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TRENDING
Nov. 14, 2024
Paramount's Streaming Profit and Subscriber Growth
Paramount Global reported its third-quarter financial results — including a swing to a streaming profit from a year-ago loss — on Friday in the Hollywood conglomerate’s second earnings report since its sale to Skydance Media was unveiled.
Paramount Global has reported a significant turnaround
in its third-quarter financial results for 2024. The company posted a streaming
profit of $49 million, a notable improvement from a loss of $238 million in the
same period last year. This marks the second consecutive quarter of
profitability for Paramount’s direct-to-consumer (DTC) segment, driven by the
addition of 3.5 million new subscribers to its streaming services.
The total number of subscribers across Paramount’s
streaming platforms, including Paramount+ and Pluto TV, has now reached 72
million. This growth in subscribers has been a key factor in the company’s
improved financial performance. Despite the positive results in streaming,
Paramount’s overall revenue saw a decline of 6%, attributed to dips in its film
and television divisions.
The film unit, however, managed to swing back to
profitability, contributing to the company’s overall improved financial health.
Paramount’s CEO, Brian Robbins, highlighted the strategic focus on expanding
the streaming business while optimizing the performance of traditional media
segments as a critical factor in achieving these results.
This financial update underscores Paramount’s
successful adaptation to the evolving media landscape, balancing growth in
digital platforms with the challenges faced by traditional media sectors.
