Paramount+

Overview

Paramount+ is the flagship streaming platform of Paramount Skydance Corporation (NASDAQ: PSKY), the media company formed when Skydance Media completed its $8 billion merger with Paramount Global on August 7, 2025. The service launched in March 2021 as a rebrand of CBS All Access and has since grown to nearly 80 million paid subscribers as of Q1 2026. Paramount+ generated 10.4 billion global viewing hours in 2025, up 22% from 2024, and its revenue grew 17% year-over-year in Q1 2026 to lead the company's direct-to-consumer segment.

The platform distributes content from Paramount Pictures, CBS, Nickelodeon, MTV, Comedy Central, BET, and Showtime. It operates two subscription tiers: Paramount+ Essential at $8.99/month (with ads) and Paramount+ Premium at $13.99/month (ad-free, includes Showtime content and live CBS). Annual plans run $89.99 for Essential and $139.99 for Premium. Free trials were terminated in January 2026. The company raised prices on both tiers effective January 15, 2026, the first increase since August 2024.

For filmmakers, Paramount+ matters as the Pay 1 streaming destination for Paramount Pictures theatrical releases and as a commissioning body for original series and select documentaries. The platform is not an open acquisition target for independent films outside the Paramount Skydance pipeline.

The Skydance Merger and Warner Bros. Discovery Acquisition

The Skydance merger closed on August 7, 2025, placing David Ellison as CEO of the combined entity. The company trades under the ticker PSKY and has three business segments: Studios, Direct-to-Consumer, and TV Media. Since closing, the company has integrated Skydance's production operations into its studio segment and is on track to deliver $3 billion in efficiencies through 2027, with over $2.5 billion in run-rate savings expected by end of 2026.

On February 27, 2026, Paramount Skydance announced a definitive agreement to acquire Warner Bros. Discovery for $31.00 per share in cash, valuing WBD at $81 billion in equity and $110 billion in enterprise value. WBD shareholders approved the transaction on April 23, 2026. The deal is expected to close in Q3 2026, subject to regulatory clearances. The combined company expects over $6 billion in synergies from technology integration, procurement savings, real estate consolidation, and operational efficiencies. The acquisition would bring HBO Max, Warner Bros. Motion Picture Group, DC, CNN, and Discovery's cable networks under the same corporate roof as Paramount+ and Pluto TV.

For filmmakers, this consolidation means fewer buyers in the marketplace. If the WBD acquisition closes, Paramount Skydance will control two major streaming platforms (Paramount+ and HBO Max), two major film studios (Paramount Pictures and Warner Bros.), and an enormous content library. Independent filmmakers seeking streaming acquisitions will face a more concentrated buyer landscape, while producers pitching projects to either studio will eventually negotiate with the same corporate parent.

Subscription Tiers and Pricing

The Premium tier was renamed from "Paramount+ With Showtime" to "Paramount+ Premium" in summer 2025. The Showtime integration brought prestige drama series like Yellowjackets, Billions, and Dexter into the Paramount+ library. For producers who previously developed projects with Showtime, the distribution pathway now runs through Paramount+ Premium rather than a standalone Showtime platform.

Theatrical Window and Pay 1 Strategy

Paramount Pictures films move to Paramount+ following a theatrical window of approximately 45 days for major releases. This is one of the shorter windows among major studios and compresses the box-to-streaming revenue cycle. The Pay 1 arrangement means that every Paramount theatrical release eventually lands on Paramount+, making the platform the default streaming home for the studio's output.

The company has nearly doubled its film slate for 2026 compared to 2025, following the Skydance merger integration. This expanded slate means more theatrical titles flowing through to the streaming platform. However, 2026 theatrical revenue is expected to be lower year-over-year as the studio recalibrates its film slate and faces comparisons against Q4 2024 releases like Gladiator II, Sonic the Hedgehog 3, and Smile 2.

Content Strategy and Original Programming

Paramount+ invests heavily in franchise-driven original series. Taylor Sheridan's universe of shows is the platform's biggest draw: Landman season 2 reached over 25 million subscriber households and ranked among the top viewed series across all streaming since its November 2025 launch. Upcoming Sheridan-adjacent projects include Dutton Ranch (a Yellowstone spin-off, summer 2026) and Frisco King (a Tulsa King extension starring Samuel L. Jackson, entering production).

