21.7 C

Paramount Streaming Losses Shrink as Subs Reach 61 Million



As the writers and actors strikes continue to disrupt the entertainment industry, Paramount added a modest 700,000 subscribers to its main streaming service, Paramount+, the company announced during an earnings call this evening.

The gain is far smaller than the 4.1 million subscribers it added last quarter; however, along with the additions, the company’s subscription revenue rose 47%, and Paramount hit 61 million subscribers total.

For the quarter, streaming losses fell to $424 million—down from $511 million in the first quarter. And overall, the company said revenue for its streaming operations (which includes AVOD service Pluto) is up 40%.

Regarding the falling subscription adds, CFO Naveen Chopra said the decline is due to “seasonal softness” as well as a “strategic shift” in content release strategy to “better align with the launch of Paramount+ and Showtime.”

In June, Paramount officially debuted Paramount+ with Showtime, which the company expects to generate $700 million in expense savings. The tier launch came with price increases in both the existing premium Paramount+ tier and its essential tier.

Subscriber growth is expected to be higher in the second half of the year, but the third quarter will see a dip of just over a million subscribers due to a restructuring of a Latin America bundle deal.

Ad sales are up

Following Paramount closing its upfront talks, CEO Bob Bakish said revenue gains came from improvements in digital advertising on Paramount+ and Pluto, though linear TV sales still struggled with a soft market.

Subscribe to our magazine

━ more like this

Jack Black abruptly cancels Tenacious D tour after his longtime bandmate joked about the attempt on Trump’s life

The comedy rock duo Tenacious D — made up of Jack Black and Kyle Gass — has canceled the rest of their tour after Gass’ remarks about...

The best Kindle deals available for Amazon Prime Day 2024

It’s no secret that Amazon sells some of the most popular e-readers on the market. Every Kindle I’ve ever tested has been snappy...

You can now tap your retirement account for a $1,000 emergency. But be careful

Between the soaring cost of living and sky-high interest rates, average Americans are strapped for cash, making it difficult to save for emergencies—or...

How to Embrace the Glorious Mess of Everyday Life – Tiny Buddha

“Embrace the glorious mess that you are.” ~Elizabeth Gilbert Let’s begin with a simple fact: life is inherently messy. Despite our best efforts to...

The Philadelphia Airport just recorded snowfall–in July

Las Vegas hit record highs of 120 degrees earlier this month and areas along the east coast are currently under extreme heat warnings,...