Paramount+ adds 6.8m subscribers

Paramount+ added 6.8m subscribers in Q1 2022 to help Paramount grow its total streaming customer base to 62m.

The flagship streamer’s additions helped its parent grow its subscribers to just under 40m, according to Paramount Global.

Paramount+’s subscriber growth outstripped Paramount Global’s overall net additions, which stood at 6.3m for the quarter. However, the company said Paramount+ helped fuel 95% growth in direct-to-consumer (D2C) subscription revenue from $380m to $742m (£592m).

Overall, Paramount Global reported 82% year-on-year quarterly growth in its D2C business, increasing from $598m (£478m) in 2021 to $1.1bn (£879m) in 2022.

D2C was the strongest performing segment of the company, which saw an overall 1% decline in revenues from $7.4bn to $7.3bn (£5.8bn).

Elsewhere, AVoD service Pluto TV increased its monthly active users to 68m from 64m in Q4. D2C advertising revenue increased 59% y-o-y, reflecting growth from Pluto TV and Paramount+.

Chief exec Bob Bakish said Paramount’s “differentiated playbook” helped demonstrate the “company’s continued momentum”.

“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 added.

“Our strategy is working and our execution is strong, as we remain focused on delivering a great experience for consumers and a compelling financial model to our shareholders.”