Paramount Global reports significant growth for its streaming platform Paramount+

Paramount Global reports significant growth for its streaming platform Paramount+

08-08-2022 16:52:00 | Door: Pie Kamau | Hits: 1444 | Tags:

Paramount Global has reported significant growth for its streaming platform Paramount+ for the first half of 2022. The payment service Paramount+ now has 43.3 million subscribers worldwide, generating $1.26 billion in revenue. That is more than double compared to 2021. In the first quarter in particular, the subscriber number increased, which was still 32.8 million at the end of 2021.

Pluto TV

The free ad-driven streaming service Pluto has 69.6 million registered users, generating $518 million worldwide in the first half. In total, Paramount Global has 63.7 million paid streaming subscribers, including Paramount+, Showtime and other services. The results include the elimination of the 1.2 million Russian subscribers where Paramount+ is no longer active due to the sanctions.

Paramount Global, Paramount for short, was known as ViacomCBS until February 16, 2022 and knows Shari Redstone as the main owner with a controlling interest; Warren Buffet bought a large share package in May.

Without streaming services in the Netherlands

Pluto TV are not active in the Netherlands, but in the UK where Paramount+ was launched in June; Pluto TV is also active in countries such as Italy, Germany and France and Paramount+ will be launched in September and December respectively. Pluto TV started in the spring in Scandinavia in collaboration with Viaplay. When Pluto TV will be launched in the Netherlands, the company does not want to announce yet. Under the name SkyShowtime, Paramount and Comcast (NBCUniversal/Peacock) will launch a paid streaming service before the end of this year.

Strongly increased streaming revenue

Paramount's total streaming revenue rose to $2.28 billion from $1.36 billion. Paramount's television revenues, which include brands such as CBS (United States), Nickelodeon, MTV, Channel 5 (United Kingdom), Comedy Central, the CW, BET and Paramount Network, were $10.9 billion, down 3 percent . The company's total revenue was 9.9 billion dollars, or 1.67 billion more than in the first half of 2021. Due to the increased costs, the operating result fell to 1.59 billion dollars (from 2.75 billion), which also the net result fell to 852 million euros (from 1.9 billion). 

Late bloomer

As part of the major American media parties, the company is a relative latecomer to the streaming market, since parties such as Walt Disney Company (Disney+), Netflix, Warner Bros Discovery (HBO Max), Amazon (Prime Video) have been active worldwide for much longer. It is striking that Paramount continues to license a lot of content to third parties. Until Paramount also starts streaming services in the Netherlands, Paramount will be active with linear television channels and the European headquarters for the sale of content to other providers (Paramount Global Distribution Group).

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