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Paramount+, which will soon hit its one-year anniversary, has hit 32.8 million subscribers, ViacomCBS revealed on Tuesday as part of its quarterly earnings.
The company, which also announced a name rebrand from ViacomCBS to just “Paramount” on Tuesday, added 9.4 million subscribers in the fourth quarter for a total of 54 million total subscribers to offerings that also include Showtime OTT.
According to the company’s earnings announcement, Paramount+ subscriptions were driven by films and TV shows like Clifford The Big Red Dog, Mayor of Kingstown, 1883 and South Park: Post Covid, as well as from live events and NFL games.
“When it comes to realizing our streaming goals, we’re moving fast and gaining even more speed,” CEO Bob Bakish said, noting that the company has reached its subscriber goals ahead of schedule.
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Last quarter, ViacomCBS reported a subscriber add of 4.3 million for a total of nearly 47 million subscribers, with streaming revenue surpassing $1 billion. This quarter, global streaming revenue hit $1.3 billion, driven mostly by Paramount+ and Pluto TV, with the latter bringing in $362 million in revenue.
ViacomCBS also reported $8 billion in revenue for Q4, beating expectations of $7.5 billion forecast by Yahoo Finance.
The earnings report comes as part of the entertainment company’s annual three-hour-long investor day event, which included remarks from top executives like ViacomCBS chairwoman Shari Redstone, Bakish and head of streaming Tom Ryan. Early in the event, the company announced that Showtime Originals will be joining Paramount+ for a fee.
Domestic average revenue per user for Paramount+ was around $9 during Q4, said Naveen Chopra, ViacomCBS’ chief financial officer, during the investor event. That figure compares to $14.78 for Netflix in the U.S./Canada, $6.68 for Disney+, $87.01 for Hulu with the live TV subscription tier and $11.15 for HBO and HBO Max domestically.
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