As Showtime becomes part of Paramount+, lots of TV companies cut costs and shelve shows

Even successful networks like HBO and Netflix are cutting costs by canceling long-running shows or selling off those they fear won’t be successful.

By Shelly BrisbinFebruary 2, 2023 10:55 am,

Paramount+ is rebranding as Paramount+ with Showtime. The new offering will combine a venerable premium cable channel with the existing Paramount+ streaming service. It’s not the only sign that entertainment companies are worried about their futures: Other streamers are canceling long-running shows and shelving titles that haven’t even aired yet.

So why are things so rough for TV providers right now? Tech expert Omar Gallaga says some companies are dealing with the hangover from past spending, while others face competitive pressures because of the number of services vying for viewers’ eyeballs.

Highlights from this segment:

– After 47 years, the cable channel Showtime is no more. Its programming will now be available on the successful streamer Paramount+. Three Showtime programs were canceled as part of the move, including one that hasn’t even aired yet.

– Netflix and HBO Max have engaged in cost-cutting, too, removing shows from their platforms and also canceling titles that haven’t been released yet. Those movies and shows can now be offered to other providers, and the streamers who produced or funded them can take tax writeoffs.

– Not all companies that are cutting costs are failing. Some, like HBO Max and Netflix, have produced hit shows, and now they’re protecting their success in a tough economic environment.

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