Paramount Global Faces Challenges in Q2 Film, but Beats Forecasts in DTC Growth

And there were quiet a few bright spots in the numbers that came out after market close.

DTC revenue of $1.66 billion beat forecasts, up 40% from a year ago, as did the traditional TV Media businesss where revenue of $5.1 billion was down 2%, less than expected, as was total revenue of $7.6 billion. DTC subscription revenue rose 47%, ad sales were up 21%. Paramount+ revenue grew 47%. Total DTC losses narrowed to $424 million from $445 million for the quarter. Executives have said that 2023 is the peak year for streaming losses and negative free cash cash after a major pivot.

“In Q2, we maintained our focus on scaling our streaming platforms, maximizing our traditional business, and building a sustainable business model that will return the company to significant earnings growth in 2024,” said CEO Bob Bakish. “Notably, Paramount+ revenue grew 47%, total DTC ad revenue increased 21%, and global viewing hours on Paramount+ and Pluto TV were up 35% year-over-year. And despite the environment, TV Media continued to contribute significant earnings.

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Paramount's Republic Pictures Acquires Homelessness-Themed Ballet Doc 'Lift' From Oscar Nominee David Petersen; Ballerina Misty Copeland Among The EPsParamount's Republic Pictures has acquired worldwide rights to the inspirational documentary Lift, from Academy Award-nominated filmmaker David Petersen, slating it for release via Paramount Global Content Distribution. The film will hit select theaters in the U.S. on September 15th and bow on digital on the 22nd. It will also debut on digital in the UK on the 25th. Ballerina Misty Copeland is among the executive producers.
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