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.

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