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CNN announces CNN +, 'the most important launch for the network since Ted Turner'

2021-07-19T18:48:57.972Z


CNN is hiring hundreds of people and developing dozens of shows for a subscription streaming service that will launch early next year. | CNN in Spanish | CNN


New York (CNN Business) -

- CNN is hiring hundreds of people and developing dozens of shows for a subscription streaming service launching early next year.

The new company, called CNN +, was formally announced Monday morning.

It will coexist with CNN's existing television networks and will feature eight to twelve hours of live programming per day.

Jeff Zucker, president of WarnerMedia News and Sports and president of CNN Worldwide, described CNN + as the evolution of video news and the beginning of a new era for the company.

"CNN invented cable news in 1980, defined online news in 1995, and is now taking a major step in expanding what news can be by launching a direct-to-consumer streaming subscription service in 2022," he said Zucker in a statement.

CNN + executive in charge, Chief Digital Officer Andrew Morse, said "this is the most important launch for CNN since Ted Turner launched the network in June 1980."

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That's because it is an urgent bet to keep up with the changing demands of consumers.

While tens of millions of people access CNN through a subscription to a cable or satellite TV package, all cable and broadcast networks have been affected due to the outage of cable systems in recent years, and the popularity of products like Netflix has demonstrated the growing appeal of streaming alternatives.

CNN cannot simply sell its current live programming via broadcast due to long-term, lucrative deals with cable distributors.

The company generates more than $ 1 billion in revenue annually, primarily from cable subscriber fees and advertising.

Thus, CNN is effectively building a parallel path, right next to its existing TV path, to serve both existing cable subscribers who want additional programming and customers who have no cable at all.

Zucker framed it this way in his statement: "In addition to a television offering that has never been stronger, which remains at the core of what we do today, we will offer consumers a streaming product that increases reach and reach. CNN branding in a way that no one else is doing. There is nothing like this. "

The new streaming service will launch in the first quarter of 2022. Morse said in an interview that it will have three components: eight to twelve hours of live programming a day;

original series, some new for CNN + and some of the archives of the chain;

and something Morse called an "interactive community."

The latter, he said, will give subscribers the ability to "interact directly with our talents and experts on the topics that matter most to them."

CNN + pricing will be announced later, as will specific shows and live schedule.

The service will launch first in the United States and later in other countries.

Producers have been testing possible shows in recent weeks.

Morse said the shows will be run by "some of CNN's most prominent talent, as well as a number of new faces," alluding to some planned hires.

Morse also emphasized that daily programming will differ from what CNN already produces on TV.

"It's not going to be a news headline service," he said, citing opportunities for "deeper dives" on issues like climate change;

space and science;

and race and identity.

"You will also see things that will surprise you," he added, hinting at the possibility of CNN anchors showing off in new ways.

CNN has about 4,000 employees, making it one of the largest news operations in the world.

Morse said CNN is hiring about 450 people for CNN +, from producers to engineers to marketers.

The sheer number of job vacancies is a reflection of CNN's parent WarnerMedia's investment in the product immediately following the launch of the HBO Max streaming service last year.

"We're going to take a pretty big turn here, and the company stands behind it," Morse said.

CNN + will enter a crowded real-time news environment.

All streaming networks have free streaming channels that basically act as news wheels, running a combination of live headlines and recorded stories.

Morse argued that broadcast networks "lack the resources" to launch something as ambitious as CNN +.

Fox News has had a streaming service called Fox Nation for three years, but it bills itself as an "entertainment" product and is widely known for its right-wing opinion programming.

Other competitors in the news space, like The New York Times and The Wall Street Journal, have big subscription businesses, but they are based on text, not video.

CNN + will be "video-focused" at first, Morse said, although "as we understand how customers are consuming the service, we can think entirely of new types of formats," including podcasts and long-form articles.

Examining this landscape, Morse concluded that CNN + will be "very different from anything else on the market."

In the industry's race for subscribers, one of the $ 1 billion questions has been: How many people might be willing to pay for news coverage?

The New York Times chief executive, Meredith Kopit Levien, said earlier this year that the newspaper sees a market "of at least 100 million people who are expected to pay for journalism in English."

When asked about the potential reach of CNN + going forward, Morse said, "We believe, given the reach of our brand, given our credibility, given our confidence, given the fact that we reached 290 million on linear and digital platforms at the level. worldwide, that there really is a great audience opportunity for us. "

Source: cnnespanol

All news articles on 2021-07-19

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