While Netflix is known for their exorbitant spending on content, ViacomCBS is looking to make their own impressive investment into Paramount+. According to this article:
ViacomCBS’s spending on content for its streaming services will double this year to $2 billion as it seeks to expand its recently launched Paramount+ flagship service, the company said today as it reported third quarter earnings. By 2024, however, ViacomCBS plans to more than double that spending to $5 billion.
This kind of cash has the potential to rocket Paramount+ into a real streaming contender… or it could be a money pit that leads to their downfall.
We have seen that money does not guarantee success in this market and instead there has to be either some luck or sharp-eyed strategies to create what will compel people to sign up and stuck with a service.
And AI may be the most financially smart decision.
By using something like Resonance AI, ViacomCBS would be able to see what inside their content is truly resonating with their audience, moving past genre and other surface-level descriptors to get real metrics on what will keep people coming back.
This can then be used to make decisions on what new content should be greenlit and how to produce that content to reflect the tastes and preferences of the audience. And considering that one of the biggest shows out right now is Yellowstone, there are plenty of viewers to offer data to be analyzed by machine learning.
We are impressed that ViacomCBS is going to go so bold on their plans to increase streaming content, but by using AI to figure out what to invest in, they’ll be putting that money to its best use.