Paramount Global has reported $6.92 billion in third-quarter revenue, which has missed expectations set by analysts, as Paramount’s TV network business revenue dropped 5% due to a drop in both advertising and pay-TV subscribers, according to CNBC.
Additionally, Paramount+, their premium streaming service, reports 46 million subscribers and direct-to-customer rose 38%. Paramount Pictures saw revenue grow 48% to $783 million compared to the same period last year thanks to a influx of new releases.
According to Refinitiv:
- Adjusted EPS: 39 cents, vs 43 cents expected
- Revenue: $6.92 billion, vs $7.01 billion expected
Paramount said revenue for its TV media segment was down 5% to about $4.9 billion compared to the previous quarter, as pay-TV subscriber numbers declined.
“If an advertiser wants to make an impact on a national level, there’s no better demonstrated media than TV,” CEO Bob Bakish said.
“We have two objectives, producing cash flow and margins from traditional media and simultaneously building scale from the most important growth sector in media, which is streaming,” said Bakish.
Paramount+, the company’s answer to premium subscription services like Netflix and Disney+, added 4.6 million subscribers, bringing its total to 46 million customers. Paramount+ also lost 1.9 million subscribers during the quarter as SkyShowtime, its joint venture with Comcast in Europe, launched in the Nordics and replaced Paramount+.
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