Paramount’s streaming service Paramount+ has often been overshadowed in the crowded streaming landscape. However, recent events suggest a shift in fortunes as the platform’s content gains significant traction. Accompanying this surge, Paramount’s stock has seen a modest uptick in Tuesday’s trading session.
Paramount+ has been making waves with its latest release, “A Quiet Place: Day One,” currently holding the number one spot on iTunes and Fandango. Notably, Paramount movies dominate the top ranks on Netflix, with two “Jack Reacher” titles at number one and five, and “Saving Bikini Bottom: The Sandy Cheeks Movie” at number two.
Despite relying on views on iTunes and Netflix, the data hints at high-quality content residing on Paramount’s own platform, awaiting discovery. This newfound popularity could lure viewers to give Paramount+ a chance.
Incentives and Rediscovered Content
An enticing offer awaits potential Paramount+ subscribers as per a CNET report, where the promo code OGGMPZR3YBW grants a free month’s trial. This initiative aims to boost interest and potentially expand the subscriber base. By upgrading the trial period from one week to one month at no cost, viewers have ample time to explore the platform’s offerings.
Reports suggest that the thriller “Finestkind,” starring Jenna Ortega and Tommy Lee Jones, is experiencing a renaissance on Paramount+. Despite a meager 29% rating on Rotten Tomatoes, the film has found favor with Paramount+ viewers, soaring to the platform’s number two spot. If this trend continues, Paramount+ could mirror Netflix’s success in reviving old shows and movies.
Paramount’s Investment Potential
Analysts on Wall Street currently maintain a Moderate Sell consensus on PARA stock, with three Buys, seven Holds, and 10 Sells recorded in the past three months. Following a 33.58% decline in share price over the previous year, the average price target for PARA of $12.07 per share indicates a potential upside of 14.19%.
