Paramount+ continues to grow in the entertainment space and just achieved a record number of subscribers to the platform. With 60 million subscriptions, the stream reaches its highest milestone. During the first quarter of 2023, the platform added 4.1 million users.
Over the one-year period, streaming surprised with a 40% increase in the number of subscriptions, from 43 million to its current milestone. Part of the growth strategy has come from the launch of new sports series and programmes, such as the UEFA Champions League.
‘Star Trek: Picard’, ‘Mayor of Kingstown’ and ‘Teen Wolf: The Movie’ are some of the most sought after new series on the platform. Pluto TV, its free streaming service, has reached 80 million monthly active users.
Paramount+ plans to grow much more with the integration of Showtime streaming on its US platform. While in the international market – including Brazil – it is already possible to watch series such as “Yellowjackets” and “Your Honor” on Paramount+, these titles are part of Showtime’s exclusive streaming in the North American market.
Conglomerate Paramount Global is preparing to consolidate this merger in the coming months. With this, he intends to save $700 million a year in parallel expenses. But it’s already had to shell out $1.7 billion upfront in programming costs, which include payments for terminations and rights to programs it doesn’t plan to bring to Paramount+ after the services merger.
“In connection with our plan to integrate Showtime with Paramount+ and efforts to streamline and right-size our international operations, align with our streaming strategy, and close or globalize some of our international channels during the first quarter of 2023, we have revised our content portfolio and determined not to use certain content on our platforms,” the company said in a statement about the lawsuit.
According to Bob Bakish, CEO of Paramount Global, the company is “focused on continuing to drive growth in market-leading streaming while navigating a dynamic macroeconomic environment.”
Streaming expenses caused the revenue of the conglomerate (which includes television channels such as CBS and MTV and films from the Paramount Pictures studio) to come in at $7.3 billion, lower than expected, according to experts. This affected a decline in the company’s stock value.
Due to this merger and the need to show financial growth, the company is preparing to increase the monthly subscription fee for the platform.
In Brazil, Paramount+ offers subscriptions starting at R$ 14.90 per month, with lower prices for plans for the exclusive use of streaming on mobile phones.
Source: Terra
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