in ,

Paramount Plus added 6.8 million subscribers in Q1 2022

Paramount has announced its Q1 2022 earnings, and the streaming platform now has about 40 million subscribers. This was thanks to the platform adding almost 7 million subscribers in the quarter.

It has been a good quarter for Paramount, which managed to grow its subscriber base in the same quarter that Netflix lost customers. The company reported 6.8 million new subscribers to Paramount Plus, bringing the total to nearly 40 million. Paramount also increased its revenue by 82 percent year on year, thanks to the increasing eyeballs.

Paramount broke its earnings down further, reporting its revenue from subscriptions to it Pluto TV and Paramount Plus jumped by 95 percent year on year while revenue from advertising grew 59 percent in the same period.

Apart from adding more subscribers, Paramount Plus users watched more content for longer, and the company attributed the increase to the increase in the quality of its shows. For example, Paramount Plus released an exclusive live-action Halo TV show in April after debuting Star Trek: Picard, spun off from the popular series.

Paramount Plus also has Star Trek: Picard, Kamp Koral: SpongeBob’s Under Years, and the Rugrats and iCarly remakes.

Compared to the competition, Paramount Plus is small (Netflix, for example, has more than 200 million), but the platform has been pulling its weight by landing original content that attracts subscribers. The platform will also get an opportunity to add new users as it is expanding to the UK and Ireland next month.

Also, what is not deniable is that Paramount Plus is growing and at a good rate. It has an ad-supported tier that makes its services more affordable to users ($4.99/month), something Netflix is only about to implement. Paramount has an ad-free $9.99/month plan.

According to president and CEO Bob Bakish, “The first quarter once again demonstrated the power and potential of Paramount’s unique assets and the company’s continued momentum. 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.”

Written by HackerVibes

Instagram is testing a new full-screen feed, just like TikTok

Apple sues startup for stealing trade secrets through former employees