Skydance's Pluto TV has shrunk as its free TV rivals have gained share

Skydance's liberated streaming assistance has shrunk.

Pluto TV has concerning 75 myriad monthly energetic users, Skydance — formerly Paramount Skydance — told shareholders on Monday as it reported third-quarter earnings.

The context: Pluto TV had 89.6 myriad monthly energetic users in 2025, Business Insider reported in April, according to a town hall display by Paramount streaming backing chief Elizabeth Wright.

In the April meeting, Paramount streaming workforce were told that Pluto TV grew by 5.4 myriad users in 2025, which would put the 2024 person figure at about 84.2 million. The display slides, viewed by Business Insider, didn't define whether those figures were averages for the financial twelvemonth or year-end totals.

Previously, Paramount had told investors in May 2023 that Pluto TV had reached the "milestone" of 80 myriad monthly energetic users.

Here are snapshots of how Pluto TV's person basis has changed, according to business announcements and Business Insider's reporting:

• 2023: 80 myriad monthly energetic users (Company notice in May 2023)
• 2024: 84.2 myriad monthly energetic users (Internal glide deck)
• 2025: 89.6 myriad monthly energetic users (Internal glide deck)
• 2026: 75 myriad monthly energetic users (Company notice in November)

This autumn poses a difficulty for Skydance and its CEO, David Ellison, who merged Paramount alongside Warner Bros. Discovery final duration in hopes of building a streaming business that can vie alongside industry leaders akin Netflix and Disney.

Before purchasing WBD, Paramount had focused on merging the tech platforms for Paramount+ and Pluto TV in a procedure known internally as convergence, Business Insider earlier reported. The archetypal phase of that convergence procedure is "largely completed," Skydance's CEOs told shareholders Monday, adding that Pluto now runs on the identical tech as Paramount+ on all important streaming platforms.

Putting Pluto and Paramount+ on one tech phase "lowers our disbursal to operate, speeds up merchandise development, and gives us shared personalization and monetization capabilities throughout our liberated and subscription offerings," Ellison and co-CEO Ynon Kreiz stated in their shareholder letter.

In September, Pluto's interface got a important refresh that put its on-demand satisfied forefront and center, fairly than highlighting its signature always-on live channels. Skydance's shareholder letter stated that this alter and upgrades, specified as improved personalization, are "already improving the person experience."

Two Paramount streaming workforce stated they idea the layout alter could have contributed to the autumn in monthly energetic users.

Pluto's rivals have gained share

Pluto TV was first to liberated ad-supported streaming TV, known as "FAST." It launched in 2014, about the identical period as competitor Tubi, and was bought in 2019 by Viacom (which afterward merged alongside CBS and afterward eventually became Skydance).

Pluto TV archetypal appeared on Nielsen's monthly streaming charts in July 2022, alongside a 0.8% portion of US TV viewing. Pluto's idiosyncratic portion peaked at 1% in February 2025, following which Nielsen began reporting it alongside Paramount+. Paramount's streaming portion was 2.3% in August — the identical flat it was in March 2025.

Tubi has taken off in that span, rising from 1% of US TV viewing in February 2023 to 1.9% in August. The Fox-owned liberated streamer has grown from 74 myriad monthly energetic users in September 2023 to 110 million, as of August.

The Roku Channel, another competitor liberated streamer, rosy from a 1.1% US TV portion in May 2023 to a 2.9% portion in August, putting it fifth rearward YouTube, Netflix, Disney's streamers, and Amazon's Prime Video. Roku has complete 100 myriad households throughout its platforms, Fox stated Friday following purchasing the company.

YouTube has rotate into by far the most-watched streamer on US TVs, soaring from a 5.7% portion in May 2021 to a 15.8% portion in August, according to Nielsen. Its next closest rival, Netflix, is at 7.7%.