Showtime has long been second to HBO among premium cable channels, but on the strength of its critically acclaimed drama “Homeland,” it has seized a coveted title from its larger rival: the channel with the most discussed, praised and award-festooned cable show of the year.

At the Golden Globes, “Homeland” won the best drama award, helping Showtime match HBO in the number of awards won (three) and setting up what could become a more competitive battle between the rivals. As Showtime edges closer to its competitor’s subscriber numbers, though, HBO is ready to counter with a host of prominent projects over the next six months.

Awards mean a lot to pay-cable channels. “They are particularly important because you are trying to create a sense of value that’s worth subscribing to on a monthly basis,” said David Nevins, Showtime’s president for entertainment. He added, “That best-series win is a breakthrough moment that says cutting-edge stuff is being done here.”

Offering compelling series is the main way premium channels keep the subscriber cash flowing. “We don’t think it’s an accident that five years ago we were at 13 million subs, and now we’re pushing 22 million,” Mr. Nevins said.