Viacom has fallen onto some hard times. Due to TV fees being brought on by the high amount of money ESPN commands, people are ditching cable. This has caused companies such as Discovery to scramble together and try to find a way to combat the decline in cable subscriptions.
One of those companies in negotiations with Discovery was Viacom. However, it seems as if those plans have halted because Viacom is looking o come out with their own ad-supported streaming service this year.
Viacom is in the midst of re-branding a lot of their content including turning Spike TV into the Paramount Network. This new app is the latest in Viacom’s attempts to stay alive.
The new service will include television from:
- BET Networks
- Comedy Central
- Logo TV
- TV Land
Viacom’s Chief Financial Officer, Wade Davis, spoke about this new project,
“It’s going to be significant, and it’s going to also be differentiated from what’s in the marketplace today. We kind of built and husbanded [our] library to be able to use for our own strategic purposes.”
This was clearly strategic as Viacom had pulled their content from PlayStation Vue and Hue recently. Holding off on release will hopefully make for a higher demand of the service.