Paramount saw big streaming subscriber growth as it looks to bolster its sports portfolio.
In the second quarter, Paramount+ added 4.9 million subscribers to reach 43 million, after removing 1.2 million subscribers in Russia following the country’s invasion of Ukraine. The company reached 64 million subscribers across all its streaming platforms.
CEO Bob Bakish cited the UEFA Champions League among the content that drove acquisition and engagement.
The company also holds rights to:
- National Football League
- SEC College football
- Numerous soccer properties including NWSL, the UEFA Europa League, Concacaf, World Cup qualifying matches, and the Premier League in certain territories.
Paramount saw revenue grow 19% year-over-year to $7.8 billion in Q2. Direct-to-consumer revenue leapt 56% to $1.2 billion.
The growth cuts against the broader narrative around streaming services: Netflix lost around 1 million subscribers in Q2, while Peacock’s numbers were flat at 13 million.
Paramount+ will grow its reach this month after striking a deal with Roku to join the company’s roster of add-on services. Roku, which had 63.1 million active accounts as of July 28, will offer $4.99 per month ad-supported and $9.99 ad-free services.