| Advertisement |
Aug. 4 (UPI) -- Paramount Global released its second-quarter earnings report on Thursday, showing that its flagship streaming platform, Paramount+, added 3.7 million members in Q2. This helped the total number of Paramount+ subscribers balloon to over 43 million, the network said.
Advertisement
This represents "the most sign-ups, gross and net subscriber additions of any premium domestic streaming service" in the second quarter, the earnings report said.
According to the report, the net increase of 3.7 million came despite Paramount+ shutting off 1.2 million Russian accounts following the country's invasion of Ukraine -- one of the numerous entertainment companies that have cut ties with Russia.
These figures gave Paramount+ a revenue of $672 million, a 120 percent increase from quarter one, Paramount Global said.
Large amounts of the service's Quarter 2 success can be attributed to 1883, a prequel spinoff of the western Yellowstone, which has become among the nation's most popular programs.
The success of Yellowstone and 1883 has also led to additional spinoffs, including the highly anticipated 1923 starring Harrison Ford and Helen Mirren.
Other popular shows on the platform include RuPaul's Drag Race All-Stars, Evil and Star Trek: Strange New Worlds.
Paramount+ has recently seen a unique growth in the streaming industry following downswing periods for other platforms.
This most notably includes Netflix, which saw a loss of one million subscribers in the second quarter, according to the company.
Other streamers, such as Peacock, saw a flat quarter in which no new net subscriber gain was seen.
Paramount+, though, makes up a large portion of the entertainment conglomerate's global subscriber base, which, according to the report, reached 63.7 million in the second quarter.
In addition to the paid streaming platform of Paramount+, the company also saw an increase in users for its free service, Pluto TV, with its 70 million watchers making it the top free streamer in the U.S.
CBS, Paramount's headlining cable channel, was also the top network in the country for the second straight year.
The spiking numbers are good news for Paramount Global, which in February raised its global subscriber goal to 100 million by 2024.
Beyond television, the company also saw massive success at the box office, with quarter two seeing Top Gun: Maverick soar to an easy financial blockbuster.
The film would go on to pass Titanic to become Paramount's highest-earning domestic film ever, according to the report.
The company also branched into another popular saga with Sonic the Hedgehog 2, which helped lead children's content at the box office.
In all, Paramount Global saw a 19 percent increase in revenue, according to the report.
"In Q2, we grew total company revenue by19 percent 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 Paramount Global president and CEO Bob Bakish in a reaction to the report.
"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," Bakish added.
