Just one year after its launch, Paramount+ boasts 39.6 million subscribers, a total that increased by about 21% from 2022’s Q1 alone.
According to Variety, Paramount+ gained 6.8 million subscribers for Q1. When combined with Showtime, Paramount’s only other subscribed streaming service, that equals more than 62 million combined subscribers so far this year.
At the end of 2021, in Q4, the two streaming services boasted only 56 million. And Paramount+ accounted for 80% of the new subscribers. Showtime, meanwhile, lost customers as “other DTC services subscribers declined, primarily due to timing of new programming.”
“Domestically, Paramount+ saw strong engagement and consumption from a variety of content, including ‘Halo,’ ‘1883,’ ‘Star Trek Picard,’ live events, and the NFL,” Paramount Global said in a statement. “Internationally, ‘Acapulco Shore’ was a top acquisition and engagement driver for the service.”
All of these programs debuted in the last four months or so, accounting for the rise in subscribers.
The Paramount parent company also saw gains in Pluto TV, its free, ad-supported, video-on-demand platform. In Q1, PlutoTV’s monthly active users (MAUs) increased to 68 million. That’s a 6% increase from 2021’s Q4 and a 26% increase from Q3.
Paramount reports that streaming revenue increased by 82% in Q1 while subscriber revenue increased by 95%. This “reflects paid subscriber growth on Paramount+,” per the company. With ad sales increasing by 59%, this reportedly reflects “growth from Pluto TV and Paramount+ driven by increased pricing and impressions on both services.”
And yet, profits overall fell for Paramount Global this quarter.
Paramount President and CEO Talks Plans for Future
While profits fell, Paramount still made headway with its streaming services. To reflect that progress, the company decided that its global streaming subscriber goal would increase from 65-75 million by the end of 2024 to more than 100 million. That’s a little less than three years to increase subscribers by more than 61%.
But Paramount president and CEO Bob Bakish remains optimistic. “The first quarter once again demonstrated the power and potential of Paramount’s unique assets and the company’s continued momentum,” Bakish said in a statement.
“Our differentiated playbook – including a broad content line up, a streaming business model that spans ad-supported and subscription, and a global portfolio that links streaming with theatrical and television – drove strength across our entire ecosystem,” he continued.
“Including DTC revenue growth of 82% and 6.8 million Paramount+ subscriber additions. Our strategy is working and our execution is strong,” Bakish concluded. “As we remain focused on delivering a great experience for consumers and a compelling financial model to our shareholders.”
Keep an eye out for more updates on Paramount+ and its progress this year.