Paramount+ Reaches 56M Subs, As Paramount's Streaming Losses Deepen To $575 Million
Paramount Global released its latest earnings report on Thursday, and one aspect of the company's business that is getting a lot of attention is its subscriber base. The company had a total of 77 million streaming subscribers globally as of the end of 2022, according to The Hollywood Reporter.
That's up for 67 million at the end of September 2022. Paramount+ specifically had «record quarterly user gain,» rising to 56 million by the end of 2022. That was up 9.9 million from the 46 million figure announced at the end of September 2022.
Top Gun: Maverick, among other pieces of high-profile content like NFL programming, 1923, Tulsa King, and Smile, helped fuel the growth.
Paramount's streaming division saw revenue grow by 30% to $1.4 billion, with subscription revenue specifically rising by 48%. Additionally, advertising revenue rose by 4%. However, Paramount's operating losses for the direct-to-consumer segment deepened to $575 million, a bigger quarterly loss than $502 million during the same period last year.
CEO Bob Bakish predicted that profits are in the company's future. «Our content and platform strategy is working and, with even more exceptional content coming this year, we expect to return the company to earnings growth in 2024,» he said.
On the film side, Paramount's theatrical revenue rose by 149% thanks to the success of the horror movie Smile. It's now Paramount's third-biggest revenue driver behind Sonic the Hedgehog 2 and Top Gun: Maverick.
Head to The Hollywood Reporter to get more information on Paramount's latest earnings results.
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