Revenues at Paramount rose by 19 percent to $7.8 billion in the second quarter, driven by significant gains in its direct-to-consumer and filmed entertainment divisions.
“Paramount continues to build momentum with the assets, strategy and ability to compete—and win,” said Bob Bakish, president and CEO. “In Q2, we grew total company revenue by 19 percent and took market share in streaming, in broadcast TV, in box office and in upfront dollars, all while increasing our penetration of the most important growth market in media—streaming. At the heart of that growth was our hugely popular content—from the cultural phenomenon and number one movie in the world, Top Gun: Maverick, to the most popular show in the country, Yellowstone. Our deep and growing library of valuable IP, coupled with the strength of our best-in-class assets, ensures we are well-positioned to continue to maximize value for our shareholders.”
Paramount’s TV media segment posted revenues of $5.3 billion, a slight gain on the year-ago period, with growth in content licensing revenues partially offset by lower advertising and affiliate revenues. Ad revenues slipped 6 percent to $2.2 billion, while affiliate and subscription revenues were down 3 percent to $2.1 billion, largely due to lower international revenues. Licensing and other revenues grew 27 percent year-over-year to $1 billion.
In the direct-to-consumer segment, revenues were up 56 percent to $1.2 billion. Subscription revenue grew 74 percent year-over-year to $830 million, principally reflecting paid subscriber growth on Paramount+. Advertising revenue rose 25 percent with gains at both Paramount+ and Pluto TV. Global DTC subscribers rose to nearly 64 million, with Paramount+ reaching more than 43 million. Pluto TV grew global monthly active users (MAUs) to nearly 70 million.
Filmed entertainment revenues more than doubled to $1.4 billion, powered by the theatrical release of Top Gun: Maverick and Sonic the Hedgehog 2. Theatrical revenues rose to $764 million and licensing revenues to $587 million.