Paramount+ ‘clearly working’ as ViacomCBS adds 6.5 million streaming subs

Paramount+ has had its best quarter for subscriber growth since its launch in March, ViacomCBS has said.

The broadcast giant said that it added 6.5 million new subscribers to Paramount+ along with Showtime to a total of 42 million. AVOD service Pluto TV also performed well, with CEO Bob Bakish calling it “the leading free ad supported streaming television service in the market.” 

Of Paramount+, Bakish said: “It’s clear Paramount+ is resonating with consumers both in the US and internationally. And that’s because it’s a differentiated product with real competitive advantages. It has something for everyone. And we saw strong subscriber acquisition and engagement across a variety of different joiners.

“In short, by putting the full power of ViacomCBS behind Paramount+, we’re beginning to see the massive potential this service has… While it’s early days, Paramount+ is clearly working, which is why we’re continuing to invest to deliver on its promise and potential.”

Overall, the company’s revenue grew by 8% year-over-year to US$6.6 billion for the quarter which ended June 30. This beat analyst estimates of US$6.48 billion, with streaming contributing 15% of total revenue in 2021. 

The company also announced a partnership with Sky to rollout Paramount+ in Europe. The streamer will launch in the UK, Ireland, Italy, Germany, Switzerland and Austria next year as part of a new multi-year distribution agreement that also includes the extended carriage of ViacomCBS’ portfolio of pay TV channels and the renewal of Sky as an ad sales partner in select markets.

Read Next