The Future of Star Trek and Paramount Global’s Financial Struggles
After months of legal challenges and intense scrutiny from the U.S. government, the merger between SkyDance Media and Paramount Global appears to be moving forward. This deal is seen as a potential lifeline for one of America’s oldest studios, which has struggled in recent years due to financial pressures. As the new entity takes shape, it may find its salvation in one of the most iconic franchises in entertainment history: Star Trek. Created by Gene Roddenberry 60 years ago, this universe is deeply rooted in the future, but the merged company may need to look back at its past to solve its current revenue and debt issues.
Paramount Global, now effectively owned by Shari Redstone, has been significantly impacted by the “Streaming Wars.” While Paramount+ recently achieved profitability, the service initially lost billions during its early years. Faced with mounting debt, Redstone sold the company, leading to the SkyDance and Paramount merger. Although the deal was expected to be finalized by now, the new company will have to navigate complex debt management challenges similar to those faced by Warner Bros. and Discovery after their merger. This has already led to controversial decisions, such as shelving the Batgirl movie and canceling Westworld, along with other projects in development.
Internal Upheaval and the Fate of Star Trek
As the merger progresses, internal changes are inevitable. One key factor affecting the future of Star Trek is the expiration of an exclusive production deal with Secret Hideout in 2026. This timing likely influenced Paramount’s decision to renew and cancel Strange New Worlds. With SkyDance also being a production company, there are growing rumors that the studio may want to take control of Star Trek production directly. If no new agreement is reached with Secret Hideout, this could mark the end of the current era of Star Trek.
During the second wave of the franchise, starting with The Next Generation, seven seasons of 23-26 episodes became the norm. However, subsequent mergers and shifts in the television landscape altered this standard. In the streaming era, especially as Paramount’s finances worsened, the typical structure became five seasons with around ten episodes each. Strange New Worlds only has a six-episode fifth season, which may reflect either financial constraints or the limitations of Secret Hideout’s current contract.
A Look at the Third Wave of Star Trek Series
Here’s a quick overview of the current third wave of Star Trek series:
- Discovery: 5 seasons, 65 episodes (2017–2024)
- Short Treks: 2 seasons, 10 episodes (2018–2020)
- Picard: 3 seasons, 30 episodes (2020–2023)
- Lower Decks: 5 seasons, 50 episodes (2020–2024)
- Prodigy: 2 seasons, 40 episodes (2021–2024)
- Strange New Worlds: 5 seasons (in production), 46 episodes (2022–present)
- Starfleet Academy: 2 seasons (ongoing), 20 episodes (TBD)
With one season of Starfleet Academy completed and a second on the way, the series still has more to offer. However, unless it becomes a massive hit that forces SkyDance to extend Secret Hideout’s deal, it may conclude with Season 2. The question then arises: What will the next phase of Star Trek look like on screen?
The Value of Star Trek in a Streaming World
Despite its passionate fanbase, Star Trek has never reached the same level of popularity as Star Wars. However, when a given Star Trek series ends, it often becomes one of the most valuable assets in Paramount’s library. This pattern has repeated throughout the franchise’s history.
For example, Star Trek: TOS only became profitable after its cancellation. Its widespread syndication in the 1970s introduced new generations to the show, and by the time the films were released, those fans were old enough to buy tickets. Similarly, each new Star Trek series brought in fresh audiences who later revisited earlier shows, helping to build the franchise’s legacy.
Licensing for Maximum Revenue
SkyDance Paramount should consider licensing newer Star Trek series like Picard, Discovery, and Lower Decks to major streaming platforms. An analysis suggested that Star Trek generated $2.6 billion in streaming revenue from 2020 through the third quarter of 2024. Netflix alone earned $1 billion due to its global reach and international rights. By making these shows available on larger platforms, the merged company could generate immediate revenue while expanding the franchise’s audience.
Freeing the new series from the Paramount+ paywall would not only boost short-term earnings but also help grow the value of the entire Star Trek brand. Fans who missed the shows could revisit them, and new viewers might discover Star Trek for the first time. Over time, this could lead to renewed interest in the older series, much like how previous Star Trek shows gained new appreciation after syndication and streaming.
The Long-Term Potential of Star Trek
“Every generation is dealing so often with the same core issues that we as human beings deal with,” said Alex Kurtzman. “But each generation is dealing with them very differently, based on the circumstances of the world at the time. And Star Trek has always been a mirror that holds itself up to the moment.”
By allowing newer Star Trek series to stream on platforms like Netflix, Amazon Prime Video, Hulu, or Peacock, SkyDance can tap into a broader audience. At the same time, the older series can remain on Paramount+ for dedicated fans. This dual approach could create a long-term benefit for the franchise, ensuring its continued relevance and growth.
Final Thoughts
As Star Trek: Strange New Worlds debuts new episodes on July 17, 2025, on Paramount+ and streams alongside the rest of the Star Trek universe, the future of the franchise remains uncertain. However, if SkyDance learns from the past, it could unlock new opportunities for both the studio and its beloved characters.
