NEW YORK—Paramount Global reported growth in its streaming subscribers and users in Q2 2022, with global direct-to-consumer (DTC) subs approaching 64 million. But losses in its DTC segment continued to grow, hitting $445 million (in negative OIBIDA) in Q2 and $901 million (in negative OIBIDA) for the first half of the year.
The Russian invasion of Ukraine hurt sub growth, with the loss of 3.9 million subs from its global DTC subs. But that was more than balanced by a gain of 5.2 million subs elsewhere, which boosted DTC subs worldwide to nearly 64 million.
Paramount+ subs grew to over 43 million, despite the loss of 1.2 million subs. The company also cited a Antenna June 2022 report showing that Paramount+ captured the most net subscriber additions of any U.S. streaming service.
The company also reported that Pluto TV’s monthly active users (MAUs) grew to nearly 70 million.
Total DTC revenue increased by 56% in Q2 2022 compared to a year earlier as subscription revenue grew by 74% and ad revenue increased by 25%.
Paramount+ revenue increased by 120%.
But increased investment in content also boosted losses in the DTC segment. The first half of 2022 losses of $901 million (OIBIDA) was more than triple the $292 million of negative OIBIDA in the first half of 2021.
