Paramount Global informed of Its streaming service Paramount+ had a net addition of 3.7 million subscribers this morning, up from 39.6 million last quarter to 43.3 million. The country’s invasion of Ukraine would have resulted in a total of 4.9 million subscribers, if not for the removal of 1.2 million Russian subscribers.
CEO Bob Bakish has stated that the company aims to reach 100 million Paramount+ customers by 2024. In today’s earnings call, the company said it is “excited about the move forward.”
Among Paramount Global’s streaming services—Paramount+, Pluto TV, Showtime, Noggin, and BET+—the company reached approximately 64 million (63.7 million to be exact), up from more than 62.4 million by the end of the first quarter of 2022. Was. This shows that an increase of 1.7 million. However, it would be an increase of 5.2 million global streaming subscribers before Russia slashed 3.9 million subscribers.
Revenue for Paramount+ increased 120%, as total subscription revenue increased 74% year-over-year to $830 million.
The company said Pluto TV remains “the #1 free ad-supported streaming TV service in the US” as it grew to nearly 70 million global monthly active users.
Shares of Paramount Global were down 3% in pre-market trading this morning.
Paramount+ is running up that streaming hill, unlike Netflix, which lost nearly a million subscribers in the second quarter — less than expected — and Peacock was flat at 13 million. Netflix remains the largest streaming service with 220.67 million subscribers. HBO Max last reported having 76.8 million subscribers, but will report its 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 10.
“Paramount+ captured the most sign-ups, gross and net subscriber additions of any premium home streaming service in the quarter as of Antenna’s June 2022 report,” the company said. Having said in its earnings report. “Paramount+ customer growth was partially driven by successful international markets including the UK, Ireland and South Korea.”
In June, Paramount+ launched in South Korea, the UK and Ireland, adding an international slate of seven new titles. The company expects to have 150 international origins by 2025. The company also plans to expand into Austria, France, Germany, Italy and Switzerland in the second half of this year.
Bakish explained in the earnings call that by the end of 2022, “we expect to have our subscription video-on-demand services in a total of 60 markets going forward.”
The president and CEO also wrote to shareholders, “Our deep and growing library of valuable IP, coupled with the strength of our best-in-class assets, ensure that we are well placed to continue to maximize value for our shareholders. deployed.”
The company also said that the leading streaming service, Paramount+, saw strong acquisitions and engagements, which were similar to “Halo,” “Star Trek: Strange New Worlds,” “Sonic the Hedgehog 2,” “Jack’s Forever,” “1883,” Thanks for it. “The Lost City,” and the UEFA Champions League.
Paramount+ reported on content coming to the platform, including “Tulsa King” starring Sylvester Stallone, which will premiere on November 13, as well as “Criminal Minds,” the NFL season, and SEC college football.
The company hasn’t officially announced when “Top Gun: Maverick” will appear on the service, but the studio has continued to commit to its 45-day release window to release titles from movie theaters to streaming.