Paramount announced its financial results for the second quarter of 2022, reporting notable growth in the OTT and filmed entertainment businesses.
Paramount announced its second quarter results for 2022, reporting notable growth in the streaming arena.
For starters, the DTC business rose to nearly 64 million subscribers, with the addition of 5.2 million in the quarter and the removal of 3.9 million from Russia.
Paramount+ subscribers grew to over 43 million (+4.9 million), bolstered by successful international market launches in the UK, Ireland and South Korea.
Meanwhile, Pluto TV grew its global Monthly Active Users (MAUs) to nearly 70 million, continuing its lead as the #1 free ad-supported streaming TV service in the US.
All in all, in the three months ending on June 30, the company registered US$ 7.7 billion in revenue, a 19% growth from the same period last year.
“Paramount continues to build momentum with the assets, strategy and ability to compete—and win. In Q2, we grew total company revenue by 19% and took market share in streaming, in broadcast TV, in box office and in upfront dollars, all while increasing our penetration of the most important growth market in media—streaming”, said CEO, Bob Bakish.
“At the heart of that growth was our hugely popular content—from the cultural phenomenon and #1 movie in the world, Top Gun: Maverick, to the most popular show in the country, Yellowstone. Our deep and growing library of valuable IP, coupled with the strength of our best-in-class assets, ensures we are well-positioned to continue to maximize value for our shareholders”.
