Last Wednesday, Comcast Corp and ViacomCBS announced the launch of streaming service SkyShowtime in Europe, bringing content from Nickelodeon, Paramount+ and Sky, among other providers. In detail, SkyShowtime will be available in Spain, Portugal, the Nordic countries, the Netherlands, and Central and Eastern Europe, the companies reported. The two giants confirmed that they will have equal investment and control in the joint venture and will announce SkyShowtime’s subscription price at a later date. The service’s pricing has been described as “competitive” and will differ market to market.

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Currently, ViacomCBS has over 42 million global streaming subscribers whilst NBCUniversal’s Peacock, whose offerings will also be available on SkyShowtime, has over 20 million active monthly accounts. Meanwhile, Sky is also streaming content through ViacomCBS’s Paramount+ in the same markets, as announced earlier in July.

Commenting on the announcement, ViacomCBS Networks International’s president and chief executive officer Raffaele Annecchino said: “With the launch of SkyShowtime we are well positioned to utilise our global content engine to create a compelling streaming offering, quickly and at scale, with a smart strategic phased investment. As a complement to our recently announced Paramount+ partnership with Sky in the UK, Italy, and Germany, SkyShowtime represents a huge opportunity to accelerate our market expansion and build a leadership position in SVOD in Europe.”

“Our new streaming service, SkyShowtime, will combine the best of the US and Europe with iconic brands and world-class entertainment for millions of consumers in more than 20 new markets in Europe,” added Dana Strong, group chief executive, Sky. “On the heels of Peacock coming to Sky, this partnership provides an innovative approach to quickly scale internationally and monetise content across Europe. Drawing on the strength of the incredible programming from NBCUniversal, Sky, and ViacomCBS, and powered by Peacock’s platform technology, SkyShowtime will provide a truly compelling lineup for the whole family and strong brand recognition across these regions.”

SkyShowtime, which will be built on the Peacock technology platform, will allow both companies “to cost-effectively break into smaller European markets where neither has a strong footprint.” It is worthwhile mentioning that Sky is not present in the markets where the new service will be launching. As the US market has a hard time growing, streaming giants keep on looking for new, fresh markets where they can expand. This strategic move planned by the two corporations is an attempt to reinforce their offering while facing their competitors, and in particular Amazon Prime Video, Disney+ and Netflix.