Streaming drives Paramount Q1 as new Paramount+ launches revealed | Major Businesses | Business | News | Rapid TV News
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Claiming to have shown in the three-month period the “power and potential” of its unique assets and the company’s continued momentum, Paramount has released first quarter results buoyed by direct-to-consumer (DTC) and announced further expansion of its growing online footprint.
Paramount results 16Feb2022
For the quarter ended 31 March 2021, the company posted total revenues pf $7.328 billion , down 1% year-on-year, due principally to a 6 percentage point drop in CBS’s broadcast of Super Bowl LV. This brought TV and media revenues to $5.645 billion. However ther3e was a massive swing in direct-to-consumer revenue, up by as much as 82% compared with the same quarter a year ago, totalling $1.089 billion.

Streaming was a standout performer for Paramount in Q1 2022. Subscription revenue grew 95% year-over-year, reflecting paid subscriber growth on Paramount+. Advertising revenue increased 59% year-over-year, reflecting growth from Pluto TV and Paramount+ driven by increased pricing and impressions on both services.

Global streaming subscribers rose to more than 62 million, with 6.3 million total subscribers added in the quarter. Subscriber additions were driven by Paramount+, which added 6.8 million subscribers in the quarter, bringing the service’s total subscribers to almost 40 million. However, the company’s other DTC services showed customer declines, primarily, said Paramount, due to timing of new programming.

Growth during the quarter was attributed to diverse content driving strong global consumption, acquisition and engagement.

The overall average number of titles consumed and hours per active sub improved quarter-over- quarter across all demos highlighting improved engagement, content exploration and diversification. In the US, Paramount+ saw strong engagement and consumption from a variety of content, including Halo, 1883, Star Trek Picard, live events and the NFL. Internationally, Acapulco Shore was a top acquisition and engagement driver for the service.

In the quarter, Pluto TV grew global monthly active users (MAUs) to nearly 68 million. The advertising video-on-demand (AVOD) service gained broad distribution on T-Mobile via T-Mobile Tuesdays, giving customers exclusive access to new content and original series. In addition to growing total global viewing hours by double digits year-on-year, it launched over 102 new channels internationally, totalling more than 1,000 global channels.

As the quarterly results were being posted, Paramount announced that Paramount+ will continue its global momentum, with South Korea set to launch in June; Italy, Germany, France, Switzerland and Austria in the second half of the year; and India in 2023.

It is also set for launch in the UK and Ireland on 22 June 2022, available online at https://www.paramountplus.com/ and on mobile and a range of connected TV devices via the Paramount+ app, and direct-to-consumer distribution through Apple, Amazon, Google, Roku and Samsung platforms. It will launch in the UK with a broad content slate of more than 8,000 hours of content, spanning new and exclusive Paramount+ originals, hit shows and popular movies across every genre from Paramount’s brands and production studios, including SHOWTIME, Paramount Pictures, Comedy Central, MTV and Nickelodeon.

Paramount+ will launch on Sky platforms in the UK, Ireland, Italy, Germany and Austria in 2022 as part of a new multi-year distribution agreement that also includes the extended carriage of Paramount’s leading portfolio of pay-TV channels. Sky Cinema subscribers will get the bonus of Paramount+ included at no extra cost.