Paramount Global, the parent company of Paramount+, recently reported a loss in the second quarter. However, the company has seen encouraging signs, as streaming losses have started to shrink, and subscriber numbers have grown to an impressive 61 million.
CEO Bob Bakish expressed confidence in the company’s streaming strategy, stating that 2023 will be the peak investment year in this area. He emphasized the importance of franchises in the Paramount portfolio, recognizing their ability to attract and retain viewers.
CFO Naveen Chopra shed light on Paramount’s new approach to content, which involves focusing on targeting specific audience segments and delivering the right content at the right time. This strategy has led to the decision to end the popular series Star Trek: Discovery and remove Prodigy from the Paramount+ platform.
Despite these changes, Star Trek fans have reason to remain optimistic. Paramount+ has committed to producing a third season of Strange New Worlds and a fifth season of Lower Decks. Additionally, the platform plans to launch a new Starfleet Academy series and a Section 31 streaming TV-movie event starring Michelle Yeoh.
Unfortunately, due to strikes, live-action show production and writing for Star Trek are currently halted. However, this unexpected pause has given Paramount an opportunity to assess data and plan future productions more carefully.
In other news, Paramount has been attempting to sell its publishing arm, Simon & Schuster, which holds the license for Star Trek books. Recently, a new deal to sell Simon & Schuster to KKR for $1.6 billion has been announced. The proceeds from this deal will be used to pay down debt, but the impact on the Star Trek license remains unclear.
As Paramount Global continues to navigate the changing dynamics of the entertainment industry, fans eagerly await the future of Star Trek on the Paramount+ streaming platform. With a renewed focus on audience segmentation and the commitment to beloved characters and universes, the future looks bright for this iconic franchise.