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Correction: The chart's legend was fixed to show the darker yellow represents streaming services without ads (not with ads); Data: Axios Research; Chart: Andrew Witherspoon/Axios

Paramount+, the new subscription service from ViacomCBS, launched Thursday, further crowding the competitive streaming battlefield. It's the last remaining service to launch from a big entertainment company for the foreseeable future.

Why it matters: Data shows that most consumers are likely to pay for at most 3-4 services per month. Not every streamer will emerge a winner.

Catch up quick: "Paramount+," "Disney+," "Discovery+," NBCUniversal's "Peacock," AT&T's "HBO Max," and "AppleTV" have all launched in the past year and a half, in an effort to catch up to Netflix's dominance.

  • Disney's "Hulu" got a head start, launching more than a decade ago, and is now hitting its stride. Other specialized services — like Starz and Showtime operate as standalone properties — for now, at least.

Details: Paramount+ launches in the U.S. and Latin America on Thursday for $9.99 monthly without ads. Come this summer, an ad-supported tier will be available for $4.99 per month.

  • The service is essentially a rebranded version of CBS All Access — which includes live sports, news and entertainment — combined with thousands of shows and movies from Viacom's Paramount Pictures and its cable networks, like MTV, Comedy Central, Nickelodeon, BET and Paramount Network.
  • Paremount+ will boast 36 new original series, including a few classic reboots and spinoffs, like a refreshed “Frasier” series starring Kelsey Grammer, new "Rutgrats" and "iCarly" shows for kids, and a bunch of planned "Avatar" spinoffs.
  • Some of Paramount's biggest blockbusters, including "Mission: Impossible 7” and “A Quiet Place Part II,” will appear on the service after just 45 days of airing in theaters. Others will hit the service even sooner.

Be smart: The crown jewel of the Paramount+ portfolio is live sports — its strongest differentiator among other entertainment streaming platforms out there.

  • The service will include the NFL, new exclusive international soccer games and more. In a presentation to investors last week, CBS Entertainment Group CEO George Cheeks said football was the top driver of new subscriptions to CBS All Access, followed by European soccer.

Yes, but: Paramount+ launches with a similar challenge to many of its competitors: Some of its best content is licensed to other streamers.

  • This includes one of Paramount Networks' top hits, Yellowstone, which the company has licensed exclusively to NBCUniversal's "Peacock" service.

Be smart: Most streaming executives concede that at this point, the goal is to become a viable third or fourth option next to Netflix and Disney+, which are ahead on the streaming battlefield.

  • In a little over a year, Disney+ has accrued about 95 million subscribers, nearly half the number of subscribers Netflix has accumulated over the past decade.
  • According to the latest Video Entertainment Study from research firm Magid, the average number of services a consumer is willing to subscribe to is 4, and they are willing to pay on average $40 a month.

Go deeper

Facebook to lift political ad ban imposed after November election

Photo Illustration by Omar Marques/SOPA Images/LightRocket via Getty Images

Facebook will finally allow advertisers to resume running political and social issue ads in the U.S. on Thursday, according to a company update.

The big picture: Facebook and rival Google instituted political ad bans to slow the spread of misinformation and curb confusion around the presidential election and its aftermath.

Robinhood IPO brings meme stock icon into the Wall Street fold

Illustration: Sarah Grillo/Axios

Today is the day everyone can begin buying and selling shares in Robinhood, which goes public on the New York Stock Exchange after raising $1.89 billion in its IPO.

Why it matters: Robinhood is considered a proxy for the rise of retail investing, particularly among younger Americans. But it also has drawn regulatory and political scrutiny for a variety of business practices, and found itself in the crosshairs after users drove up the price of GameStop stock earlier this year.

Study: Cost of carbon emissions measured in lives lost is high

Data: Our World in Data; Chart: Axios Visuals

Adding projected heat-related deaths into cost-benefit analysis of federal rules would tilt policymaking in favor of more aggressive carbon emissions cuts, a new study finds.

Why it matters: The social cost of carbon helps determine the outcome of cost-benefit analyses that underpin federal regulations. Adding in global warming's potential to cause more heat-related fatalities would tilt the policy calculus from supporting a gradual phaseout of emissions starting in 2050, to fully decarbonizing by the same year.