ViacomCBS renames itself because it performs catch-up with Paramount+, its streaming service.

On Tuesday, Shari Redstone staged her second hourslong investor presentation in two years. Each occasions had been designed for a similar goal — to reposition her old-line media firm, ViacomCBS, as a streaming big within the making, one able to competing head-on with Netflix, HBO Max, Disney+ and Amazon Prime Video, regardless of a late begin.

This time, there was much less snickering.

“A few of you thought we had been on an not possible mission,” Robert M. Bakish, the chief govt of ViacomCBS, stated throughout the presentation on Tuesday. “It’s not solely potential. It’s taking place.”

To spotlight the significance of its fast-growing Paramount+ streaming service, Ms. Redstone, the corporate’s chair, introduced that ViacomCBS would rename itself Paramount International.

Paramount+ had 32.8 million subscribers worldwide on the finish of its most up-to-date quarter, up from fewer than 19 million a yr earlier. Within the three months that ended on Dec. 31, Paramount+ added 7.3 million prospects, the results of choices like “1883,” the prequel to “Yellowstone”; “Clifford the Massive Pink Canine”; and Nationwide Soccer League video games. (A yr earlier, ViacomCBS was including about 1,000,000 streaming subscribers 1 / 4.)

The corporate’s streaming portfolio (Paramount+ and area of interest companies from Showtime, BET and Nickelodeon) now has about 56 million subscribers. Mr. Bakish stated that quantity would develop to 100 million by 2024, greater than the roughly 70 million the corporate had beforehand forecast. The corporate additionally raised its 2024 streaming income aim to $9 billion, from $6 billion.

Streaming introduced in about $4.2 billion final yr, together with promoting gross sales from the free Pluto TV service.

Paramount+ unveiled a barrage of further programming to gasoline continued progress. The expanded lineup will embody contemporary content material from franchises together with “Yellowstone,” “Beavis and Butt-Head,” “Teenage Mutant Ninja Turtles,” “Actual World,” “Dora the Explorer,” “NCIS,” “SpongeBob SquarePants,” “Transformers” and “South Park.” Paramount+ would be the unique first cease after theatrical distribution for all Paramount Footage motion pictures starting in 2024. (Many beforehand went to Epix, a premium cable channel.)

Beginning this summer time in the US, Paramount+ subscribers will be capable to improve to obtain Showtime content material, together with the brand new hit drama “Yellowjackets” and older sequence like “Billions.”

ViacomCBS shares declined about 6 p.c in after-hours buying and selling. Richard Greenfield, a founding father of the analysis agency LightShed Companions, cited investor concern about Mr. Bakish’s “meaningfully stepping up spending” on content material.

It could be rising rapidly, however Paramount+ continues to lag behind opponents like Disney+, which added 11.8 million subscribers worldwide in its most up-to-date quarter to succeed in 129.8 million. Netflix has about 222 million.