Total revenue of $8.1 billion was up 2% from the year earlier. <\/p>\n
Streaming subscriber growth was driven by a strong content slate, including the NFL, the expansion of existing franchises like Top Gun: Maverick<\/em> and 1923, the success of new franchises like Tulsa King<\/em> and Smile<\/em>, as well as CBS’s overall entertainment slate.<\/p>\n Global DTC subscribers rose to more than 77 million. <\/p>\n Streaming revenue was up 30% to $1.3 billion year-over-year, including an 81% jump at Paramount+. Toal subscription revenue rose 48% year-over-year, reflecting Paramount+. Streaming advertising sales rose 4% and subscriptions surged 48%. Adjusted losses widened by $73 million to $575 million. Expenses grew to $1.97 billion from $1.57 billion.<\/p>\n In TV and media, ad revenue fell 7%. Affiliate and subscrption revenue fell 4%. Licensing and other revenue declined 11%. Operating profit rose 5% however, on lower costs.<\/p>\n The film division saw revenue up by 35%, with theatrical surging 149% driven by the box office power of Smile<\/em>. Licensing and other revenues grew 28% on the home entertainment window led by the continued success of Top Gun: Maverick<\/em>.<\/p>\n It’s been a tumultuous few weeks for the company amid sweeping changes on the TV side with Showtime integrating with Paramount+ and merging with MTV Entertainment Studios, a consolidation that’s resulted in layoffs, including 120 this week dubbed internally The Valentine’s Day Massacre at the premium cable network.<\/p>\n Also this week, Warren Buffett’s Berkshire Hathaway boosted its investment in Paramount last quarter by an additional 2.4 million<\/p>\n “Paramount continues to demonstrate the success of its global multiplatform strategy, with popular content at its core. Nowhere was this more evident than in the growth of Paramount+,” said CEO Bob Bakish. “In addition, in 2022, Paramount Pictures had 6 films open at #1 in the U.S. box office and Paramount regained its position as the most-watched media family in linear television. Our content and platform strategy is working and, with even more exceptional content coming this year, we expect to return the company to earnings growth in 2024.”<\/p>\n He’ll be hosting a conference call with analysts at 8:30 am ET.<\/p>\n MORE<\/p>\nRelated Story<\/h4>\n
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