Paramount+ has joined the growing list of streaming platforms that are removing content from their libraries in order to receive tax write-offs. The decision to cancel several shows and remove them from Paramount+ is part of the company’s effort to optimize its content offerings and streamline its platform. This move follows similar actions taken by Disney and Warner Bros. Discovery.
One of the canceled shows is “Grease: Rise of the Pink Ladies,” which was axed after just one season. Originally developed for HBO Max, the series was retooled and picked up by Paramount+, but failed to meet expectations. Producers Paramount Television Studios will now shop the series to other networks or streaming services.
Another casualty is the animated and kids-focused show “Star Trek: Prodigy.” Despite being renewed for a second season in November 2021, the decision was reversed, and the series will no longer continue on Paramount+. However, post-production for season two will be completed, and CBS Studios, the producers of the show, will seek a new buyer.
The competition series “Queen of the Universe” has also been canceled after two seasons. This unscripted drag singing competition featured judges from the worlds of music, drag, and reality TV. The show’s final four episodes of season two were released on June 22, and it will be removed from the platform on June 30.
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Additionally, the revival of “The Game” has been canceled after two seasons. This comedy series, which originally aired on the CW and BET, explored Black culture through the lens of football. While the nine-season library of the original series will remain on Paramount+, CBS Studios will look to license the series to other networks or streaming platforms.
Paramount+ has released a statement saying that the removal of these select programs is part of their overall content strategy to deliver the best streaming experience for subscribers. They aim to optimize Showtime’s robust slate of premium originals as they prepare to merge the content offerings of Paramount+ and Showtime.
It’s worth noting that this decision is primarily driven by financial considerations. By removing underperforming shows, streaming platforms can write off the losses and offset their tax liabilities. This strategy has been employed by other major players in the industry, such as Disney and Warner Bros. Discovery.
Disney recently purged a couple of dozen titles from Disney+ and Hulu. The company took a $1.5 billion tax write-down for the content removal. Warner Bros. Discovery also removed lower-rated series, including “Westworld” and “The Nevers,” and licensed them to free, ad-supported streaming services to recoup some of the losses.
As streaming platforms continue to compete for subscribers and navigate the ever-changing landscape of the industry, content optimization and strategic decisions like these are becoming more common. While viewers may be disappointed by the cancellation of their favorite shows, these moves are ultimately aimed at ensuring the long-term success and profitability of streaming platforms.
