Paramount+ Hit New Revenue Highs

Streaming is still hot, and I'm not referring to HBO Max holding on to its top spot on the Top Grossing chart in the US.

While the battle between HBO Max and Disney+ has mostly ended (with the former winning), it's interesting to see how the other streamers are doing in terms of subscriptions.

Paramount+, one of the other (aka. smaller) streamers, has seen revenue growing steadily in the first half of 2022. I recently said the race for streaming is over, and that's mostly true when you look at HBO Max vs. Disney, there's still room for streamers that have more casual content.

Peacock wants to be that, but it's Paramount+ that's currently winning that race.

According to our estimates, Paramount+ has been outpacing Peacock for the last three months. So far in 2022, Peacock has earned $62 million in net revenue while Paramount+ earned $63 million. And this is net revenue, which means it's what they get to keep after Apple and Google take their fees.

Not a big deal in terms of money, but there are two things that make me say Paramount+ is winning here.

The first is the trend. Since launch, Paramount has mostly led in terms of revenue. With a few exceptions that had to do with exclusive content, NBC's bird was a bit behind. It has a nice trend going for it, but not as nice as Paramount's.

The second is the ratio of downloads to revenue. Although the two nearly match in revenue, the downloads are very different. Our estimates show Peacock gets nearly twice as many downloads. In absolute terms, we're looking at 25 million downloads for Peacock and 13 million for Paramount+.

That means Paramount+ is almost twice as good at turning visitors into paying subscribers, and that's a big deal. Really, that's the deal.

There aren't many battles left to fight in the streaming world, so this one's a good one to keep an eye on.