Paramount Delivers Streaming Gains, Q4 Profit

Direct-to-consumer was a bright spot in Paramount’s Q4 results, with the company posting a net profit of $514 million on revenues of $7.6 billion, a 6 percent fall from the year-ago period.

“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,” said Bob Bakish, president and CEO. “In Q4, Paramount+ revenue increased 69 percent, 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.”

Direct-to-consumer revenues increased by 34 percent to $1.9 billion, with ad revenues up 14 percent to $526 million and subscription income up 43 percent to $1.3 billion. Overall revenues at Paramount+ rose 69 percent, with the subs base reaching 67.5 million, a net gain of 4.1 million.

TV media revenues slipped by 12 percent to $5.2 billion, with ad revenues down 15 percent to $2.3 billion, affiliate and subs revenues relatively stable at $2 billion and licensing revenues of $882 million, a fall of 25 percent, largely due to the Hollywood strikes.

Filmed entertainment revenues fell 31 percent to $647 million, with theatrical revenues down 20 percent to $78 million and licensing down 32 percent to $566 million, again due to the strikes and the prior-year release of Top Gun: Maverick.