CBS Corp. is getting serious about the streaming future with the company announcing plans to spend more than $8 billion on content this year.
The aim of the high spend is to bolster its pipeline of programs for in-house platforms like its expanding CBS All Access service, along with outside buyers. The announcement was made during a first-quarter earnings conference call Thursday afternoon with Wall Street analysts.
Joe Ianniello, CBS president and acting CEO, says they are committed to investing more in content amid the swings of the pay-TV market along with new rivals in this particular field like Apple. The standalone CBS All Access and Showtime services have helped snagged 8 million subscribers, reaching the number two years ahead of schedule.
The budget includes its spending on sports rights and licensing shows for CBS and Showtime from outside suppliers. CBS is also expanding into overseas markets and so expect more originals on the way.