WarnerMedia’s CNN+ is expected to shut down on April 30, following the Warner Bros. Discovery merger as the corporation is reconsidering its streaming strategy.
What does it tell us?
It tells us the user behavior; most importantly that users are getting picky-choosy about subscriptions. Even after spending big money on Chris Wallace and Audie Cornish, consumer acquisition is a major hurdle.
Back to CNN+
Warner Bros. spent $300 million on the launch of CNN+ and had planned hundreds of millions of dollars on its upcoming projects over months and years.
The current subscribers need not worry. The company announced that viewers who had subscribed to CNN+ will receive a prorated refund on their subscription fee of $5.99.
CNN+: The ill-fated run
The employees were informed by CNN’s upcoming CEO Chris Licht, who will officially take up the position from May 1.
The future CEO added that all CNN+ employees will be paid and receive benefits for the next 90 days. Additionally, they can look for job openings at CNN, CNN Digital, and elsewhere in the extended Warner Bros. Discovery company.
