‘Top Gun: Maverick’ Sparks Major Growth for Paramount and Paramount Plus

by Craig Garrett

Powerhouse studio Paramount saw a surge in revenue this quarter, in part due to the runaway success of Top Gun: Maverick. The studio’s streaming service, Paramount Plus, is doing well according to The Hollywood Reporter. As of June 30, the studio had “nearly 64 million” paying streaming members worldwide. The most recent period has seen 5.2 million new subscribers. This is despite the fact that 3.9 million subscribers were lost in Russia due to the country’s invasion of Ukraine.

The Hollywood behemoth announced the latest statistics on Thursday as part of its quarterly earnings briefing. Paramount’s revenue increased 19 percent to $7.78 billion, fueled by a 126 percent increase in the film division. Despite a downturn in TV media unit advertising income, recent box-office successes such as Top Gun: Maverick have driven it.

“Paramount+ captured the most sign-ups, gross and net subscriber additions of any premium domestic streaming service in the quarter according to Antenna’s June 2022 Report,” the studio said in the earnings report. “[Streaming] subscriber growth was partially driven by successful international market launches, including the U.K., Ireland, and South Korea.”

Amid HBO Max cutback rumors, Paramount+ is adding content

After recent cutbacks in content from streamers like HBO Max, Paramount is bulking up its content. The studio highlighted its streaming media offerings. “Paramount+’s broad content strategy continued to draw audiences in the quarter, including highly anticipated original series, movies, and sports,” the company explained. “Paramount+ saw strong acquisition and engagement from a variety of content, led by Halo1883The Lost CitySonic the Hedgehog 2Jackass ForeverStar Trek: Strange New Worlds and the UEFA Champions League. Both domestic and international hours watched per household demonstrated strong growth year-over-year.”

During the second quarter, Paramount’s film unit debuted Top Gun: Maverick. On Thursday, the firm boasted about the success of Tom Cruise’s film and other recent releases. In the second quarter, box office revenue rose 126 percent to $1.36 billion. Paramount pointed out that Top Gun: Maverick “surpassed Titanic to become the biggest Paramount domestic movie of all time.” The studio also boasted that “five Paramount Pictures movies debuted #1 at the box office in the first half of 2022.”

The company’s CEO expressed optimism about the firm’s prospects during its earnings announcement. “Paramount continues to build momentum with the assets, strategy, and ability to compete — and win,” said CEO Bob Bakish. “In the second quarter, we grew total company revenue by 19 percent and took market share in streaming, in broadcast TV, in box office, and in upfront dollars, all while increasing our penetration of the most important growth market in media — streaming. At the heart of that growth was our hugely popular content — from the cultural phenomenon and #1 movie in the world, Top Gun: Maverick, to the most popular show in the country, Yellowstone.”