Sorry Netflix: Paramount+ Added 6.8 Million Subscribers in the First Quarter

Sorry Netflix: Paramount+ Added 6.8 Million Subscribers in the First Quarter

However, CNBC reported that Paramount fell short of quarterly revenue estimates, with the $7.33 billion falling short of the analyst estimate of $7.38 billion.

Netflix’s announcement last month that it lost subscribers in the first quarter led many to question not only the health of that specific company but also the broader streaming economy itself.

However, since then, Netflix’s competitors have announced their numbers, showing that they have gained subs in the same quarter.

The latest to announce that is Paramount+, which added 6.8 million subscribers in the first quarter.

In its first-quarter earnings report, Paramount Global—which until recently was known as ViacomCBS—announced that the company’s paid streaming services now have 62 million subscribers worldwide, with more than 40 million of them for Paramount+. In addition, the company’s free streaming service, Pluto TV, now has 68 million Monthly Active Users (MAUs.) The company, per The Streamable, has a goal of reaching 100 million subscribers to Paramount+ by 2024.

However, CNBC reported that Paramount fell short of quarterly revenue estimates, with the $7.33 billion falling short of the analyst estimate of $7.38 billion. Direct-to-consumer revenue rose 82 percent year over year, the company said.

“The first quarter once again demonstrated the power and potential of Paramount’s unique assets and the company’s continued momentum,” Bob Bakich, the company’s president and CEO, said in a statement. “Our differentiated playbook – including 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, including DTC revenue growth of 82% and 6.8 million Paramount+ subscriber additions. 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.”

Paramount+, which was known in its previous incarnation as CBS All Access, launched in its current form in March 2021. Its most prominent content includes the entirety of the Star Trek TV canon, including multiple original shows, as well as sports rights—mostly soccer, but also the NFL—and content is drawn from the company’s established content properties, including MTV. The streaming service recently debuted The Offer, a limited series about the making of The Godfather.

While Yellowstone, currently one of the most popular shows on cable TV, is shown on the Paramount Network, it is Peacock, and not Paramount+, that holds the show’s streaming rights. This is the result of a licensing deal reached between the companies, at a time when it wasn’t clear what a big hit the show would be. However, Paramount+ is the home of 1883, a prequel to that series, as well as some other shows in development from Yellowstone creator Taylor Sheridan.

Stephen Silver, a technology writer for The National Interest, is a journalist, essayist and film critic, who is also a contributor to The Philadelphia Inquirer, Philly Voice, Philadelphia Weekly, the Jewish Telegraphic Agency, Living Life Fearless, Backstage magazine, Broad Street Review and Splice Today. The co-founder of the Philadelphia Film Critics Circle, Stephen lives in suburban Philadelphia with his wife and two sons. Follow him on Twitter at @StephenSilver.

Image: Reuters.