Paramount+ Adds 6.8 Million Subscribers, But Q1 Revenue Dips by 1% Compared to 2021
03.05.2022 - 14:51
/ thewrap.com
the company, led by CEO Bob Bakish, posted revenue of $7.4 billion and adjusted EPS of $1.52, in part because CBS hosted the Super Bowl in early 2021. Paramount’s stock is down 1% in pre-market trading on the New York Stock Exchange following the results.
Paramount surprised Wall Street during the fourth quarter of 2021 by revealing a rebranding from ViacomCBS to simply Paramount, and told Wall Street analysts the company was making a big push towards streaming with bullish projections for 100 million subscribers between Paramount+ and Showtime over the next two years. While Paramount+ this quarter saw a big boost in subscribers, its global streaming subscribers hit 62 million and grew by just 6.3 million overall.
Paramount+ though now sits at just shy of 40 million subscribers, up from last quarter’s estimate of 32.8 million, and Paramount also reported that Pluto TV, its free, ad-supported streaming channel, has 68 million monthly active users. Financials wise, DTC revenue went up 82% year-over-year and also had a big quarter in ad-revenue, driven by increased pricing and more ad impressions on both Pluto TV and Paramount+.
Paramount+ was boosted by the launch of “Halo,” a series based on the Xbox video game hit, “Yellowstone” spinoff “1883,” “The Offer” about the making of “The Godfather” and “Star Trek: Picard.” Additionally, family films like “Clifford the Big Red Dog” and “Paw Patrol: The Movie,” as well as the addition of access to local NFL games. Paramount’s TV media sector however was down 6% year-over-year, even though it still had the NFL Playoffs and the NCAA March Madness tournament, not to mention “Yellowstone” on cable.
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