Paramount+ ended the fourth quarter of 2024, and the year as a whole, with 77.5 million subscribers. Considering Paramount Global reported 72 million subscribers for the third quarter of 2024, the latest update confirms an increase of more than 5.5 million during the final three months of the year.
To put the Q4 2024 subscriber increase into perspective, Paramount+ added 4.1 million subscribers during the fourth quarter of 2023. Paramount+ closed out 2023 with 67.5 million subscribers in total, resulting in an increase of 10 million over the last calendar year.
According to Paramount Global, the Q4 2024 quarterly increase represents the “best quarter of subscriber growth in two years.” Paramount Global specifically states two years here, as Paramount+ added almost 10 million subscribers during the fourth quarter of 2022.
Global viewing hours in Q4 2024 also increased 28% year-over-year across both Paramount+ and Pluto TV.
“In Q4, Paramount+ saw the highest level of engagement yet and achieved a new record, ranking as the #2 domestic SVOD service for hours watched across all Original Series. These remarkable achievements would not have been possible without the hard work of our talented teams and creative partners for whom we are deeply appreciative,” Paramount Global co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins said in a joint statement.
Paramount Global reported a revenue increase of 16% for Paramount+ during Q4 2024, with the increase said to be a result of the subscriber growth during the quarter. DTC subscription revenue in general increased 7%, also a result of subscriber growth.
“We are proud of the transformative year we delivered since becoming Co-CEOs, which marks a significant turning point for Paramount as we shift into a streaming-first company. DTC profitability improved $1.2 billion in 2024, driven by an impressive year at Paramount+, where we added 10 million new subscribers and delivered a 33% increase in revenue, which gives us great confidence Paramount+ will achieve full year domestic profitability for 2025,” the statement from the co-CEOs said.
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