Paramount+ reaches almost 40 million subscribers and will expand to the UK, South Korea and India.

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Paramount Global, formerly ViacomCBS, informed a total of 62.4 million subscribers worldwide across its suite of streaming services, with Paramount+ alone adding 6.8 million subscribers in the first quarter of 2022, reaching a total of 39.6 million.

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Paramount CEO Bob Bakish has previously said the company aims to reach 100 million subscribers on Paramount+ by 2024. During this report, he also touted during the earnings call that total content consumption had risen to 14 billion hours across his owned and operated platforms.

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While Paramount+ is the flagship subscription offering and the future of the business, the company currently streams content through subscription services such as Showtime, BET+ and Noggin. (Paramount’s free advertising service Pluto TV isn’t among the total subscribers of 62.4 million.) Other subscription services aren’t as good, though.

In its earnings report, the company acknowledges that subscribers have opted out of Paramount’s other DTC (direct-to-consumer) services (Showtime, BET+, and Noggin), largely due to “the timing of new programming,” it said.

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Meanwhile, Pluto TV is growing. The service had 68 million monthly active users worldwide in the first quarter, up from 64 million in the fourth quarter of 2021. This is partly due to a distribution agreement with T-Mobile via T-Mobile on Tuesdays. Paramount also said that the world’s total Pluto viewing hours increased by double digits compared to last year. The free, ad-supported streaming service launched over 102 new channels worldwide in the quarter, for a total of over 1,000 global channels.

This is stated in Bakish’s statement.

“The first quarter has once again demonstrated the power and potential of Paramount’s unique assets, as well as the company’s continued momentum. Our differentiated leadership, which includes a wide range of content, a streaming business model spanning ad support and subscription, and a global portfolio linking streaming to theater and television, has helped strengthen our entire ecosystem, including DTC revenue growth of 82% and 6.8 %. million Paramount+ subscribers. Our strategy is working and we are successfully implementing it as we remain focused on delivering a great consumer experience and an attractive financial model for our shareholders.”

The conglomerate is making it clear that it is focusing on growing its streaming business. With content in particular, Paramount+ will continue to expand its content library, especially with IP franchises. This includes the third Sonic movie (which will hit theaters first) and the original Sonic series. Paramount also announced that it is working with the creators of Freaks Forever to continue its collaboration with the new series.

Paramount’s popularity has grown with series such as the Yellowstone spin-off 1883, Star Trek: Picard and The Messengers, which Bakish considers the best Spanish-language series, with the strongest acquisition of any original international title. while debuting on Paramount+.

Despite growth in the first quarter, the company’s overall first quarter result represents a slowdown in growth compared to their massive fourth quarter of 2021. This time around, instead of CBS getting the rights to the Super Bowl, the 2022 event aired on the rival’s NBC channel. Comcast. Thus, according to the financial report, total sales fell 1% to $7.33 billion in the first financial quarter.

In addition, the company said its net income was down about 52% to $433 million from $911 million last year due to higher operating expenses as it increased investment in its streaming platform.

Paramount’s shares also fell, dropping by over 4% in pre-market trading.

The global expansion continues as Paramount+ adds India, the UK and South Korea to its plans.

The company today announced that the streaming service will be available in India in 2023. Paramount+ will launch in the UK and South Korea this June.

Paramount+’s entry into South Korea will be part of a strategic partnership with Korean company CJ ENM, which was announced in December. The streamer will debut as an exclusive bundle with TVING, CJ ENM’s streaming service, marking Paramount+’s first market launch in Asia.

In India, Paramount+ will be launched in partnership with Viacom 18, Bakish said during today’s earnings call.

Paramount+ already launched in 25 markets in Latin America, Canada, Scandinavia and Australia.

Last August, Paramount Global entered into an agreement with Sky, Comcast’s European pay-TV and streaming service, to launch Paramount+ on Sky platforms in the UK, Ireland, Italy, Germany, Switzerland and Austria this year. Bakish stated that Sky Showtime will bring “a rich IP offering from Paramount and NBC Universal in territories spanning 90 million homes, mostly in Eastern Europe, by the end of the year.”

Overall, the company’s combined SVOD (video on demand) services will be available in more than 60 markets with more than 60 partners.

Showtime will remain a minor player in the streaming strategy.

Paramount Global boasted about its unique structure, which makes it stand out from other streamers. He owns not only internal networks, but also TV channels around the world. The company believes this mix of diverse content will appeal to consumers looking for a streamer that has something for everyone.

While Paramount+ is the star of the show, Showtime, on the other hand, does little for the company. The number of the company’s other DTC services fell by about 500,000 this quarter, but added 5 million subscribers last year, Bakish said.

Because of this fall many are surprised why does it still exist in the first place. Bakish said in today’s conversation that Showtime is “…important to the success and momentum of our streaming business.” He describes the streamer as a “add-on” with more specific content.

Paramount+ is considered a broader platform, so the decision to move Halo from Showtime to Paramount+ made more sense, Bakish explained. In contrast, The Man Who Fell to Earth was removed from Paramount+ and put on Showtime because it was “the best place for this show,” he said.

Bakish added: “…serving super fans with a very broad offering, but still offering some a la carte options. We believe this is the right strategy…”

The company announced Last quarter that starting this summer, Showtime programming will be available inside Paramount+ so that Showtime subscribers can access premium content through the company’s flagship streamer. However, unlike the merger HBO Max and Discovery+Paramount intends to keep its two streamers as separate companies.

It is not known how this change will affect the total number of subscribers, but if Paramount follows the example of many of its competitors and offers a discounted package, it could encourage customers to add another streamer to their already crowded list. Currently, these two services can be combined to $11.99 per month.

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