Today, Paramount released its first quarter financial results. The report shows a 13% drop in revenue for TV Media (including CBS, MTV, BET, Paramount, and Nickelodeon) and a 9% increase in revenue for Direct to Consumer (including Paramount+, BET+, and Pluto TV.)
The company highlighted the subscriber growth of Paramount+ as a major revenue driver. The streaming service saw 1.5 million net additions for the quarter, bringing the total subscriber count to 79 million globally. Paramount says that the service is a top three SVOD service for original series hours watched. Landman and MobLand were both listed as top streaming originals.
Paramount also highlighted Pluto TV, which it says “delivered its highest consumption by total hours both domestically and globally and reaches more countries than any other FAST service.”
In the report, Co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins said:
“We are very pleased with our performance in the quarter driven by a powerful content slate and focused execution. Paramount+ again had the second most Top 10 SVOD Originals, and CBS is poised to be the most-watched network for the 17th consecutive season. We are particularly proud of our progress in DTC where Paramount+ saw continued improvement in subscribers, user watch time and churn and remains on track to reach domestic profitability for 2025. Taken together, this contributed to a nearly $180 million improvement in DTC profitability. These impressive results were driven by our talented teams and creative partners, and we are grateful for their contributions.”