diff --git a/backend/controller/dal/pubsub.go b/backend/controller/dal/pubsub.go
index 8f086934c0..c2f2a3ab57 100644
--- a/backend/controller/dal/pubsub.go
+++ b/backend/controller/dal/pubsub.go
@@ -5,6 +5,7 @@ import (
 	"fmt"
 	"time"
 
+	"github.com/TBD54566975/ftl/backend/controller/observability"
 	"github.com/TBD54566975/ftl/backend/controller/sql"
 	dalerrs "github.com/TBD54566975/ftl/backend/dal"
 	"github.com/TBD54566975/ftl/backend/schema"
@@ -23,6 +24,7 @@ func (d *DAL) PublishEventForTopic(ctx context.Context, module, topic string, pa
 	if err != nil {
 		return dalerrs.TranslatePGError(err)
 	}
+	observability.PubSub.Published(ctx, module, topic)
 	return nil
 }
 
@@ -100,6 +102,8 @@ func (d *DAL) ProgressSubscriptions(ctx context.Context, eventConsumptionDelay t
 		if err != nil {
 			return 0, fmt.Errorf("failed to schedule async task for subscription: %w", dalerrs.TranslatePGError(err))
 		}
+
+		observability.PubSub.SubscriberCalled(ctx, subscription.Topic.Payload.Name, schema.RefKey{Module: subscription.Key.Payload.Module, Name: subscription.Name}, subscriber.Sink)
 		successful++
 	}
 	return successful, nil
diff --git a/backend/controller/observability/observability.go b/backend/controller/observability/observability.go
index 176e61af49..da8165527b 100644
--- a/backend/controller/observability/observability.go
+++ b/backend/controller/observability/observability.go
@@ -1,19 +1,25 @@
 package observability
 
 import (
+	"errors"
 	"fmt"
 )
 
 var (
-	FSM *FSMMetrics
+	FSM    *FSMMetrics
+	PubSub *PubSubMetrics
 )
 
 func init() {
+	var errs error
 	var err error
 
 	FSM, err = initFSMMetrics()
+	errs = errors.Join(errs, err)
+	PubSub, err = initPubSubMetrics()
+	errs = errors.Join(errs, err)
 
 	if err != nil {
-		panic(fmt.Errorf("could not initialize controller metrics: %w", err))
+		panic(fmt.Errorf("could not initialize controller metrics: %w", errs))
 	}
 }
diff --git a/backend/controller/observability/pubsub.go b/backend/controller/observability/pubsub.go
new file mode 100644
index 0000000000..242bf32912
--- /dev/null
+++ b/backend/controller/observability/pubsub.go
@@ -0,0 +1,76 @@
+package observability
+
+import (
+	"context"
+	"errors"
+	"fmt"
+
+	"go.opentelemetry.io/otel"
+	"go.opentelemetry.io/otel/attribute"
+	"go.opentelemetry.io/otel/metric"
+	"go.opentelemetry.io/otel/metric/noop"
+
+	"github.com/TBD54566975/ftl/backend/schema"
+	"github.com/TBD54566975/ftl/internal/observability"
+)
+
+const (
+	pubsubMeterName                = "ftl.pubsub"
+	pubsubTopicNameAttribute       = "ftl.pubsub.topic.name"
+	pubsubSubscriptionRefAttribute = "ftl.pubsub.subscription.ref"
+	pubsubSubscriberRefAttribute   = "ftl.pubsub.subscriber.sink.ref"
+)
+
+type PubSubMetrics struct {
+	meter            metric.Meter
+	published        metric.Int64Counter
+	subscriberCalled metric.Int64Counter
+}
+
+func initPubSubMetrics() (*PubSubMetrics, error) {
+	result := &PubSubMetrics{}
+	var errs error
+	var err error
+
+	result.meter = otel.Meter(pubsubMeterName)
+
+	counterName := fmt.Sprintf("%s.published", pubsubMeterName)
+	if result.published, err = result.meter.Int64Counter(
+		counterName,
+		metric.WithUnit("1"),
+		metric.WithDescription("the number of times that an event is published to a topic")); err != nil {
+		errs = handleInitCounterError(errs, err, counterName)
+		result.published = noop.Int64Counter{}
+	}
+
+	counterName = fmt.Sprintf("%s.subscriber.called", pubsubMeterName)
+	if result.subscriberCalled, err = result.meter.Int64Counter(
+		counterName,
+		metric.WithUnit("1"),
+		metric.WithDescription("the number of times that a pubsub event has been enqueued to asynchronously send to a subscriber")); err != nil {
+		errs = handleInitCounterError(errs, err, counterName)
+		result.subscriberCalled = noop.Int64Counter{}
+	}
+
+	return result, errs
+}
+
+func handleInitCounterError(errs error, err error, counterName string) error {
+	return errors.Join(errs, fmt.Errorf("%q counter init failed; falling back to noop: %w", counterName, err))
+}
+
+func (m *PubSubMetrics) Published(ctx context.Context, module, topic string) {
+	m.published.Add(ctx, 1, metric.WithAttributes(
+		attribute.String(observability.ModuleNameAttribute, module),
+		attribute.String(pubsubTopicNameAttribute, topic),
+	))
+}
+
+func (m *PubSubMetrics) SubscriberCalled(ctx context.Context, topic string, subscription, sink schema.RefKey) {
+	m.subscriberCalled.Add(ctx, 1, metric.WithAttributes(
+		attribute.String(observability.ModuleNameAttribute, sink.Module),
+		attribute.String(pubsubTopicNameAttribute, topic),
+		attribute.String(pubsubSubscriptionRefAttribute, subscription.String()),
+		attribute.String(pubsubSubscriberRefAttribute, sink.String()),
+	))
+}