Among the video game franchises to get an adaptation to a show or movie is Halo, a popular franchise from Microsoft Corporation (NASDAQ: NASDAQ:MSFT). The new show is breaking records for one streaming company.
What Happened: New show “Halo” set a record for Paramount+, the streaming platform from Paramount Global (NASDAQ: PARA)(NASDAQ: PARAA).
Paramount reported “Halo” set a record as the most-watched series premiere globally on the streaming platform within the first 24 hours.
The media company did not share a viewership figure. The previous record-holder for Paramount was “1883,” which premiered in December and had 4.9 million viewers in a “promotional linear airing behind ‘Yellowstone’ on Paramount Network,” Deadline reported.
“Halo” debuted on March 24, 2022. Only one episode has hit the streaming platform and new episodes will air weekly on Thursdays.
“Bringing Halo to life as a streaming series has been one of the most rewarding efforts for Paramount+ to date and we could not be more thrilled at the massive fan response to the series’ debut,” Paramount+ Chief Programming Officer Tanya Giles said.
“Halo” has been renewed for a second season.
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Why It’s Important: No Paramount+ original has hit the top 10 list of streaming shows provided by Nielsen Holdings PLC (NYSE: NLSN). The next report could be worth watching to see if “Halo” can crack the list and join the likes of shows on Netflix Inc (NASDAQ: NASDAQ:NFLX), Hulu, Amazon.com, Inc. (NASDAQ: NASDAQ:AMZN) unit Amazon Prime and Disney+, the streaming platform from Walt Disney Co (NYSE: NYSE:DIS).
Paramount+ faces huge competition in the streaming market and “Halo” could be a franchise to help grow brand awareness and subscribers. Several streaming companies have turned to adapting video game franchises into shows with a high level of success and more bets being placed for future growth.
Paramount said recently it underwent a cross-platform, cross-brand promotional campaign for “Halo,” which could have contributed to the strong initial showing.
“What’s interesting about Halo is that it does truly deliver against that dual target of living in the Halo world that fans of the game have been embracing and playing for years, and it’s also just an epic story and has incredible characters and drama. That’s exactly the kind of premium content that lures audiences to streaming platforms,” the company said.
New shows coming to Paramount+ include “The Offer,” a story of the origins of making the movie “The Godfather,” a new Star Trek series called “Star Trek: Strange New Worlds,” and additional shows with big names like Zoe Saldana, Billy Bob Thornton and Sylvester Stallone.
Paramount reported it had 56 million subscribers for Paramount+ at the end of the fourth quarter. The company added a record 9.4 million streaming subscribers globally in the fourth quarter, helping to increase streaming subscription revenue 84% year-over-year in the quarter.
Paramount said that Paramount+ was the fastest-growing SVOD service in the U.S. in the fourth quarter. The company has a goal of hitting 75 million global streaming subscribers by the year 2024.
With hit shows such as “Halo” and strong cross-platform and cross-network promotional efforts, Paramount could hit its goal sooner than anticipated.
PARA Price Action per Benzinga Pro: Paramount shares are up 0.90% to $37.94 on Tuesday morning versus a 52-week range of $27.25 to $48.39.
Photo: Courtesy Paramount Global
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