Although Paramount total direct-to-consumer (D2C) streaming revenue grew 82% to $1.1 billion in the first quarter due to growth at Pluto TV and Paramount+, its total company-wide revenue of $7.3 billion (down 1%) under-delivered expectations.

Mid-day trading of Paramount Global stock was down 6% to $28.51. Analysts believe a softening of the streaming D2C business has begun for all major competitors.

Paramount says total global subscription revenue from streaming was sharply up -- 95% higher to $742 million, with streaming advertising revenue growing 59% in the first quarter to $347 million.

MoffettNathanson Research estimates Pluto TV -- Paramount's free, ad-supported streaming service -- pulled in the bulk of Paramount Global D2C ad revenue -- $282 million in the first quarter.

The company says Pluto TV now has 68 million monthly active users -- up from 64 million in the previous quarter.

Overall, Paramount added 6.3 million total streaming subscribers to now total 62 million -- including Pluto TV, Paramount+, and Showtime OTT. Looking specifically at Paramount+, its premium streaming platform, there were 6.8 million subscriber additions, reaching a total of 40 million globally.

Total linear TV business at its TV networks and stations sank 6% during the period to $5.6 billion, due to unfavorable comparisons of the year-earlier period when CBS aired the Super Bowl.

Advertising revenue was down 13% to $2.5 billion. Taking out the Super Bowl traditional TV ad revenue grew 4%.

Affiliate and subscription revenue was flat during the first three months of 2022 (at $2.1 billion), as was licensing content revenue $1 billion.

Although filmed entertainment revenue was down 27% to $624 million, theatrical revenue rose to $130 million from $1 million a year ago. due to significant theater re-openings as the COVID-19 pandemic subsided.

Licensing revenue was down 42% to $491 million.