Paramount+ is still growing quickly even as its competitors recover. Paramount has revealed that its streaming service has over 60 million subscribers, having added 4.1 million in the first quarter. For context, the platform had 43 million users at the end of last spring — that's a nearly 40 percent jump in several months. Not surprisingly, the media giant is giving credit to its slate of originals and exclusives.
The service had help from shows like the final season of Star Trek: Picard, Tulsa King and the Yellowstone spinoff 1923. Paramount+ also touts access to recent movies like Top Gun: Maverick. And yes, the NFL playoffs kept customers tuning in. The Showtime bundle also helped draw in people eager to watch titles like Yellowjackets.
There were other successes. Paramount's free-to-watch Pluto TV service topped 80 million monthly active users thanks to a 35 percent year-to-year jump in viewing hours. The company's increasing reliance on streaming also became clear through financial figures. While overall subscription revenue climbed 50 percent compared to a year earlier, the money flowing from Paramount+ surged 65 percent.
To some extent, Paramount+ is taking advantage of its rivals' misfortunes. While Netflix has bounced back from last year's rare losses, it still added a modest 1.7 million new subscribers in its first quarter. That's partly due to saturation — at 232.5 million total customers, Netflix doesn't have as much room to grow. Still, this suggests that studio-owned streaming services can fare well against incumbents.
Don't expect Paramount+ to change its strategy much as a result. The service is still leaning on Star Trek shows like Strange New Worlds, not to mention sports exclusives like the UEFA Champions League. That flurry of new content may come at a cost, as Paramount+ recently hiked prices. If viewers are willing to stay, though, the investment could easily pay off.