Paramount released its results for the second quarter of the year and revealed that its global DTC subscribers number rose to nearly 64 million, which reflects the addition of 5.2 million subscribers and the removal of 3.9 Russian subscribers. Specifically, Paramount+ subscribers grew to over 43 million thanks to the addition of 4.9 million subscribers and the removal of 1.2 million users from Russia.
Furthermore, 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 platform’s subscriber growth was partially driven by successful international market launches, including the UK, Ireland and South Korea.
Meanwhile, Pluto TV grew global Monthly Active Users (MAUs) to nearly 70 million, continuing its lead as the number free ad-supported streaming TV service in the United States. The AVOD service grew total global viewing hours by double digits year-over-year for the second consecutive quarter, and also expanded its international presence.
Regarding financials, DTC revenue increased 56% year-over-year. Subscription revenue grew 74% year-over-year to $830 million, principally reflecting paid subscriber growth on Paramount+. At the same time, advertising revenue rose 25% year-over-year, reflecting growth from Paramount+ and Pluto TV, driven by increased impressions on both services. Moreover, Paramount+ revenue grew 120%. Adjusted OIBDA decreased $302 million year-over-year.
“Paramount continues to build momentum with the assets, strategy and ability to compete —and win. In Q2, we grew total company revenue by 19% 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,” commented Bob Bakish, President & CEO of Paramount.
“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.’ Our deep and growing library of valuable IP, coupled with the strength of our best-in-class assets, ensures we are well-positioned to continue to maximize value for our shareholders,” Bakish added.
● CORPORATE SHARE
While Paramount Global is in third place in corporate share, Paramount+ is tied for fourth in on-platform demand, and stuck in seventh in originals demand share in the United States and worldwide, Parrot Analytics revealed in its latest report.
Nevertheless, Paramount+’s originals demand share has grown for four straight quarters, and the total demand for its originals has grown 30 points faster than the competition since the first quarter of 2021. This has coincided with massive increase in Paramount+’s subscriber base.