Today Paramount reported their 1st quarter 2023 earnings with great news about their streaming services. Paramount+ reached 60 million paid subscribers. Paramounts free streaming service Pluto TV reached 80 million monthly active users.
“Paramount continues to demonstrate the strength of its content engine, driving momentum across streaming, television and theatrical. This resulted in Paramount+ and Pluto TV reaching significant milestones with 60 million subscribers and 80 million MAUs, respectively, while CBS is poised to claim
the #1 spot in broadcast for the 15th straight season. Looking ahead, we are focused on continuing to drive market-leading streaming growth while navigating a dynamic macroeconomic environment. In addition, the updated dividend policy we have announced today will further enhance our ability to
deliver long-term value for our shareholders as we move toward streaming profitability.” Said Bob Bakish, President and CEO of Paramount.
Paramount did see revenue drop slightly overall, with revenues down 1%, mostly driven by film and TV media. The good news, though, was streaming revenue was up 39% year over year on the growth of Pluto TV and Paramount+.
Pluto TV saw its total global viewing hours jump 35% year-over-year. Advertising was up 15% thanks to Pluto TV and Paramount+.
Paramount also saw subscriber revenues grow 50% year-over-year to $1.1 billion. Paramount+ helped push that up with a 65% jump in revenue year-over-year.
Paramount seems to have found something that is working for them as when other services are struggling, Pluto TV, and Paramount+ are working hand in hand to drive up revenue and subscribers.
The question now is, in the face of growing competition can Paramount keep this growth going? As Warner Bros. Discovery gets ready to relaunch HBO Max as Max and Amazon launch a new free streaming service, competition is growing.
For now, we will have to wait and see what 2023 brings for Paramount, Pluto TV, and Paramount+.