Starz is a premium, ad-free subscription video service offering original TV series and licensed movies. Starz became an independent public company in May 2025 following its separation from Lionsgate, which retained the Studios business. Starz's flagship service had approximately 19.6M subscribers in North America as of March 2025. The content slate is roughly 80% movies and 20% original series, with originals serving as the primary subscriber acquisition and retention driver. Starz targets women and underrepresented audiences, with key franchises including the "Power" universe and "Outlander." Starz distributes its service through two channels: direct-to-consumer via the STARZ app, and wholesale through OTT platforms (Amazon, Apple, Google, Hulu) and traditional pay-TV distributors (Comcast, Charter, DirecTV). Revenue is driven by subscriber count and the average fee per subscriber, with wholesale distributors paying a per-subscriber license fee under multi-year affiliation agreements and DTC subscribers paying a recurring monthly fee directly. Content is the dominant cost, including original programming, output deal fees tied to box office performance, and library licensing. Starz holds exclusive output agreements with Lionsgate (through at least 2030) and Universal (through at least 2029), giving it first-window rights to new theatrical releases from both studios. The Lionsgate deal is notable given that Lionsgate is Starz's former parent, creating a meaningful content dependency on a single related party.