U.S based diversified multinational mass media and entertainment company ViacomCBS Inc. (VIAC) has changed its name to Paramount and introduced a wide range of new programming in efforts to grab viewers from the highly competitive streaming market.
“The new Paramount name will help advance our strategy of harnessing all our strength and breadth in building the businesses of tomorrow,” said the company’s chairman, Shari Redstone.
According to the announcement the switch to Paramount will take effect immediately starting from February 16. The company made a presentation on the name change to capture the excitement among its investors about its future plans and programming.
“We know the opportunity at hand is massive, and we’ve got the passion, the ambition and the discipline to deliver,” said the company’s chief executive, Bob Bakish.
The company has predicted that it will be having 100 million subscribers of its streaming services by the year 2024. This signifies a guidance increase from the earlier forecast of 65 million to 75 million subscribers.
“To get there, spending on new streaming programming will grow to more than $6 billion per year in 2024,” said the company.
This large slate of new programming is aimed at attracting new online customers from other widely used streaming platforms like Netflix Inc. (NFLX) and Walt Disney Co. (DIS) among others.