ViacomCBS Renames Streaming Offering Paramount+ To Leverage 'Near-Universal Brand Recognition'

ViacomCBS VIAC announced Tuesday a pivot in its streaming video strategy, including a new name and additional exclusive content.

Name Change: ViacomCBS, born out of the merger of Viacom and its sister company CBS, will change its streaming video platform's name from CBS All Access to Paramount+. This marks the "next chapter" for the "most storied brands in Hollywood," ViacomCBS CEO Bob Bakish said on CNBC.

Paramount is a century-old brand that historically brought people together to enjoy excellent content, Bakish said. It also boasts "near-universal brand recognition" across the world. This is the logical move ahead of an international launch in 2021 in Australia, Latin America and the Nordics.

The Strategy: ViacomCBS will position its streaming video subscription in a way that avoids mistakes made by rival companies, the CEO said. Most notably, pricing has to be compelling and match the quality of the content and distribution must be ubiquitous.

"But at the end of the day, it's going to come down to content and the experience for the consumers," he said. "And that's where Paramount+ will be truly differentiated."

Paramount+ will offer live and breaking news, live sports including NFL, NCAA, golf, and a "mountain of entertainment" with multiple brands and significant original content slates.

The executive teased three new original content shows, including a scripted show about the making of the film "The Godfather," a reimagination of "Behind the Music," a spy drama titled "Lioness" that is based on a real-life CIA mission.

"We have many more originals to come," Bakish said. "We see this service having very wide demographic appeal because of that."