You might think that a network-specific streaming service like Paramount+ doesn’t stand a chance in a grim market when even Netflix is floundering, but it seems to be thriving. The company has revealed that Paramount+ added 3.7 million subscribers in the second quarter, totaling more than 43 million users. And that’s after the withdrawal from Russia – if it hadn’t been for that, the service would have added 4.9 million viewers.
ViacomCBS attributed the increase in part to expansion into more countries, including the UK, Ireland and South Korea. However, it also indicated success with content that are Halo series, Star Trek: Strange New Worldsmovies like Sonic the hedgehog 2 and live Champions League matches. So Paramount+ still leans on its sci-fi audience, but not as much as in the past.
The total number of Paramount+ subscribers is still small compared to Netflix (220.7 million) and Amazon Prime Video (more than 200 million). However, the growth is in stark contrast to Netflix’s nearly 1 million lost subscribers. The company would also like to note that, according to Antenna data, it had the most signups and net additions of any US-based premium subscription streaming services in the quarter. In other words, Paramount+ outperformed all of its major rivals, including Apple TV+, Hulu, and Peacock.
Whether this trend will continue is uncertain. Paramount+ is still expanding to more countries and should be available in 60 markets by the end of the year. It can count on those newcomers to boost its numbers for a while. Ultimately, though, the streamer will rely more on the quality of its catalog to grow its audience. And while there have clearly been some hits, heavyweights like Amazon and Netflix still have plenty of money and momentum in their favor.
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