CNN’s New Streaming Service Preparing For ‘Big Cuts’ Only Two Weeks After Launching

CNN’s new streaming service is already a flop, just two weeks after launching.

Rumors are spreading in media that the network is preparing to make makor cuts because it’s not delivering the subscriber base that was expected.

Many people saw this coming. If CNN’s ratings are terrible, why would customers pay even more for a streaming service?

Axios reported:

Big cuts coming for CNN+ after slow start

Investment and projections for CNN+ are expected to be cut dramatically in response to a low adoption rate, two sources tell Axios.

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By the numbers: The news giant was initially planning to invest around $1 billion in the service over the next four years.

– Hundreds of millions of dollars are expected to be cut from that original investment total.

– To date, around $300 million has been spent on the subscription service, which includes a sizable marketing investment.

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– The new company’s leadership team still has yet to decide the ultimate fate of CNN+. CNN’s new boss, Chris Licht, will start May 1.

Details: CNN executives, with help from consulting firm McKinsey, originally expected to bring in around 2 million subscribers in the U.S. in the service’s first year and 15-18 million after four years.

– They originally planned for the service to break even after four years.

– Much of the subscriber opportunity executives see comes from international markets.

– Sources say those subscriber expectations will need to be dramatically reduced if investment is cut.

Chris Wallace, who left FOX News for CNN+ is reportedly fuming.

Other people are laughing at CNN.

You have to wonder what they were thinking.


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