Paramount+ gained 2.7 million subscribers to 63 million in the third quarter of this year, while Paramount Global’s DTC losses narrowed to $238 million from $343 million last year.
A net improvement also underscored by Bob Bakish, president and chief executive officer of Paramount Global: “We continue to execute our strategy and prioritize prudent investments in streaming while maximizing earnings in our traditional business. “In the third quarter, we were able to grow direct-to-consumer revenues and Paramount+ subscribers, reducing DTC losses by more than 30 percent.”
The news of the improvement comes after the company stated how 2023 would be the “peak” year for streaming-related losses. On the other hand, the company said the improvements in streaming results were driven by increased subscriptions and Paramount+ price increases.
Quarterly streaming revenues were up 38 percent, subscription revenues were up 46 percent, and streaming advertising revenues, which include Paramount+ and Pluto TV, were up 18 percent, also compared to last year.
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