The State of Streaming
NBC’s Peacock Sees Growth
As the pandemic continues, consumers are still hungry for video streaming content, and platforms are crowding into the market competing for their attention. Though Netflix (NFLX) is still the name to beat and is outspending rivals on acquiring and creating content, there are also other services trying out new strategies and seeing significant growth.
Peacock, NBC’s (CMCSA) streaming service, recently hit 15 million sign ups. This marks a 50% increase in signups for the platform since the end of July. The free, ad-supported service hopes to have 30 million to 35 million active users by 2024.
AT&T’s HBO Creates Ad-Supported, Cheaper Service
AT&T (T) plans to offer a new version of HBO Max starting next spring. This iteration of the service will be cheaper than the current version of HBO Max, which costs $14.99 per month. HBO will also continue to offer the more expensive, ad-free version of the service.
The new HBO Max will include some advertising, which marks a significant shift for the company. HBO has not used advertising for its 47-year history. HBO Max and HBO currently have over 36 million US subscribers. The company’s goal is to have 50 million US subscribers by 2025.
ViacomCBS Rebrands its Streaming Service
ViacomCBS (VIAC) is launching a new iteration of CBS All Access which will be called Paramount+ after the company’s movie studio. The platform will have exclusive, original shows and is scheduled to roll out early in 2021.
As the weather starts to get cooler and options for outdoor activities become fewer, streaming numbers may get a boost this fall and winter. Investors will be following closely to see which of the many companies vying for viewers will come out ahead.
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