Paramount+ Adds 6.8 Million Subscribers During the First Quarter

According to Paramount Global, its main-streaming platform, Paramount+, benefited from original content such as the Halo and Star Trek series and NFL games and has added 6.8 million subscribers in the first quarter.

It said that Paramount+ has nearly 40 million subscribers as of March 31, 2022, reporting an increase of more than 20% from 32.8 million. The company also changed its name last quarter from ViacomCBS to Paramount. 

Paramount+'s subscriber-based growth occurs shortly after industry leader Netflix Inc. reports subscriber loss for the first time in more than a decade. This decline highlights the challenges faced by new streaming companies competing with much broader competitors.

Comcast Corp’s Peacock also reported an increase in its paying subscribers by more than 40% to 13 million in the first quarter. Netflix has also said that it was exploring a lower-priced ad-supported version of the platform with hopes to boost its subscribers base. 

Paramount, which owns separate streaming services for cable networks Showtime and BET, and children's content platform Noggin, says it currently has a total of more than 62 million streaming subscribers worldwide.