As streaming companies compete to land new subscribers and retain existing ones, they often turn to original series and adaptations of existing works. One streaming company is turning to a story that seems fit for the small screen, the story of a vodka-loving dragon.
What Happened: A television series based on the adult thriller novel “Highfire” by Eoin Colfer is headed to Paramount+, the streaming platform from Paramount Global (NASDAQ:PARA)(NASDAQ:PARAA), Deadline reports.
The live-action series will star Nicolas Cage in the title role as the voice of the dragon Highfire, who loved vodka and "Flashdance" and lives isolated in the bayous of Louisiana.
Deadline calls the story a “True Detective meets Pete’s Dragon project.”
The streaming series is being adapted by Davey Holmes, who will executive produce along with Cage and Andrew Mittman. The series comes from MGM Studios, now a unit of Amazon.com, Inc. (NASDAQ:AMZN). Amazon was originally set to adapt the story for its streaming platform, Deadline reported.
Related Link: Is 'Halo' A Hit For Paramount?: Here's The Record It Broke
Why It’s Important: Colfer is the author of the “Artemis Fowl” book series, which was adapted by Walt Disney Co (NYSE:DIS) into a movie that was released on its Disney+ streaming platform after skipping theaters.
Colfer was also commissioned to write the sixth story in the well-known “Hitchhiker’s Guide to the Galaxy” series and worked on the Marvel series “Iron Man: The Gauntlet.”
Paramount reported strength for its Paramount+ streaming platform in the first quarter.
Direct-to-consumer revenue of $1.1 billion was up 82% year-over-year. The company reported a gain of 6.8 million Paramount+ subscribers in the first quarter to hit a total of over 40 million subscribers.
The company has seen success with shows like “Halo,” “1883” and “Star Trek: Picard.” National Football League games were also cited as a key item that helped the company gain new streaming subscribers.
Paramount has several upcoming shows that it believes could be hits including the first-ever television series from actor Sylvester Stallone.
Earlier this year, Warren Buffett’s Berkshire Hathaway Inc (NYSE:BRKA)(NYSE:BRKB) took a stake in Paramount Global, suggesting the company could be a value stock.
PARA Price Action: Paramount Global shares trade at $25.90 versus a 52-week range of $23.69 to $44.23.
Photo: LaCameraChiara via Shutterstock
