While already struggling to bring in people willing to watch their network at no cost, CNN’s decision to charge people for the non-luxury has proven about as successful as anyone except them would expect.
According to The Post Millennial:
Following the lackluster amount of subscribers to CNN’s new streaming platform CNN+, investments and projections for the platform are expected to be drastically cut. The news outlet initially planned to invest around $1 billion in the streaming service over the next four years, but this total is expected to now be cut by hundreds of millions of dollars.
To date, around $300 million has been spent on the streaming service, which launched on March 29. This amount reportedly includes a sizable marketing investment.
CNN executives had originally expected to bring in around 2 million subscribers in the US in the service’s first year, and a total of 15-18 million after a period of four years.
According to sources that spoke with CNBC though, fewer than 10,000 people are using CNN+ on a daily basis two weeks after its launch and an extensive ad campaign.
The first week after launching, CNN+ brought in an average of only 9,000 installs per day, but that doesn’t mean they’re paid subscribers.
This botched launch represents just the latest failure for the network. Even areas where the network appeared successful, such as enjoying a monopoly on the news in the nation’s airports (a privilege they paid handsomely for), ended in 2021. Apparently, even with a monopoly they can’t get anyone to watch their network.
Matt Palumbo is the author of The Man Behind the Curtain: Inside the Secret Network of George Soros
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