CNN’s paid streaming service, CNN+, has failed to attract even 10,000 daily users, according to CNBC, citing people familiar with the matter. The new streaming service was launched 2 weeks ago.
CNN+ launched on March 29. The subscription news streaming service, which charges $5.99 a month or $59.99 annually, only became available on Roku on Monday and still isn’t on Android TV. Still, the paltry number casts doubt on the future of the application following the recently completed combination of Discovery and WarnerMedia into Warner Bros. Discovery. -CNBC
“We continue to be happy with the launch and its progress after only two weeks,” a CNN spokesperson told CNBC.
This dramatic failure to launch comes after CNN+ lured talent such as Chris Wallace from Fox News and Kasie Hunt from NBC News. The launch was reported to cost $250 million.
Axios, meanwhile, says ‘big cuts’ are in store for the streaming service due to such a low adoption rate.
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.
- 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.