Theatrical Film Exhibition ‘Definitely Still Matters’: ViacomCBS CEO

ViacomCBS is “spending a lot of time on release strategy” for its feature films, and “really testing different models to maximize the value of that film slate in this evolving landscape, particularly in this COVID-ruled space,” CEO Bob Bakish told a virtual Goldman Sachs conference Wednesday. Paramount’s animated feature, PAW Patrol: The Movie, was its first released simultaneously in theaters and on Paramount+ when it debuted Aug. 20, he said. “That's actually a very good model for kids’ and family films” in this “COVID-impacted time,” he said. “It gives consumers optionality to view the product where they feel the most comfortable, and we did a bunch of research on that.” The film “did very well” theatrically and was a “significant driver” for Paramount+, “where it's actually now one of the most watched originals,” he said. ViacomCBS prefers a 45-day theatrical window for the “bigger films,” because that's the “sweet spot of driving theatrical revenue and streaming growth in general,” said Bakish. The “range of tactics” is designed to “maximize the value of film across this now-broader ecosystem," he said. "But theatrical definitely still matters.”