Paramount Global, which changed its name from ViacomCBS earlier this year, added “nearly” 64 million global subscribers across all of its streaming platforms in the second quarter as overall revenue rose 19% year-over-year to US$7.78 billion.
The company credited strength in its filmed entertainment division and direct-to-consumer growth for a 19% rise in overall company revenue in the quarter.
The company said its global DTC subscriber count — which includes Paramount+, Showtime OTT, BET+, Pluto TV and the education-focused kids streamer Noggin — grew from more than 62 million in Q1, adding 5.2 million subscribers in Q2. However, this was partially offset by the removal of 3.9 million Russian subscribers following the invasion of Ukraine.
Overall DTC revenue for Paramount Global was more than $1.19 billion, a year-over-year increase of 56%. DTC subscription revenue grew 74% year-over-year to $830 million, mainly on paid subscriber growth on Paramount+, while ad revenue rose 25% year-over-year.
“In Q2, we grew total company revenue by 19% and took market share in streaming, in broadcast TV, in box office and in upfront dollars, all while increasing our penetration of the most important growth market in media — streaming,” said CEO Bob Bakish (pictured) in a statement to shareholders.
Flagship streamer Paramount+ added 4.9 million subscribers in the second quarter (including the removal of 1.2 million in Russia) to surpass 43 million worldwide, with revenue surging 120%. The service’s subscriber growth was partially driven by successful new international market launches, including in the UK, Ireland and South Korea.
The company also highlighted the fact that, according to Antenna‘s June 2022 report, Paramount+ saw the most sign-ups and gross and net subscriber additions of any premium domestic streaming service in the quarter.
Meanwhile, Pluto TV grew its global monthly active users (MAUs) to nearly 70 million, expanding its lead as the top free ad-supported streaming TV service in the U.S. The FAST service also expanded its international presence, launching in the Nordics in partnership with Viaplay Group and announcing a partnership with Corus in Canada, where it will launch later in the year.
On the broader earnings front, Paramount reported that adjusted operating income before depreciation and amortization (OIBDA) fell 22% to $963 million in Q2 as investment in streaming grew.
In the company’s TV Media unit, revenue ticked up 1% year-over-year to $5.25 billion, reflecting growth in content licensing revenues and partially offset by lower ad and affiliate revenues.
In its Filmed Entertainment division, meanwhile, revenue grew 126% year-over-year to more than $1.36 billion led by the strong performance of theatrical releases, including the blockbuster Top Gun: Maverick, which has grossed more than $1.3 billion globally.