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Paramount+ Ended Q1 2024 With 71 Million Global Subscribers

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Paramount+ ended the first quarter of 2024 with more than 71 million global subscribers. The number represents an increase of around 3.7 million on the number reported for the fourth quarter of last year, and the end of 2023 in general.

The updated subscriber number also marks a healthy increase on the year before. Considering Paramount+ closed out the first quarter of 2023 with 60 million subscribers, the service added around 11 million over the past 12 months. However, the 3.7 million added in Q1 2024 were fewer than the 4.1 million subscribers added in Q1 2023.

Paramount Global also reported a 51% year-over-year increase in Paramount+ revenue, citing subscriber growth and ARPU expansion as the primary driving forces. As a reminder, Paramount+ increased the price of its plans in July of 2023, taking the cost of Essential up to $5.99 and Premium up to $11.99 a month. These increases would have also contributed to the year-over-year increase in revenue.

At the same time as announcing the company’s latest earnings, Paramount Global also confirmed that Bob Bakish, President and CEO, is stepping down from his role as CEO and from the Board of Directors. Following this change, Paramount Global has established a new ‘Office of the CEO’ headed up by George Cheeks, Chris McCarthy, and Brian Robbins.

Paramount Global includes exceptional assets and we believe strongly in the future value creation potential of the Company. I have tremendous confidence in George, Chris and Brian,” said Shari Redstone, Chair of the Board. “They have both the ability to develop and execute on a new strategic plan and to work together as true partners. I am extremely excited for what their combined leadership means for Paramount Global and for the opportunities that lie ahead.”

John Finn

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