Paramount Lost $490 Million on Streaming in The 4th Quarter of 2023





Today, Paramount announced its 4th quarter 2023 earnings. In that report, it announced that streaming had lost $490 million during the final few months of 2023. In 2022, Paramount lost $575 during the same period.

Paramount+ added 4.1 million subscribers hit a new high of 67.5 million subscribers in the 4th quarter of 2023. This comes as Paramount says they have reduced the number of subscribers canceling the service as they focus on making it profitable.

“Our disciplined execution and strong content offering drove our results in 2023, as we continue to evolve our business for profitable growth in 2024 and beyond. In Q4, Paramount+ revenue increased 69%, DTC Adjusted OIBDA improved for the third consecutive quarter, and we now expect to reach
domestic Paramount+ profitability in 2025 – a significant milestone. Looking ahead, we continue to be focused on maximizing the return on our content investments and scaling streaming, while transforming the cost base of our business. And I couldn’t be more thrilled with the early momentum
we’ve had across every platform in 2024, demonstrating the power of our strategy and assets.” Said Bob Bakish, President and CEO of Paramount.

In total Paramount reported $514 million a jump from just $21 million during the same period of 2022. Revenue overall was down, but streaming saw advertising revenue jump 15% to $526 million thanks to Paramount+ and Pluto TV. Subscription revenue grew 43 to $1.33 billion with the help of more subscribers and high process.

Traditional TV networks like CBS and MTV saw revenue drop by 12% to $5.16 billion in the 4th quarter of 2023. TV revenues over all fell 15 to $2.28 billion. Affiliate and subscription revenue dropped just 1% to $2 billion. Fil revenues where down 31% to just $936 million a sharp drop form the same period in 2022.

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