Paramount Global added global streaming subscribers in the second quarter to “nearly 64 million” at the end of June, up from 62 million at the end of March. This includes the addition of 5.2 million subscribers, partially offset by the removal of 3.9 million subscribers in Russia.
The entertainment conglomerate released the latest figures on Thursday as part of its quarterly earnings report, in which its revenue beat Wall Street’s expectations. It also detailed that its streaming platform Paramount+ grew by 4.9 million, with 1.2 million Russian subscribers dropping, to “over 43 million” subscribers, compared to “nearly 40 million” at the end of March when the main transmitter reached 39.6. millions of users.
The last quarter included the release of the Paramount+ original Star Trek: Strange New Worlds And most episodes Hellowhich started at the end of the first quarter.
In Q4 2021, the company, led by President and CEO Bob Buckish, added 9.4 million global subscribers to its paid streaming offerings, which also include Showtime OTT.
Pluto TV, Paramount’s ad-supported free streaming service, also continued to increase monthly active users, or MAUs, to nearly 70 million at the end of June after reaching “nearly” 68 million at the end of March.
Launch of Paramount’s Film Division Top Gun: Maverick in the second quarter.
Meanwhile, Paramount’s television media unit saw ad revenue decline in the second quarter, following a 13% drop in the first quarter. “Advertising revenue declined 6% year-over-year as prices only partially offset the impact of earnings impressions and foreign currency,” the company said.
In an earnings preview, Wells Fargo analyst Steven Cahill predicted a net addition of 4 million Paramount+ subscribers in the second quarter, or 5 million excluding Russia, but just 1.3 million total network additions. . streaming” due to some weakness in Showtime and (negative) . 2 million impressions from Russian non-Paramount+ affiliates.” He suggested that Showtime OTT, Noggin and BET+ collectively lost around 600,000 subscriptions.
“We believe Paramount+ has benefited Hello, the Sky Cinema UK deal and a few hundred thousand net additions from the T-Mobile US deal,” Cahal wrote. “We believe the Sky Cinema deal could add around 9 million total subscribers, with an additional Sky Market launch expected in the fourth quarter.” We estimate net additions outside of Paramount+ at -2.7 million, driven by lower average revenue per distributor in Russia, which will impact net additions by 2 million. The cumulative impact of Russia’s direct-to-consumer (DTC) subscribers is 3 million, including -1 million on Paramount+. Our main estimate for DTC net adds is 1.3 million versus 2.7 million consensus, although our Paramount+ net adds are in line.
Source: Hollywood Reporter
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