The number of Paramount+ subscribers decreased 2.8 million in the quarter, to 68 million, which the company said largely reflects the planned exit from a hard bundle agreement in South Korea. The company expects Paramount+ to return to net subscriber growth in the second half of the year, and revert back to net losses in the third and fourth quarter due to the timing of content releases.
Within the company’s streaming segment, subscription revenue grew 12 percent, which the company said was driven by year-over-year subscriber growth and pricing increases for Paramount+, while advertising revenue rose 16 percent, due to growth in Paramount+ and Pluto TV. Paramount+ revenue is up 46 percent year-over-year.