Paramount+ closed out the third quarter of 2023 with more than 63 million subscribers. While only a small increase on the previous quarter, it is still an increase. Paramount+ also saw an increase in revenue, partly thanks to the recent price increases.
The second quarter of 2023 ended with around 61 million subscribers, so the latest increase means Paramount+ added roughly 2.7 million during the third quarter. The 63 million also represents an increase of 17 million when compared to the 46 million reported at the end of Q3 2022.
While generally positive and moving in the right direction, the latest subscriber numbers from Paramount Global’s Q3 earnings report does suggest a slowdown in new subscribers in general. While 2.7 million were added during the third quarter of 2023, Paramount+ added 4.6 million during the third quarter of 2022.
A similar pattern was seen in the last quarter after Paramount+ reported the addition of 700,000 subscribers during the second quarter of 2023. This was down from the 4.9 million reported at the end of the second quarter in 2022.
Considering Paramount+ added a record 9.9 million subscribers in the fourth quarter of last year, it will be interesting to see how many new subscribers are reported for the end of the current Q4 2023 quarter.
Paramount Global’s Q3 earnings report also confirmed that subscription revenue grew during the third quarter as well, up 46% to $1.3B. In addition to the growth in subscribers, Paramount credited price increases for the growth in revenue.
Towards the end of the second quarter of 2023, Paramount+ implemented a price increase. This price adjustment resulted in the cost of the Essential plan increasing to $5.99 a month (a $1 monthly increase), and the price of the Premium (now Paramount+ with Showtime) plan increasing to $11.99 a month (a $2 monthly increase).