Paramount Global, a leading entertainment conglomerate, announced robust first-quarter results, showcasing significant progress towards streaming profitability and achieving a milestone of 71 million subscribers for its flagship streaming service, Paramount+.

Despite the dynamic operating environment, Paramount Global delivered a strong operational and financial performance in the first quarter of 2024. The company narrowed its streaming losses by an 44% to $286 million, marking substantial progress towards profitability in its direct-to-consumer division.

Paramount Global reported the following top-line results for the first quarter:

• Net Loss: $554 million, compared to $1.1 billion in the previous year, reflecting a significant improvement in financial performance.
• Adjusted Earnings Per Share: 62 cents per share, surpassing analyst expectations of 34 cents per share.
• Revenue: $7.68 billion, up 6% year over year, in line with analyst expectations.
• Streaming Subscribers: Added 3.7 million subscribers during the quarter, reaching a total of 71.2 million subscribers.

Paramount Global’s strong performance in the first quarter can be attributed to strategic initiatives aimed at enhancing operational efficiency and driving subscriber growth:

• Revenue Growth in Direct-to-Consumer Segment: Revenue in the direct-to-consumer segment surged by 24% year over year to $1.87 billion. Subscription revenue grew by 22%, driven by both subscriber growth and strategic pricing increases for Paramount+.
• Advertising Revenue Surge: Advertising revenue witnessed a remarkable 31% increase to $521 million, driven by the strong performance of Pluto TV and Paramount+, including the impact of Super Bowl LVIII.
• Paramount+ Revenue Growth: Paramount+ revenue soared by an impressive 51%, reflecting subscriber growth and ARPU expansion.

In conjunction with the strong financial results, Paramount Global announced a significant executive leadership transition. CEO Bob Bakish will be stepping down from his position, to be replaced by an Office of the CEO comprising George Cheeks, Chris McCarthy, and Brian Robbins. This strategic move aims to accelerate growth and enhance operational efficiency across Paramount Global.

Paramount Global is a leading entertainment conglomerate, encompassing a diverse portfolio of media assets, including Paramount Pictures, CBS, and Paramount+, among others. With a focus on innovation and quality entertainment, Paramount Global is dedicated to shaping the future of the entertainment industry.

Note: For more information on Paramount Global’s first-quarter results, please refer to the company’s official financial disclosures.