Success for a streaming app isn't a matter of luck but rather content (and looooots of marketing). That's why Max (HBO's streaming app) recently swallowed Discovery+ last year and Disney+ now includes content from Hulu.
Paramount+ wanted in on this trend and brought Showtime into the app while shutting down its standalone app.
But, is that going to help Paramount+'s growth?
The short answer is probably not...
Using our App Intelligence, I looked at Showtime's revenue estimates over the last few years and the trend is not great. And that's me being nice.
According to our estimates, all the way back in Q1 of 2017, Showtime earned $2.6M of net revenue. At that time, Paramount+ (which was called CBS All Access back then) earned just $1.6M. And that's net which means what Paramount, which owns both apps, took after store fees.
That changed by late 2018 as Paramount+'s revenue started rising while Showtime's didn't. And by 2020, Paramount+ was earning twice as much as Showtime, while Showtime's revenue remained pretty much the same.
Showtime's revenue finally started rising as the streaming wars of 2020 heated up, but not high enough to matter.
Showtime's net revenue peaked at $13M in Q2 of 2023 but its content was then merged into Paramount+ and as of Q1 20204, net revenue dropped below its starting point in 2017 to just $1.9M.
While Showtime was flailing, Paramount+ grew its revenue by more than 5,000%.
More content is more better for Paramount+ and may help it remain in the race against rival Peacock in the long term, but in the short term, I don't expect any revenue bumps. Just like what happened when Max merged Discovery+ and when Disney+ included Hulu content.
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