Paramount+ is set to launch in the UK and Ireland on June 22, parent company Paramount has announced.
The company also revealed that Paramount+ added 6.8 million subscribers in the quarter, as it approaches 40 million global subscribers.
The streamer, which will launch in the UK with 8,000 hours of content, will also launch in South Korea in the same month, with further launches planned in Italy, Germany, France, Switzerland and Austria in the second half of 2022.
Details of this strategy were revealed during Paramount’s Q1 2022 earnings call, with CEO Bob Bakish also stating that Paramount+ will launch in India in 2023 in partnership with its JV broadcaster Viacom 18.
In the UK, Paramount+ will be available for £6.99 per month/£69.90 per annum after a free seven-day trial.
Paramount has also agreed a new multi-year distribution deal with Sky which will see the streamer available on Sky platforms in the UK, Ireland, Italy, Germany and Austria. This deal includes the extended carriage of Paramount’s pay TV channels, while Sky Cinema subscribers will receive Paramount+ at no extra cost.
Raffaele Annecchino, president and CEO, International Networks, Studios and Streaming, Paramount Global, said: “Paramount is known for its leading portfolio of premium entertainment brands and a robust content engine that fuels our rapidly expanding streaming service, Paramount+. This year will be monumental for our streaming strategy as we accelerate our global ambitions, rapidly expanding Paramount+ in Europe beginning with the UK, Italy, Germany, France and more by the end of this year and debut in Asia with South Korea in June, followed by India in 2023.
“With an already expansive global footprint and a strong, long-term market-by-market strategy, we are well-poised to continue our positive momentum.”
Maria Kyriacou, president, Australia, Canada, Israel and UK, Paramount, said, “The addition of Paramount+ to our strong portfolio of free-to-air, pay TV and streaming services will broaden the range of choice available to our audiences in the UK and Ireland. Paramount+ will be a one-stop destination for Paramount’s biggest brands, where fans of all ages can find exclusive original premium content, global hits, and discover a world of favourites from Paramount’s vast catalogue.”
The UK launch reveal came alongside the release of Paramount’s Q1 earnings, where total revenue fell around 1% to US$7.33 billion. Paramount’s largest revenue generator, its TV media segment, in particular took a noteworthy dip of 6% due to the SuperBowl shifting to NBC.
DTC revenue meanwhile increased 82%, with a 59% jump in ad sales and a 95% increase in subscription revenues.