Paramount Global Posts Streaming Gains

Direct-to-consumer revenues at Paramount Global were up 82 percent in Q1, but overall revenues at the company slipped by 1 percent to $7.3 billion.

“The first quarter once again demonstrated the power and potential of Paramount’s unique assets and the company’s continued momentum,” said Bob Bakish, president and CEO. “Our differentiated playbook—including a broad content lineup, a streaming business model that spans ad-supported and subscription, and a global portfolio that links streaming with theatrical and television—drove strength across our entire ecosystem, including DTC revenue growth of 82 percent and 6.8 million Paramount+ subscriber additions. Our strategy is working and our execution is strong as we remain focused on delivering a great experience for consumers and a compelling financial model to our shareholders.”

TV media revenues were down 6 percent to $5.6 billion, partly from the year-on-year comparison to 2021, when CBS carried the Super Bowl. Ad revenues fell 13 percent to $2.5 billion, while affiliate and subscription revenues were stable at $2.1 billion and licensing was also flat at $1 billion.

The direct-to-consumer segment recorded revenues of $1.1 billion, with subscription revenues up 95 percent to $742 million and ad revenues up 59 percent to $347 million. The company ended Q1 with more than 62 million global streaming subscribers. Paramount+ added 6.8 million in the period to reach almost 40 million. Pluto TV reported almost 68 million monthly active users.

Filmed entertainment revenues were down 27 percent to $624 million, with theatrical revenues of $131 million and licensing/other down 42 percent to $491 million.