Paramount+ Soars in Streaming Market: Long-Term Competitor?

Paramount+ has been making waves in the streaming world since its launch in 2021, surprising many skeptics with its recent successes. Despite initial doubts due to being a latecomer to the direct-to-consumer market and facing underinvestment, the service has managed to gain momentum and attract a significant number of subscribers.

In the last quarter of 2024, Paramount+ added 5.6 million subscribers globally, bringing its total to 77.5 million. Impressively, the service ranked second in terms of viewing time for original shows during the quarter, trailing only behind Netflix. Noteworthy hits like “Landman” and “Tulsa King” have helped boost viewer engagement, with watch time for original series increasing by 20% compared to the previous year.

The current management team at Paramount, including co-Chief Executives George Cheeks, Brian Robbins, and Chris McCarthy, remains optimistic about the future. They have set a goal for Paramount+ to achieve profitability in the United States by 2025. Despite facing challenges in the linear TV landscape, particularly in basic cable, the streaming service has shown promise.

While there have been some recent struggles at Paramount, including layoffs and restructuring efforts, the future looks brighter with the pending merger with Skydance Media, led by David Ellison. The $8 billion deal is set to close in the first half of this year, signaling a new chapter for Paramount+ as it continues to compete in the ever-evolving streaming market.