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Paramount+ Adds 6.8 Million Q1 Subs, Pluto TV Reaches 68 Million Monthly Users

Paramount Global May 3 reported that its branded subscription streaming platform, Paramount+, added 6.8 million subscribers in the first quarter (ended March 31). The hybrid SVOD/AVOD platform (formerly CBS All Access) ended the period with almost 40 million subs — up 140% from 16.5 million in the previous-year period.

When combined with the Noggin, BET+ and Showtime OTT, Paramount said its worldwide subscription base added 6.3 million subs to end the quarter with more than 62 million paid members. That is up almost 74% from 35.9 million subs in the previous-year period. The additions offset in part a combined 500,000-sub decline at BET+, Showtime and Noggin.

Paramount+ subscription revenue increased 95% to $742 million from $380 million in the previous-year period.

Average titles consumed and hours per active sub improved quarter-over quarter across all demos highlighting improved engagement, content
exploration and diversification. Domestically, 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.

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Pluto TV gained broad distribution through third-party deals with T-Mobile via T-Mobile Tuesdays, giving consumers exclusive access to new content and original series. The ad-supported platform’s total global viewing hours by doubled year-over-year, while launching more than 102 new channels internationally, totaling more than 1,000 global channels.

Pluto TV revenue increased 59% to $347 million from $218 million in the previous-year period.

“Our [direct-to-consumer] 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,” Bob Bakish, CEO of Paramount Global, said in a statement.

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