Is Paramount+ Shooting Itself in the Foot?

For years, Paramount+ has been my favorite streaming underdog. I love its enormous library of classic TV shows and the Nickelodeon library is great for my kids. The Taylor Sheridan shows don’t do much for me, but at least Paramount is putting down some money to build out their identity with his work. And even though Paramount+ continues to grow, I can’t shake the feeling they’re shooting themselves in the foot.

According to Nielsen, nearly all of the most popular content on Paramount+ is also available on other streamers. “Yellowjackets,” “Dexter,” “NCIS,” and “Gunsmoke” are Paramount-owned shows that appear in Nielsen’s Top 10 Acquired programs list. You can watch them on Paramount+, but “NCIS” is also on Hulu and Netflix, “Yellowjackets” and “Dexter” were also on Netflix, while “Gunsmoke” appears on Peacock.

The same issue exists with movies. Recent Top 10 films include Paramount+ titles “Sonic the Hedgehog 2,” “Scream VI,” “Runaway Jury,” and “Dungeons & Dragons: Honor Among Thieves.” (All of those titles were also available on Netflix.)

It’s a tricky balancing act for media companies these days. You can keep your content on your own channels/streamers or you can lease your content to the highest bidder. While most companies keep the bulk of their content on their own streamers, Paramount seems unique in its willingness to let almost anything (except the Taylor Sheridan shows) stream on its competitors.

If you subscribe to Paramount+, you’re probably frustrated when franchises like “Star Trek” and “Mission: Impossible” vanish for a month, only to appear on other streamers.

Paramount has a history of streaming blunders. It really messed up back when its streamer was called CBS All Access. It let two of its most important properties go to other streaming services. “South Park” lives on Max and “Yellowstone” is on Peacock.

Paramount has been in limbo for a while now. Former CEO Bob Bakish got kicked out in 2024 and he was replaced by three co-CEOs. Shari Redstone, who owns controlling shares of the company, wants to sell to Skydance Media. But that deal awaits regulatory approval from a government that seems to change policy overnight.

We don’t know how a post-merger Skydance will treat its Paramount assets. Will it dump its linear networks like Nickelodeon, BET, and MTV? Will Paramount+ continue to exist or will Skydance simply sell the catalog as spare parts? Or will Skydance invest in making Paramount+ an even better streamer?

I’m rooting for Paramount+. When we have more streaming services fighting for our attention, everyone benefits. But if Paramount can’t decide whether it wants to guard its library or loan it out, it’s only going to frustrate subscribers.