excited about our streaming business and as an extraordinary valuation creation opportunity for Paramount.”
Upcoming movie releases include Jerry & Marge Go Large and Secret Headquarters on Paramount+ on June 17 and Aug. 5, respectively. Babylon hits the big screen on Dec. 25.