The platform's 2026 slate also includes new seasons of The Agency, Star Trek: Strange New Worlds, Lioness, MobLand, and Tulsa King. Third-party acquisitions include Discretion, a legal thriller from A24 starring and executive produced by Nicole Kidman and Elle Fanning, and 9/12, a six-episode limited series from Paramount Television Studios and SISTER.

Paramount+ also benefits from NFL coverage (CBS Sunday games stream live on the Premium tier) and UFC content. Sports rights are a differentiator against competitors that lack live sports inventory.

Pluto TV and the Free Ad-Supported Tier

Paramount Skydance also operates Pluto TV, a free ad-supported streaming television (FAST) service that generated 9.5 billion global viewing hours in 2025, up 21% from 2024. Together, Paramount+ and Pluto TV had just under 20 billion global viewing hours in 2025. Pluto TV is undergoing its most significant update in a decade in summer 2026, rebuilt on the Paramount+ technology platform. In the U.S., 65% of Pluto viewing minutes now come from registered users, up nearly 60% year-over-year, which improves ad targeting and first-party data collection.

The company is converging its streaming technology stack for Paramount+ and Pluto TV, with a mid-2026 launch target. This unified stack will enable cross-platform personalization, discovery, and monetization features.

International Distribution: SkyShowtime

In Europe, Paramount Skydance operates SkyShowtime as a joint venture with Comcast's Sky. SkyShowtime distributes Paramount+ and Peacock content in over 20 European territories including the Nordic countries, the Netherlands, Spain, Portugal, Poland, and other Central and Eastern European markets. This partnership provides international distribution for Paramount content in territories where Paramount+ does not operate independently.

Paramount Skydance is strategically exiting approximately 4 to 5 million international hard bundle subscribers with unattractive economics, which accounted for less than 2% of Paramount+ revenue in 2025. This deliberate mix shift prioritizes ARPU growth and revenue quality over raw subscriber count.

What Filmmakers Should Know

Paramount+ is not an open submission platform. Content reaches the service through three pathways: Paramount Pictures theatrical releases (Pay 1 window), Paramount Skydance original commissions, and select licensing deals. Independent filmmakers cannot pitch Paramount+ directly without going through the studio's development or acquisition teams.

For documentary filmmakers, the Showtime brand integration means prestige documentary projects may find a home on Paramount+ Premium. The platform has historically commissioned and acquired documentary content through its original programming team. Films that would have been Showtime documentary acquisitions now route through the combined platform.

The WBD acquisition, if it closes in Q3 2026, will further consolidate the streaming landscape. Filmmakers who currently work with HBO Documentary Films or Warner Bros. production teams will eventually negotiate with the same corporate entity that controls Paramount+. This concentration reduces the number of distinct streaming buyers but may create new co-production opportunities across the combined content library.

Financial Performance

Paramount Skydance's direct-to-consumer segment reported $2.4 billion in revenue in Q1 2026, up 11% year-over-year, with adjusted EBITDA of $251 million (10% margin). Paramount+ alone grew revenue 17% year-over-year, driven by 14% ARPU growth and 2% subscriber growth. The company's full-year 2026 outlook projects $30 billion in total revenue and $3.8 billion in adjusted EBITDA, with DTC as the primary growth driver.

For context on scale: Paramount+'s 10.4 billion viewing hours in 2025 compare to Netflix's 191 billion global viewing hours. The platform is a mid-tier player in the streaming landscape, below Netflix and Prime Video but competitive with Disney+ and HBO Max on a domestic basis.

See Also

For Paramount Pictures' theatrical distribution operation, see the Paramount Pictures entry in this directory. For how major studio streaming windows affect independent film distribution economics, see Streaming vs Theatrical Revenue. To model the revenue impact of a compressed theatrical window on a distribution deal, use the Revenue Forecast Calculator. For acquisition deal structures and MG ranges across distributors, see Distribution Deals Explained.