ViacomCBS readies new streaming service to compete with Netflix and Apple TV+

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CBS
CBS All Access was one of the first TV streaming services to launch.
Photo: CBS

Apple TV+ is about to get even more competition in the form of a new streaming service currently in development by ViacomCBS.

Now that the Viacom and CBS merger was approved at the end of 2019, a new report claims company execs are plotting a way to combine the current CBS All Access service with Viacom’s assets, among which are Paramount’s trove of over 3,600 movies.

The ViacomCBS service will come in both ad-supported and ad-free versions, according to CNBC. Assets from Nickelodeon, BET, MTV, Comedy Central and Pluto TV will also be added.

ViacomCBS wants in on the streaming wars

Executives are allegedly still in the early stages of planning. Pricing and the name of the service haven’t been decided on. CNBC‘s sources say the cheapest version will be less than $10 a month. That would still put it on the higher end of the cost spectrum compared to services like Disney+ ($7 per month) and Apple TV+ ($5 per month).

It seems like an odd move to build an all-new streaming service when CBS All Access is just starting to gain some steam. Combined with Showtime, the company already has over 10 million subscribers. CBS All Access currently costs $5.99 with ads and $9.99 without.

Whatever the new service is named, it will join a crowded field that already includes Netflix, Hulu, Apple TV+, Amazon Prime Video, Disney+. AT&T is set to launch HBO Max in May with a Friends reunion in tow. Peacock from NBCUniversal is set to launch on July 15, 2020. Certainly, some of these streaming services won’t be the hit their companies are hoping for. With ViacomCBS joining the game late, it will be interesting to see if it will have enough attractive content to carve out its own piece of the market.