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Somewhere, Netflix is quietly seething. While the streaming giant is weathering a tricky year with bad PR and a drop in subscribers, competitor Paramount+ is reporting over six million subscriber additions in the first quarter of 2022.
Paramount Global — which owns Paramount+, Pluto TV, Showtime and more — shared in a Tuesday earnings report that they saw a global subscriber growth of 6.3 million in the first quarter. The boost in subscribers brings the company’s number of global streaming subscribers to over 62 million.
Paramount+ alone reached “almost 40 million” subscribers, according to the company’s earnings report, marking a jump from December’s previously reported 32.8 million Paramount+ subscribers. The streaming service added 6.8 million subscribers in the first quarter of 2022.
Explaining why the company gained more Paramount+ subscribers than total streaming subscribers in the first quarter, Paramount shared, “Other [direct-to-consumer] services subscribers declined, primarily due to timing of new programming.”
The company attributed their subscriber growth to “diverse content on Paramount+,” which they say “drove strong global consumption, acquisition and engagement.” Paramount Global named Halo, 1883, Star Trek: Picard, live events and the NFL as major domestic draws that “saw strong engagement and consumption.”
Internationally, Acapulco Shore was a hit for Paramount+, according to the earnings report, which noted that the series “was a top acquisition and engagement driver for the service.”
President and CEO Bob Bakish said in a statement included in the earnings report, “Our strategy is working and our execution is strong, as we remain focused on delivering a great experience for consumers and a compelling financial model to our shareholders.”
While Paramount+ saw a spike in subscribers, its numbers remain small compared to major competitors like Netflix. Although the streaming juggernaut is struggling to retain its hold on consumers, it still looms large over smaller, newer services like Paramount+; despite its highly publicized drop in subscribers, Netflix still has 221.64 million subscribers after losing 200,000 in the first three months of 2022.
