Paramount+ has hit 56 million subscribers and there’s more good news for the company as Pluto TV has nearly 79 million people checking-in to watch. Paramount had an earnings call this morning and touted the wild subscriber growth for two of its streamers. However, movement by competitors has sparked some restructuring on the mountaintop. Showtime recently got folded into Paramount+ as a move to streamline the brands under the umbrella. While this growth has been nice, there’s still been a dip in earnings growth fostered by the pandemic and other factors. CEO Bob Bakish and the company have resolved to get things back to “normal” by 2024.
Bakish said, “Our content and platform strategy is working and, with even more exceptional content coming this year, we expect to return the company to earnings growth in 2024.”
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“Subscriber growth was driven by a strong content slate, including the NFL, the expansion of existing franchises like Top Gun: Maverick and 1923, the success of new franchises like Tulsa King and Smile, as well as CBS’ overall entertainment slate,” the company explained on Thursday. “Internationally, Yellowstone and Top Gun: Maverick were top acquisition drivers for the service.”
“Paramount continues to demonstrate the success of its global multiplatform strategy, with popular content at its core,” Bakish added during the earnings call. “Nowhere was this more evident than in the growth of Paramount+, which added a record 9.9 million subscribers in the fourth quarter, driven by hit content like Top Gun: Maverick, 1923 and Criminal Minds: Evolution. In addition, in 2022, Paramount Pictures had six films open at number 1 in the U.S. box office, and Paramount regained its position as the most-watched media family in linear television.”
Yellowstone And Other Spinoffs Help Paramount+ Grow
“Anchored by Taylor Sheridan’s incredible vision and the performances of legends Helen Mirren and Harrison Ford, we felt confident this next chapter of the Dutton family origin story would resonate with audiences,” explained Tanya Giles, chief programming officer of Paramount Streaming. “We are thrilled with the record-breaking early response to the first episode and can’t wait to introduce more audiences to this incredible journey of perseverance, heartbreak and adventure set amongst the backdrop of the Mountain West.”
“The ‘Yellowstone universe’ continues to break records, with our latest chapter, ‘1923’ scoring as the most watched premiere ever on Paramount+ and debuting as the #1 new cable premiere of the year on linear,” added Chris McCarthy, President/CEO Paramount Media Networks & MTV Entertainment Studios. “Taylor Sheridan continues to tap a cultural nerve that has proven irresistible to viewers from across the country and around the world, with this newest installment showing no signs of slowing down – proving yet again the power of our franchise strategy to fuel the future of Paramount+.”
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