Entertainment conglomerate, Paramount Global revealed that it touched an overall total of 62.4 million global subscribers across its suite of streaming services. Out of this, Paramount+, the global streaming service from parent Paramount Global, alone added 6.8 million total subscribers in the first quarter of 2022, to reach 39.6 million in total.
In another, Paramount+ will launch in India in 2023 in partnership with Viacom18 – an Ambani-backed entertainment network in India.
Bob Bakish, President and CEO, Paramount, outlined the company’s global plans for the streaming service. He said that the streamer will also be launched in South Korea in June and head to Italy, Germany, France, Switzerland and Austria in the 2nd half of the year.
As A Matter of Paramount Importance
Bakish also said that Viacom 18 is set to become a significant streaming player in India following a capital infusion from Bodhi Tree Systems last week.
Paramount+ will be hitched to the Viacom18 wagon driven by Reliance and Bodhi Tree.
But all that glitters is not gold- let’s look closely.
Costs are Squeezing Parent Profits
On the downside, higher streaming costs incurred by Paramount+ are diminishing the profits of Paramount Global, the parent company. Total sales fell 1% to $7.33 billion in the Q1 and net profit declined about 52% to $433 million from $911 million last year. The reason – higher operating costs as a result of ramping up.
Paramount’s stock also fell — decreasing by over 4% in pre-market trading.
Too long? Here’s a one-liner: Paramount+ adds 6.8 Mn new subs in Q1 and touches overall total of 62.4 Mn global subs; plans 2023 debut in India in partnership with Viacom18.