Paramount CEO David Ellison and his team are getting creative in their quest to turn Paramount+ into a top-tier streaming service.
Paramount executives are brainstorming several ways to make their namesake streamer more competitive, including a short-form video feed, a sports multiview feature, and free content, according to an internal presentation viewed by Business Insider.
The presentation was sent by Dan Reich, the Paramount+ head of global product and design, to Dane Glasgow, Paramount’s chief product officer, via email in mid-January. It was described as “a high-level summary of our priorities” for the first quarter. Reich told Glasgow that it was “not an exhaustive list” of Paramount streaming’s priorities.
There are several notable takeaways from the presentation, including that Paramount’s priorities include:
- Adding short-form video clips to the Paramount+ mobile app
- Introducing a sports “multiview” feature that allows users to stream multiple events side by side
The presentation also indicated that Paramount is brainstorming several new features for the Paramount+ mobile app, including:
- User-generated content
- Interactive features, like an apparent shopping tool called “Shop the Scene”
- Free content
The notion of free content on Paramount+, a paid streamer, is notable since the company already has Pluto TV, a free, ad-supported streaming service.
A person familiar with Paramount’s thinking previously told Business Insider that the streaming team regularly tests products and initiatives, and that leadership shapes its priorities based on how those tests go.
A Paramount spokesperson declined to comment.
The presentation also mentions “convergence,” which refers to Paramount’s previously announced effort to consolidate its streamers — subscription services Paramount+ and BET+, and free Pluto TV — onto a single tech platform for improved performance and efficiency.
“Paramount+ stuff goes back to CBS All Access,” a high-ranking software engineer familiar with the convergence effort told Business Insider, referencing Paramount+’s previous name. “It goes back to the early, early days of streaming, and it’s great that we’re finally getting away from all of that.”
Paramount+ is profitable but still playing catch-up
Paramount+ has become profitable, though it’s still much smaller than its top rivals.
At last public count, Paramount’s flagship streamer had just over 79 million global subscribers, compared to 325 million for Netflix, about 196 million for Disney across Disney+ and Hulu, and 128 million for Warner Bros. Discovery across HBO Max and Discovery+.
Paramount+ is far bigger than Peacock, which has 44 million subscribers, though Comcast’s streamer only operates in the US.
Paramount also trails competitors in engagement. Its streamers accounted for 2.5% of US TV viewership in December, according to Nielsen, versus 9% for Netflix and 4.7% for Disney’s streaming services.
Ellison has talked about making Paramount a tech-first company and is focused on building a streaming business that can compete with Netflix. To that end, he’s currently locked in a battle with Netflix to buy Warner Bros. Discovery.
Paramount’s exploration of short-form video and user-generated content also suggests that Ellison is keen to fight with YouTube and TikTok for viewership time. YouTube has been one of the biggest winners from the shift away from traditional TV and toward free streamers.
Below are Paramount’s priorities for Paramount+ and Pluto TV in the first quarter, according to the leaked presentation. The slides have been reformatted with minor changes for clarity, with notes from Business Insider bolded in square brackets. Not all terms or references in the slides are immediately clear.
P+: Q1 TOP PRIORITIES
- ACQUIRE: Target high lifetime value sign ups
- UFC: Price Changes & FT Removal (US, LatAm, Brazil, ARG, UY), Main / Campaign Upsell [refers to the removal of pay-per view for UFC matches]
- Paramount Account – Consumer (Exploration for post -MVP)
- A/B Tests
- Test 3rd Party Billing Removal
- Mobile App — Move Reg Wall [registration wall, which new users see when signing up]
- ENGAGE: Drive series engagement / Unique experiences & fandoms
- UFC (Launch & Post MVP)
- Sports (Multiview, Maestro, NFL DAI) [Dynamic Ad Insertion]
- Personalize Marquee (Q2 launch)
- Mobile App Short Form UX (CAN & UFC / clip content; UX evolution)
- Personalize: Short Form (UX), Artwork (scale), Model evolution
- A/B Tests
- Mobile App — Move Reg Wall [registration wall]
- Multi-Rec End Cards (v2)
- RETAIN: Target & message subs
- Optimize Payment stacks (Adyen, Fraud tooling)
- Retention Efforts (Invol [involuntary] Churn — Update Payment Modals; Vol Churn – Apple Retention Offers)
- A/B Tests
- Early Tenure VOD Ad Load
- Convergence [of Paramount’s streaming tech platforms]
- Compliance / Ad Risk: CMP [Consent Management Platform, for data collection] Integrations (Ketch / OneTrust)
- Easier A/B Testing: Variant Key to allow CMS [Content Management System] configurable tests w/o Dev
- Mobile App Brainstorms / POC: Move Wall, Free Content, Interactive, Stats, 2nd Screen, Shop the Scene, UGC, Clips & More
- Improved Reporting: Universal Holdout; Stakeholder vs. Paramount Strategy tagging
PLUTO TV: Q1 PRIORITIES
- ACQUIRE: Register users
- A/B Tests
- A/B Test: Registration Copy
- A/B Test: Locked Channel Selection
- ENGAGE: Drive VOD & linear TVH
- In Stream POC: Dynamic Content Promos (VOD / Channel)
- A/B Test
- User Landing Page: Visit Frequency determinant
- In App / Push messaging tests to drive Retention (w/ Marketing)
- MONETIZE: Ad capabilities
- Reduce # of FW Ad Calls
- Creative Fingerprinting
- In Stream POC: Dynamic Ad Break
- A/B Test
- VOD Ad Load (Early Tenure)
- Convergence [of Paramount’s streaming tech platforms]
- Compliance / Intl Ad Risk: CMP [Consent Management Platform, for data collection] Integrations (Ketch / OneTrust)
Read the original article on Business Insider
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