Paramount+ ended last year with 32.8 million subscribers, ViacomCBS Inc. reported Tuesday, a sign that the media company is starting to benefit from its growing investment in streaming.
ViacomCBS Inc., which announced it’s changing its name to Paramount in a separate announcement, broke out Paramount+’s subscriber number for the first time while reporting its results for the final quarter of 2021. The company had previously reported a total streaming number that included Paramount+, Showtime and BET+. Paramont+ added more than 7 million subscribers in the final three months of 2021, its best quarter to date, while ViacomCBS now has 56 million subscribers across all of its services.
Paramount+ has a fraction of the subscribers of major services like Netflix and Disney+, but it has picked up its pace over the last year and a half and is now one of the fastest-growing streaming services in the U.S. The growth of Paramount+ is vital for ViacomCBS, a company built on cable TV networks that have hemorrhaged viewers over the last decade.
The shares slipped 3.5% to $34.72 at 4:24 p.m. in New York trading.