“Mission: Impossible 7,” “A Quiet Place Part II” and more upcoming Paramount Pictures releases will be available to view at home sooner than expected.
Those films will debut exclusively in theaters as planned. However, the studio has newly shorten the amount of time they will play exclusively on the big screen. After 45 days, new Paramount theatrical films will debut on the streaming service Paramount Plus. As part of the arrangement, Paramount has adjusted its pay TV output deal with Epix in order to bolster movie offerings on the nascent streaming service. Along with new releases, Paramount Plus will offer a deep library of more than 2,500 films.
The announcement was made during ViacomCBS’ investor day on Wednesday. The presentation was orchestrated to hype up Paramount Plus, which launches on March 4. The platform, a rebrand and expansion of CBS All Access, will have to compete with a glut of streaming service offerings, including Netflix, HBO Max, Hulu, Disney Plus and Apple TV Plus.
Prior to the pandemic, movie theater operators insisted that new releases screen in theaters for 90 days before studios could offer them on home entertainment. But the coronavirus crisis, and the subsequent closure of cinemas, has upended the traditional ways of doing business. Several Hollywood studios have amended the theatrical window, though Paramount’s strategy may be received the most favorably among film exhibitors.
That’s because 45 days seems downright generous compared to Warner Bros., which is releasing its entire 2021 theatrical slate on HBO Max on the same day the films launch in theaters. Meanwhile Universal has forged its own model, which enables the studio to show its films on premium video-on-demand platforms after 17 days in theaters.
In a post-pandemic world, Paramount will look to 30-days for most titles and 45 days for tentpoles like “Top Gun: Maverick.” Currently “Mission: Impossible 7” is scheduled to release in theaters on Nov. 17 and “A Quiet Place Part II” is set for Sept. 17.
More to come…