Sport is a huge factor in the success or failure of streaming services in the hotly contested US market
As streaming services, sporting and otherwise, continue to suffer losses in subscriber base and revenue, Paramount+ is growing steadily, largely down its coverage of sporting events like the UEFA Champions League.
In the second quarter of 2022, Paramount+ gained 3.7m new global subscribers and the streamer has no plans to stop there. With a planned expansion set to take place throughout the rest of the year, Paramount is hoping to put itself above the competition. It now has 43.3m global subscribers across all markets.
Paramount+ isn't only dedicated to sports. Unlike ESPN+ and Viaplay, Paramount+ is a place to watch all kinds of entertainment. However, sport is playing a pivotal role in its growth in the US market. As it continues to compete with the likes of Peacock and Disney+ (who own ESPN+), it's more vital than ever that Paramount+ has a strong sports and soccer offering.
Some of the sporting rights found on the Paramount+ platform include college football, NFL football and soccer from the Italian top flight Serie A. However, the most valuable asset it holds is exclusive rights to the UEFA Champions League, the most significant club competition in world soccer.
During a presentation of financial results, Paramount referenced its coverage of the UEFA Champions League, among other soccer competitions, as one of the most important factors in its recent success.
Paramount will have to fight hard to retain those rights in the coming years as the cost of such properties skyrocket along with the growing popularity of the sport in the US, but for now they are in a strong position.
Paramount+ is also enjoying success globally with its sports offering. By the end of 2022, the streamer expects to be available in over 60 countries. The platform is already available in the UK but currently holds no sporting rights in the country. However, in Mexico and central America it has nabbed the rights to the popular English Premier League, in Brazil it has the Copa Libertadores and in Australia the A-League.
Expect Paramount+ to become an even bigger player in the global sports rights landscape in the years to come.
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