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Paramount Ups Q3 Global Streaming Subs 42% and Operating Loss 73%

Paramount Global Nov. 2 reported it ended the third quarter (ended Sept. 30) with 66.5 million direct-to-consumer subscribers, which was up more than 42% from 46.7 million subscribers during the previous-year period. Paramount SVOD subs include Paramount+, Showtime Anytime, SkyShowtime, Noggin and BET+.

Paramount+ ended the quarter with 46 million subs, which was up more than 80% from 25.5 million subs in the previous-year period. Revenue increased 95% to $708 million, from $363 million a year ago.

Paramount Global CEO Bob Bakish

Paramount+ subscriber growth was driven by launches in international
markets as well as the start of the NFL season, UEFA Champions League, and the launch of a Walmart+ partnership.

Both tallies include the impact of the rollout of SkyShowtime with Comcast in Nordics, which resulted in the “loss” of 1.9 million Paramount+ subs in the region, and the elimination of 3.9 million global DTC subscribers, including 1.2 million for Paramount+ in Russia following its invasion of neighboring Ukraine.

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Overall direct-to-consumer subscriber revenue grew 59% to $863 million, from $542 million during the previous-year period. When combined with advertising, total revenue grew 38% to $1.23 billion, from $890 million.

On the flipside, operating expenses increased 44% to more than $1.57 billion, from $1.08 billion a year earlier, resulting in an operating loss of $343 million, 73% higher than an operating loss of $198 million during the prior-year period.

Separately, Pluto TV, the ad-supported VOD and free ad-supported streaming TV service, saw monthly average users increase 32% to 72 million, from 54.4 million users a year ago.

Notably, Pluto advertising revenue declined more than 7% to $268 million, from $289 million.

“In the quarter, Paramount continued to execute on our differentiated strategy … our diverse portfolio of platforms … that continued to drive growth in subscriptions across our streaming platforms with Paramount+ adding 4.6 million subscribers,” Bob Bakish, CEO of Paramount Global, said in a statement.

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