Paramount+ increased revenues by 61% on the quarter as it reached 63 million global subscribers.
The streaming service and FAST channel portal Pluto TV between them grew viewing hours by 46%.
“We continue to execute our strategy and prioritize prudent investment in streaming while maximizing the earnings of our traditional business,” said Paramount Global CEO Bob Bakish in a statement. “In Q3, we successfully grew Direct- to-Consumer revenue and Paramount+ subscribers while narrowing DTC losses over 30%. In fact, we now expect DTC losses in 2023 will be lower than in 2022 – meaning streaming investment peaked ahead of plan. Looking ahead, we remain on the path to achieving significant total company earnings growth in 2024.
Subscription revenue grew by 46% to $1.3 billion year-on-year,driven by subscriber growth and pricing increases for Paramount+, and revenue from pay-per-view events.
The company is now forecasting full-year direct-to-consumer losses in 2023 lower than in 2022, with DTC losses in Q4 23 similar to Q4 22.
