Pluto TV’s Audience Falls to 75 Million as Free Streaming Competition Intensifies
Skydance's latest investor disclosure shows a smaller Pluto TV audience than an earlier internal figure reported by Business Insider, raising questions about the platform's competitive position.
Pluto TV’s audience is smaller than previously reported, according to new figures from parent company Skydance and earlier internal audience data obtained by Business Insider.
In its November 9, 2026, investor disclosure, Skydance reported that Pluto TV has approximately 75 million monthly active users. The figure appears in the company’s Direct-to-Consumer section, which also discusses Paramount+, HBO and HBO Max.
Business Insider reported on November 10 that internal Paramount figures shared with employees in April placed Pluto TV’s 2025 monthly active audience at 89.6 million. That earlier figure was reportedly 5.4 million higher than the previous year’s measurement.
The figures suggest a notable contraction in Pluto TV’s reported audience. However, because they cover different reporting periods and the underlying measurement methods have not been independently reconciled, they should not be treated as a precisely audited year-over-year comparison.
Free Streaming Competition Is Growing
Pluto TV operates in the free, advertising-supported streaming television market, commonly known as FAST, where viewers can watch programming without a traditional paid subscription.
Business Insider’s November 10 investigation examines Pluto TV’s audience decline alongside the growth of competing services.
According to that reporting, Tubi reached approximately 110 million monthly active users by August 2026, while The Roku Channel reported reaching more than 100 million households across its platforms.
Those measurements are not directly interchangeable. Tubi’s monthly active users and Roku’s household reach represent different metrics and should not be interpreted as equivalent audience counts.
Nevertheless, the figures illustrate the competitive environment facing Pluto TV as free streaming platforms seek to attract and retain viewers.
A Technology Overhaul, but No Proven Cause
Skydance says Pluto TV has largely completed its migration onto the technology infrastructure used by Paramount+.
The company expects shared technology to improve personalization, advertising capabilities and operational efficiency across its streaming services.
Business Insider reported that two Paramount employees suggested Pluto TV’s September 2026 interface redesign may have contributed to declining usage. The redesign placed greater emphasis on on-demand programming rather than the traditional live-channel experience.
That explanation remains unverified. Neither the company’s disclosures nor the employees’ observations establish that the redesign caused Pluto TV’s reported audience decline.
The reported audience figures also do not, by themselves, establish corresponding changes in viewing hours, advertising revenue or profitability.
What This Means for Pluto TV
For Skydance, the challenge is maintaining Pluto TV’s audience while continuing its technology and product transformation.
The company’s November 9 disclosure confirms its latest reported audience size. Business Insider’s separately reported historical figures provide context for assessing that number, but do not establish exactly when or why usage changed.
The larger question is whether Pluto TV’s updated technology and viewing experience can help the service compete more effectively in the expanding free-streaming market.
For viewers, the immediate concern is whether those changes make it easier to discover and enjoy the content they want to watch.
Sources
1. Skydance Corporation, November 9, 2026
Official third-quarter financial disclosure, Direct-to-Consumer section.
https://ir.paramount.com/static-files/fda26dd2-80e6-4b0e-bf0a-6b6ffa958197
Confirms approximately 75 million Pluto TV monthly active users and the company’s streaming technology strategy.
2. Business Insider, James Faris, November 10, 2026
Skydance’s Pluto TV Has Shrunk as Its Free TV Rivals Have Gained Share.
Original reporting on historical internal audience figures, competition and employee observations about the redesign.
3. Skydance Third-Quarter 2026 Earnings Call
Additional confirmation of the current audience figure and the integration onto Paramount+’s technology platform.
References
Sources & References
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Links cited, consulted, or used as background for this article. Inclusion does not imply independent verification of every claim.
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