Paramount Global’s streaming service Paramount+ gained 4.1 million subscribers in the first quarter to reach 60 million.The previous quarter had seen growth of 9.9 million.However, the company which also includes the US CBS Network and channels including MTV and Comedy Channel slipped to a loss as advertising revenue tumbled by 11%. There was also a $1.7 billion charge resulting from plans to integrate Showtime into its Paramount+ streaming service and the cancellation of a number of series.In an investor call Chief Executive Officer Bob Bakish said the company is “navigating a challenging and uncertain macroeconomic environment, and you see the impact of that on our financials, as the combination of peak streaming investment intersects with cyclical ad softness.”Monthly users to the Pluto TV FAST channel network increased to 80 million, from 78.5 million at the end of the December quarter.Paramount reported a loss of $511 million in its direct-to-consumer operations, compared to a loss of $456 million in the year-earlier quarter.
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