Paramount+ Gains 2.7 million Subscribers as Streaming Losses Decrease
Paramount+ has gained 2.7 million subscribers reaching a total of 63 million in the third quarter of 2023. By: Wee Yan Ling
Paramount+ has seen a notable increment of 2.7 million subscribers reaching a totality of 63 million. Paramount Global’s direct-to-consumer (DTC) has also shrieked to $238 million from $343 million the previous year. The company has grown 38% in quarterly streaming revenue totally at $1.69 billion as opposed to $1.23 billion last year.
Subscription revenue has also risen to $1.26 billion and their streaming ad revenue has also increased to 18%, reaching $430 million year-on-year. These improvements are attributed to growth in subscribers and the increase in pricing for Paramount+. The average revenue per subscriber also increased 16% as compared to last year during the same quarter.
For the TV business, revenue declined 8% to $4.57 billion due to the declining advertising revenue and the film segment had a growth of 14%. The company has reported a 3% rise in revenue to $7.13 billion in the third quarter as compared to $6.92 billion in the same quarter last year.
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