ViacomCBS reveals Paramount+ streamer growth

The Good Fight

ViacomCBS has revealed its recently rebranded streaming service Paramount+ has attracted more than six million new subscribers over the past three months, with a deal for expansion in Europe also unveiled.

The US broadcast giant said that it added 6.5 million new subscribers to Paramount+ along with Showtime, to take its combined total to 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.”

ViacomCBS has been ramping up its streaming operations over the past 12 months, unveiling a raft of originals for Paramount+ and stocking the service, which was previously known as CBS All Access, with series such as The Good Fight.

It has also appointed Tanya Giles, general manager of MTV Entertainment Group, to the new role of chief programming officer for streaming, with a remit to created the content strategy for Paramount+ and AVOD service Pluto TV globally.

Bakish said the results shows that Paramount+ “is resonating with consumers both in the US and internationally,” which he put down to it being “a differentiated product with real competitive advantages.”

He added: “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 $6.6bn for the quarter, which ended 30 June. This beat analyst estimates of $6.48bn, with streaming contributing 15% of total revenue in 2021.

The company also announced a partnership with Comcast-owned Sky to roll out 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.