The continued migration of viewers from linear television to the new streaming services helped Paramount+ put on 5.6 million subscribers on the quarter.
The pre-merger Paramount Global reported revenues of $7.98 billion were short of analyst predictions. However, streaming bucked the trend with the highest subscriber additions to Paramount+ for two years beating analyst expectations of 5.6 million subscribers.
Paramount+ is seen as having a strong autumn line-up with shows including Landman, starring Billy Bob Thornton and Demi Moore, and The Agency, starring Michael Fassbender, picking up from Yellowstone in attracting and retaining subscribers.
The direct-to-consumer segment, which also includes Pluto TV and BET+, Paramount posted an adjusted loss of $286 million, an improvement from the $490 million adjusted loss in the same period of 2023.
“We are proud of the transformative year we delivered since becoming co-CEOs, which marks a significant turning point for Paramount as we shift into a streaming-first company. DTC profitability improved $1.2 billion in 2024, driven by an impressive year at Paramount+, where we added 10 million new subscribers and delivered a 33% increase in revenue, which gives us great confidence Paramount+ will achieve full year domestic profitability for 2025,” co-CEOs George Cheeks, Chris McCarthy and Robbins said in a joint statement.
The merger with Skydance Media is slated for completion in the first half of 2025.
