Paramount+ grows to 43 million subscribers as other streaming services lag behind

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Paramount Global informed this morning that its Paramount+ streaming service had a net addition of 3.7 million subscribers, bringing its global total to 43.3 million, up from 39.6 million Last quarter. The total would have been 4.9 million subscribers were it not for the removal of 1.2 million Russian subscribers due to the country’s invasion of Ukraine.

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CEO Bob Bakish said the company is committed to achieving 100 million Paramount+ subscribers by 2024. In today’s earnings report, the company said it is “set to grow in the future.”

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Across Paramount Global’s streaming services – Paramount+, Pluto TV, Showtime, Noggin and BET+ – the company nearly reached 64 million (63.7 million to be exact), up from more than 62.4 million at the end of the first quarter of 2022. growth of 1.7 million. However, that would have been an increase of 5.2 million subscribers in the streaming world before the removal of 3.9 million subscribers in Russia.

Paramount+’s revenue is up 120% and total subscription revenue is up 74% year-over-year to $830 million.

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The company said Pluto TV remains “the #1 ad-supported free-to-play TV streaming service in the US” as active users worldwide increased to nearly 70 million per month.

Shares of Paramount Global fell 3% in pre-market trading this morning.

Paramount+ runs up this flowing hill, unlike Netflixwhich lost almost a million followers in the second quarter – less than expected – and peacock put an apartment for 13 million. Netflix remains the largest streaming service with 220.67 million subscribers. HBO Max last reported that 76.8 million subscribers, but will report second quarter results later today.

Last quarter, Disney+ had 137.9 million subscribers. The Walt Disney Company will report its second quarter earnings next week, on August 10th.

“According to Antenna’s June 2022 report, Paramount+ recorded the highest number of signups, gross and net subscribers of any premium home streaming service in a quarter,” the company said in a statement. declared in your income statement. “The growth in Paramount+’s subscriber base was driven in part by successful expansion into the international market, including the UK, Ireland and South Korea.”

In June, Paramount+ launched in South Korea, the UK and Ireland, including an international roster of seven new games. The company hopes to have 150 international originals by 2025. The company also plans to enter Austria, France, Germany, Italy and Switzerland in the second half of this year.

Bakish indicated in the earnings report that by the end of 2022, “we expect our subscription-based video-on-demand services to move forward in 60 markets.”

The President and CEO also wrote to shareholders, “Our extensive and growing library of valuable intellectual property, combined with the strength of our best-in-class assets, ensures we are well positioned to further add value to our shareholders.”

The company also said flagship streaming service Paramount+ has made significant strides with series such as Halo, Star Trek: Strange New Worlds, Sonic the Hedgehog 2, Freaks Forever, 1883. The Lost City and the UEFA Champions League.

Paramount+ also promoted content coming to the platform, including King of Tulsa starring Sylvester Stallone, which premieres on November 13, as well as Criminal Minds, the NFL season and SEC football.

The company hasn’t officially announced when Top Gun: Maverick will hit the service, but the studio is still sticking to its 45-day release window to release titles from theaters to streaming.

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