Paramount Global Q3 Profit Rises Amid Surge in Streaming and Film Revenue, Despite Traditional TV Downfall

Paramount Global announces its direct-to-consumer (DTC) streaming losses for 2023 will be lower than 2022, as the company adds 2.7 million subscribers during the third quarter, exceeding analyst expectations.

Paramount Global's third-quarter profit rose mainly due to a 38% increase in streaming business and a 14% hike in film division revenue, particularly from new releases in the 'Mission Impossible' and 'Teenage Mutant Ninja Turtles' franchises.
The company's streaming division, Paramount+, added 2.7 million subscribers in Q3, significantly surpassing analysts' estimate of 2.02 million additions.
Despite a 23% surge in expenses at the streaming division to $1.93 billion, Paramount managed to reduce its adjusted operating loss to $238 million, down from $343 million a year earlier.
The company's traditional TV business, however, struggled with flat distribution revenue, a 14% drop in traditional video advertising, and an over 8% decrease in TV media division revenue, mainly due to the global ad market's weakness and decreased licensing revenue.
Paramount Global's CEO confirmed that the streaming investment reached its peak ahead of schedule, leading to lower direct-to-consumer (DTC) losses in 2023 compared to 2022.

The Hollywood Reporter

Variety