Paramount+ has undergone a significant transformation from a niche service for CBS enthusiasts into a formidable contender in the increasingly crowded streaming landscape. Its journey through the “streaming wars” is a masterclass in leveraging a rich content library, adapting to market pressures, and redefining strategy under new leadership to not just survive, but to potentially disrupt the established order. This report will detail Paramount+’s evolution, its content strategy, financial performance, competitive positioning, and future outlook in the ongoing battle for viewers’ attention.
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Background and Evolution
The roots of Paramount+ stretch back to 2014 with the launch of CBS All Access, a service primarily designed to offer episodes of CBS shows on-demand and livestream local CBS affiliates . However, the modern era of the service began in 2021 when it was rebranded as Paramount+. This relaunch was a strategic masterstroke, transforming a network-specific app into a comprehensive streaming home for the vast portfolio of Paramount Global . This included iconic brands such as MTV, Nickelodeon, Comedy Central, BET, and the prestigious Paramount Pictures film studio . This aggregation of beloved franchises under one digital roof laid the foundation for its growth.
The Engine of Growth: Content Strategy
Paramount+’s competitive edge is sharpened by a multi-faceted content strategy that balances blockbuster franchises, exclusive originals, and must-watch live events.
Franchise Powerhouses and “Taylor Sheridan-verse”
At the heart of Paramount+’s success are its powerful and dedicated fanbases. The service has heavily invested in two key pillars:
- Star Trek: The “Star Trek” franchise has found a vibrant new life on the platform with a slate of original series like Star Trek: Discovery, Strange New Worlds, and Lower Decks, catering to both long-time fans and a new generation of viewers .
- Taylor Sheridan’s Universe: Perhaps its most significant draw is the collection of series from creator Taylor Sheridan. While the original Yellowstone resides on Peacock due to pre-existing licensing deals , its hit prequels, including 1883, 1923, and the upcoming The Madison, are exclusive to Paramount+ . This universe has expanded with other Sheridan-created dramas like Tulsa King starring Sylvester Stallone, Lioness, Mayor of Kingstown, and the breakout hit Landman . The power of this content is evident in the data; in Q4 2024, Landman, Tulsa King, and Lioness scored three of the top 10 spots for SVOD originals, helping Paramount+ rank as the #2 domestic SVOD service for hours watched across all Original Series .
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Shows, Not Movies
Under the leadership of Cindy Holland, the former head of originals at Netflix who now oversees Paramount+’s content, the platform is prioritizing episodic television over made-for-streaming movies. Holland has stated that creating exclusive streaming movies is “not a priority,” as the focus is on producing series that bring viewers back on a recurring basis, building a “year-round and a daily habit” . The strategy is to invest in series that foster long-term engagement rather than standalone films that might attract a subscriber for only a single viewing.
The Game-Changer: Live Sports
In an era where live events are one of the few things that compel audiences to watch in real-time, Paramount+ has made sports a cornerstone of its offering. The service has long been the home of NFL on CBS games, which continue to draw massive audiences . It also streams UEFA Champions League soccer matches . Most dramatically, in 2026, Paramount+ began a seven-year deal with the UFC, acquiring the broadcast rights in a landmark agreement. In a major move to attract and retain subscribers, all UFC events, including major numbered PPV cards, are included in the base subscription without any additional fees . This aggressive play for sports rights positions Paramount+ as a essential service for sports fans, a key differentiator from many entertainment-focused rivals.
Financial Performance and Subscriber Growth
Paramount+ has demonstrated robust financial momentum, even as it navigates the path to profitability. According to its full-year 2024 earnings report, the service ended the year with 77.5 million subscribers, adding 10 million new members over the course of the year . Revenue growth has been equally impressive, with Paramount+ revenue increasing by 16% in Q4 and 33% for the full fiscal year 2024 . This growth was a primary driver for the entire Direct-to-Consumer (DTC) segment, which saw its adjusted operating loss before depreciation and amortization (OIBDA) improve significantly, narrowing by nearly $1.2 billion in 2024 . By late 2025, subscriber numbers had climbed further to 79.1 million . This strong performance led co-CEOs to express confidence in 2024 that Paramount+ would achieve full-year domestic profitability in 2025 .
In a move signaling confidence in its value proposition and a push toward profitability, Paramount+ implemented a price increase in January 2026. The Essential plan rose by $1 to $8.99/month, and the Premium plan rose by $1 to $13.99/month . To further refine its subscriber metrics, the company also announced it would no longer report trial members, a decision expected to reduce the official count by about 1.2 million but provide a clearer picture of paying customers .
The Competitive Landscape: The Skydance Merger and a New Playbook
The streaming wars have entered a new, chaotic phase where subscriber growth for even the largest players is slowing . In this environment, agility can be more valuable than sheer scale. This is the arena where Paramount+ is now competing, armed with a significant strategic advantage: the $8.4 billion merger with Skydance Media, which closed in 2025 .
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The Skydance Synergy
The merger with Skydance, led by new CEO David Ellison and President Jeff Shell, creates a powerful new entity valued at $28 billion . Skydance has a proven track record of producing high-performing content for various platforms, such as Reacher (the second-highest-viewed series on Prime Video) and Tom Clancy’s Jack Ryan . The merger allows for a symbiotic relationship: Skydance gains unfettered access to Paramount’s powerful IP like Star Trek, SpongeBob SquarePants, and the Taylor Sheridan universe, while Paramount benefits from Skydance’s creative and production expertise . This partnership aims to revitalize Paramount’s content engine without needing to outspend its rivals.
A Strategy of Agility, Not Scale
Under its new leadership, Paramount+ is explicitly not trying to win a spending war with Netflix or Disney. Instead, its playbook focuses on three key areas:
- Live Sports: As mentioned, the acquisition of UFC rights is a direct challenge to established players and a powerful tool to attract a dedicated, hard-to-reach audience .
- Technology and AI: The company has signaled plans to integrate AI into both studio operations and user personalization. This could lead to a leaner, more efficient operation and a smarter platform that better serves its users .
- Bundling and Strategic Partnerships: Beyond its own offerings, Paramount+ has found success through partnerships, most notably with Walmart+. Walmart+ members can choose Paramount+ Essential as a free perk, swapping between it and Peacock every 90 days . This provides a steady stream of subscribers without the high cost of direct marketing.
This underdog approach is already showing results. In a surprising turn of events in mid-2025, Paramount+ outpaced Disney+ in US revenue for two straight months, largely due to a self-inflicted wound from Disney, which stopped accepting new App Store subscriptions . While this was an anomaly, it highlights how market dynamics are shifting and that Paramount+ is well-positioned to capitalize on competitors’ missteps.
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Conclusion
Paramount+ has successfully pivoted from a rebranded network app to a major player in the streaming wars. Its success is built on a potent combination of beloved franchise content (Star Trek, SpongeBob), a slate of addictive, high-quality original series from creators like Taylor Sheridan, and a game-changing investment in live sports, most notably with the UFC. The recent merger with Skydance Media provides a fresh influx of creative energy and strategic direction, focused not on outspending rivals but on outmaneuvering them with agility, smart partnerships, and a focus on profitability.
As the streaming landscape continues to consolidate and evolve, Paramount+ stands as a testament to the power of a focused, multi-pronged strategy. By leaning into its unique strengths and making bold moves like the Skydance merger and the acquisition of UFC rights, it has carved out a distinct and defensible position. The question is no longer whether Paramount+ can survive the streaming wars, but whether its innovative playbook can define the next era of competition for the entire industry.
