Paramount+ ended the second quarter of 2024 with 68 million global subscribers. The subscriber update confirms a loss of 2.8 million subscribers during the most recent quarter.
According to Paramount Global, the subscriber decline was the result of a planned exit from a hard bundle agreement in South Korea.
Paramount+ closed out the first quarter of 2024 with more than 71 million subscribers. Considering this was up 3.7 million on the end of 2024, Paramount+ has only gained around 900,000 subscribers during the first six months of 2024.
With Paramount+ having ended the second quarter of 2023 with 61 million subscribers, the streaming service added 7 million subscribers on a year over year basis.
In spite of the decline in subscribers, Paramount Global reported a 13% year-over-year revenue increase, including a 12% increase in subscription revenue. The subscription revenue increase was primarily driven by the year-over-year subscriber growth and price increases.
Paramount Global also reported a 16% jump in advertising revenue, as well as an increase in Paramount+ global average revenue per subscriber (ARPU), up 26% on the year before.
“Our strong performance in Q2 demonstrates that we are delivering on our strategic priorities. We are proud of our results, including significant earnings growth largely driven by our DTC segment. In fact, for the fourth year in a row, Paramount+ is leading the industry in domestic sign-ups driven by our big broad hit TV series and blockbuster films. DTC profit growth for the past four quarters has totaled nearly $900 million and we are on track to reach domestic profitability for Paramount+ in 2025,” co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins said in a statement.
The cost of a Paramount+ subscription is due to increase again later this month. Beginning August 20, the Paramount+ Essential plan will increase to $7.99 a month (up from $5.99) and the cost of the Paramount+ with Showtime tier will increase to $12.99 a month (up from $11.99).
Leave a Reply