Paramount+ Is Beating Hulu With Originals and Movies | Charts
Don’t sleep on Paramount+.
Paramount Global CEO Bob Bakish touted the streamer’s growth in the company’s second-quarter earnings call. And while Wall Street may not love the money Bakish and his peers are still spending on achieving victory in the streaming wars, Paramount’s investment may be paying off with audiences.
In the second quarter of 2023, Paramount+ overtook Hulu in audience demand for originals, according to Parrot Analytics‘ data, which takes into account consumer research, streaming, downloads and social media, among other engagement. Its share of demand jumped to an all-time high of 5%, above Hulu’s 4.8%, putting it in fifth place.
That’s all the more remarkable given its more limited content budget: While Paramount expects to spend something near $6 billion on streaming content in 2024, it’s far outspent by Netflix, Disney, Warner Bros. Discovery, NBCUniversal and Amazon.
Paramount may be getting more bang for its streaming buck thanks to its original franchises, primarily the Taylor Sheridan-verse and “Star Trek,” as we’ve noted. Those two franchises account for 8 of the 10 most in-demand Paramount+ originals in the U.S. last quarter. And Bakish noted that CBS shows streamed on Paramount+ account for a large part of viewing.
But movies are also a big factor in Paramount+’s demand growth. Despite its limited collection, movies account for 47% of the overall demand for Paramount+ content. Only Max, Amazon Prime Video and Disney+, all of which boast more extensive libraries, have a higher share of demand for their movie libraries.
A key strength of Paramount+’s movie library is the inclusion of Paramount Pictures hits, with movies like “Transformers: Rise of the Beasts,” “Top Gun: Maverick,” “Titanic” and “Top Gun” among the most in-demand.
Its appeal is further amplified by its exclusive housing of recent Paramount blockbusters in the U.S. market, such as “Rise of the Beasts,” which despite underperforming at the box office, is still generating interest, as is 2018’s “Mission: Impossible – Fallout.” These helped Paramount+ to attract more subscribers.
Like its TV offerings, much of Paramount+’s movie demand comes from well-known IP and franchises like “Transformers,” “Mission: Impossible,” “Top Gun,” and the older “Indiana Jones” movies. (“Dial of Destiny” is going to Disney+, but rights to the first four movies are shared with Disney thanks to Paramount’s role as the distributor for the earlier films.)
Paramount+ still has a way to go before it matches the demand of its larger rivals, but it’s off to a good start midway through 2023.
Daniel Quinaud is a senior data analyst at Parrot Analytics, a WrapPRO partner. For more from Parrot Analytics, visit the Data and Analysis Hub.
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