September 16, 2020
ViacomCBS’ move to rebrand subscription streaming video service CBS All Access to Paramount+ in 2021 could be the spark that returns the famed Paramount Pictures studio to global prominence, CEO Bob Bakish told an investor event.
Speaking Sept. 15 on the Goldman Sachs Communacopia Conference, Bakish said the Paramount name resonates globally, giving the rebooted CBS All Access service greater appeal as it is supersized for worldwide access to compete against Netflix, Disney+, Hulu and Amazon Prime Video.
“It’s a brand with a history of innovation, it’s over a century old, and a legacy of producing great content,” Bakish said. “It’s a brand that has always brought people together to enjoy the entertainment experience. Importantly, it’s a brand that also leverages ViacomCBS’ global position with near universal brand recognition. The fact is consumers all over the world know the Paramount brand, and they love it. So it’s a natural choice for us.”
Indeed, Paramount could use the jolt. The studio is the fifth oldest in the world, the second oldest in the U.S. after Universal Pictures, and the only major still headquartered in Los Angeles. In addition to select Transformers movies, the studio’s biggest franchise (six movies) in recent years has been Mission: Impossible with Tom Cruise, generating a combined $1.15 billion at the global box office. The studio has also fared well with Sonic the Hedgehog, A Quiet Place and television production of “Yellowstone,” starring Kevin Costner.
“It is really the beginning of an exciting new chapter for one of the most storied brands in Hollywood,” Bakish said.