Paramount+ Adds 700,000 Subscribers, Reports Revenue Growth in Q2 2023

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Paramount announced that it gained 700,000 subscribers in Q2 2023, following the launch of a new subscription tier with integrated Showtime in June. This brings the total subscriber count for Paramount+ to approximately 61 million, up from the 60 million reported last quarter.

The new $11.99 per month plan, inclusive of Showtime, replaced Paramount+’s premium ad-free $9.99 per month plan. Additionally, the Essential ad-supported plan’s price was raised from $4.99 to $5.99 per month. The company reported a 35% increase in combined viewing hours for Paramount+ and ad-supported streaming TV service Pluto TV.

Paramount Global’s direct-to-consumer service generated a total revenue of $1.67 billion, with streaming contributing $1.23 billion and advertising revenue exceeding $400 million. Paramount CEO and President Bob Bakish shared the company’s global expansion plans during an earnings call, including the recent launch of Pluto TV in Australia with 50 FAST channels.

“We’ve expanded Pluto TV’s global footprint with our launch in Australia. Furthermore, we plan to introduce ad-supported tiers of Paramount+ in select international markets going forward. It’s important to note that our proposition is not limited to digital platforms,” Bakish emphasized.

The company also highlighted the availability of Pluto TV in 35 markets worldwide.

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In June, Paramount made headlines when it removed several popular shows, such as “Inside Amy Schumer” and various Nickelodeon animated shows, from its streaming platform.

During Paramount Global’s Q2 2023 earnings call, the company announced the sale of publishing house Simon & Schuster to KKR for $1.62 billion. The sale follows Paramount’s initial plan to merge with Penguin Random House, which was blocked by a U.S. District Court following the Justice Department’s complaint. Notably, Paramount’s stock rose by nearly 5% in after-hours trading.