Paramount+ (NYSE: PGRE) added another 3.7 million subscribers during the second quarter, bringing its total subscriber amount to 43.3 million. Moreover, CEO Bob Bakish has stated that he would like for the company to achieve a goal of 100 million subscribers by the year 2024.
"Paramount+ captured the most sign-ups, gross and net subscriber additions of any premium domestic streaming service in the quarter according to Antenna's June 2022 Report," said Paramount+ in its earnings report. "Paramount+ subscriber growth was partially driven by successful international market launches, including the U.K., Ireland and South Korea."
One reason for Paramount+'s success is the quality of its content. Such examples include films like "Star Trek: Strange New Worlds" and the "UEFA Champions League". By the end of the first quarter in 2022, Paramount Global streaming services (through its platforms like Paramount+, Pluto TV, Showtime, Noggin, and BET+) achieved a goal of 64 million total subscribers, which is an increase by about 1.7 million. Total earnings went up by over 120% for Paramount+.
Despite the fact that analysts from the Wall Street Journal have communicated apprehensions regarding the overall condition of the economy, Paramount+ CEO Bakish continues to demonstrate faith in his company as a whole. In an earnings call this past Thursday, for example, Bakish alluded to successes such as "Lost City" and "Sonic the Hedgehog 2", which were both released on Paramount+ this past May.
Bakish said to shareholders in a written statement, "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."
On a worldwide level, Paramount has increased its total amount of direct-to-consumer subscribers to 64 million. In the year 2021, Paramount came out with Paramount+ in over 25 markets throughout Latin America, Canada, and Australia. It is only predicted to continue to expand in the future as further developments to the company are made and subscriptions are acquired.
"Hard bundle deals like these allow us to quickly unlock a healthy volume of subscribers at zero acquisition costs and with very low churn," Bakish commented regarding his future plans to acquire subscribers throughout other European countries.