ViacomCBS (VIAC  ) announced Tuesday that it launch its new streaming service Paramount+ beginning on March 4. Paramount+ is entering an increasingly growing and somewhat crowded streaming wars, with rivals including Disney's (DIS  ) Hulu and Disney+, NBCUniversal's (CMCSA  ) Peacock, WarnerMedia's (T  ) HBO Max, and top competitor Netflix (NFLX  ).

Paramount+ is an expansion of ViacomCBS' previous streaming service CBS All Access, with the new service adding new material. The new service will include feature content from ViacomCBS' portfolio of broadcast, news, sports, as well as its entertainment brands, like MTV, BET, Comedy Central and Nickelodeon. In order to attract more viewers and stand out from other streaming services, Paramount+ will also feature movies from Paramount Pictures.

To fully introduce itself, Paramount+ will be apart of ViacomCBS' investor event following its report on fourth quarter and full year financial results for the period ending Dec. 31, 2020 on Feb. 24. The presentation will also provide insights on the company's Pluto TV and SHOWTIME.

The new service offers tiered pricing and subscription levels are expected to be similar to CBS All Access: $5.99 per month with advertising and $9.99 without. In comparison with competitors, the premium cost is about the same as other services without advertising. A spokesperson told CNBC that the company will reveal more about its cost at its investor event.

Paramount+ will debut to international market initially in Latin America at launch, then to the Nordics on March 25 and Australia by mid-2021.

"The Paramount brand is known and loved all around the world, and is synonymous with great entertainment. It's always brought people together, which makes it a perfect fit for a streaming service that's uniquely positioned to do the same," said Josh Line, chief brand officer, ViacomCBS. "The Paramount+ streaming service will elevate ViacomCBS' iconic family of brands."

Line's emphasis on the need for family bonding may play a role in determining Paramount+'s place in the streaming wars, especially against other family friendly services like Disney+. Paramount+ also has a futuristic, digitized design, which may prove to be beneficial in determining where it lands among the competition of other companies.

Although there is going to be stiff competition at launch, Paramount+ plans to introduce itself with distinction to ensure that it will place well amid its other competitors.