Paramount Global announced that its streaming service Paramount+ gained a net addition of 3.7 million subscribers, raising its global count to 43.3 million from 39.6 million last quarter. The company would have added 4.9 million subscribers if not for the elimination of 1.2 million Russian customers as a result of the country's invasion of Ukraine.
CEO Bob Bakish has said that the company hopes to reach 100 million Paramount+ users by 2024. In today's earnings call, the firm says that it is “bullish about growth going forward.”
The company’s streaming services— Paramount +, Pluto TV, Showtime, Noggin, and BET+— nearly reached 64 million (63.7 million to be precise), up from more than 62.4 million as of Q1 of 2022, reflecting a rise of 1.7 million subscribers. However, it would have risen by 5.2 million global streaming subscribers before the removal of 3.9 million subscribers in Russia.
Paramount+ reported a 120% increase in overall subscription revenue to $830 million, up 74% year-over-year.
In the U.S., Pluto TV remains the 1 free ad-supported streaming TV service, as global monthly active users increased to almost 70 million.
Paramount Global stock fell 3% prior to the open.
Unlike Netflix, which lost fewer than anticipated subscriptions in the second quarter—Peacock was laid out flat at 13 million—Paramount+ is charging up that streaming hill. Netflix remains the biggest streaming service, with over 220 million subscribers. HBO Max will release its Q2 results soon, and it currently has over seven million subscribers.
Disney+ reported 137.9 million subscribers last quarter. The Walt Disney Company will release its second-quarter earnings next week, on August 10.
According to Antenna’s June 2022 Report, Paramount+ captured the greatest number of premium domestic streaming service signups, and gross and net subscriber additions, the corporation reported in its earnings release. Paramount+ subscriber growth was partially spurred by successful international market releases, including the U.K., Ireland, and South Korea.
Paramount+ launched in June in South Korea, the U.K., and Ireland, carrying an international batch of seven new pictures. By 2025, the corporation expects to release 150 international originals. The firm also intends to expand into Austria, France, Germany, Italy, and Switzerland in the second half of 2018.
By the end of 2022, Bakish said in the earnings call that Netflix plans to have its subscription video-on-demand services in 60 total markets.
Paramount+ will be available on June 22 in the U.K. and Ireland, nearly a year after its initial launch in the U.S. Its seven new international titles were announced on Monday, in addition to its plans to produce 150 international originals by 2025.
In addition to writing to the company's shareholders, the CEO & President emphasized how well-positioned the company is to continue to generate value for its shareholders, citing their 'deep and diverse library of valuable IPs, combined with our world-class assets.'
Paramount+ saw robust acquisition and engagement thanks to “Halo,” “Star Trek: Strange New Worlds,” “Sonic the Hedgehog 2,” “Jackass Forever,” “1883,” “The Lost City,” and the UEFA Champions League.
Paramount+ listed content coming to the platform, including “Tulsa King,” starring Sylvester Stallone, which will premiere on November 13, as well as NFL football and SEC college football.
It's unclear when 'Top Gun: Maverick' will appear on the service, but the studio has remained committed to releasing films from cinemas to streaming within 45 days.