Paramount Global Adds 3.5 Million Streaming Subs In Q3 But Revenues Fall 6% As TV & Film Dip
Paramount Global Adds 3.5 Million Streaming Subs In Q3 But Revenues Fall 6% As TV & Film Dip
admin 2024/11/10 02:43Paramount Global posted mixed third-quarter financial numbers as its TV and film divisions dipped, but bosses are pointing to solid subscription growth and profits at Paramount+ and cost reductions as signs their plan is working.
Direct-to-consumer revenue was a particular high spot, up 10%, with Paramount+ adding 3.5 million subscribers to push its total up to 72 million and solidify its spot as the fourth-largest global SVOD streamer. Revenue was up 10% to $1.86 billion and adjusted earnings swung from a $238 million loss in the third quarter of 2023 to a $49 million profit — marking the second quarter in a row DTC has made money for Paramount, as Paramount+ price hikes. DTC advertising on Paramount+ and Pluto TV was up 18% at $507 million.
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Direct-to-consumer revenue was a particular high spot, up 10%, with Paramount+ adding 3.5 million subscribers to push its total up to 72 million and solidify its spot as the fourth-largest global SVOD streamer. Revenue was up 10% to $1.86 billion and adjusted earnings swung from a $238 million loss in the third quarter of 2023 to a $49 million profit — marking the second quarter in a row DTC has made money for Paramount, as Paramount+ price hikes. DTC advertising on Paramount+ and Pluto TV was up 18% at $507 million.
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