Paramount+ hits 43 million subscribers as streaming rivals struggle

3 days ago 3

You might think a network-specific streaming services like Paramount+ doesn't stand a chance in a grim market when even Netflix is floundering, but it's apparently thriving. The company has revealed that Paramount+ added 3.7 million subscribers in the second quarter, with more than 43 million total users. And that's after withdrawing from Russia — if it weren't for that, the service would have added 4.9 million viewers.

ViacomCBS partly credited the surge to expansions to more countries, including the UK, Ireland and South Korea. However, it also pointed to success with content that included its Halo series, Star Trek: Strange New Worlds, movies like Sonic the Hedgehog 2 and live Champions League matches. Paramount+ is still leaning on its sci-fi audience, then, but not as much as it has in the past.

The overall Paramount+ subscriber count is still tiny compared to Netflix (220.7 million) and Amazon Prime Video (over 200 million). Its growth is a sharp contrast to Netflix's nearly 1 million lost subscribers, though. The firm is also keen to note that it had the most sign-ups and net additions of any US-based premium subscription streaming service in the quarter, according to Antenna data. In other words, Paramount+ was outperforming all its main rivals, including Apple TV+, Hulu and Peacock.

Whether or not that trend continues is uncertain. Paramount+ is still expanding to more countries, and should be available in 60 markets by the end of the year. It can count on those newcomers to boost its numbers for a while. Eventually, though, the streamer will be more reliant on the quality of its catalog to grow its audience. And while there have clearly been some hits, heavyweights like Amazon and Netflix still have plenty of money and momentum in their favor.

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