Paramount+ subscribers up 3.5 million in 3Q 2024

Friday, November 8th, 2024 
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Paramount Global Reports Third Quarter Earnings Results

  • Meaningful Progress Advancing Strategic Goals
    • Significant Improvement in Direct-To-Consumer: Adjusted OIBDA Improved $287 Million Year-Over-Year to $49 Million
    • Continued Momentum at Paramount+: Revenue Growth of 25% Year-Over-Year and 3.5 Million Subscriber Additions in the Quarter
    • Streamlined Organization: Advancing $500 Million in Annual Run Rate Cost Savings
  • Skydance Transactions Expected to Close in First Half of 2025

NEW YORK — Paramount Global (NASDAQ: PARA, PARAA) today announced financial results for the third quarter ended September 30, 2024.

Direct-To-Consumer

Overview

DTC profitability improved significantly year-over-year. Sports, including the return of the NFL and UEFA, originals like Tulsa King, which saw the biggest global debut in platform history for season 2, and Mayor of Kingstown, as well as post-theatrical releases, such as A Quiet Place: Day One and IF, all drove acquisition in the quarter. Pluto TV continues to benefit from strong engagement resulting in increased monetization.

Q3 Financials

  • DTC revenue increased 10% year-over-year.
    • DTC subscription revenue grew 7%, driven by year-over-year subscriber growth and pricing increases for Paramount+.
    • DTC advertising revenue rose 18%, reflecting growth from Paramount+ and Pluto TV.
    • Paramount+ revenue grew 25%, driven by year-over-year subscriber growth and ARPU expansion.
      • Paramount+ subscribers increased 3.5 million in the quarter to 72 million.
      • Paramount+ global ARPU expanded 11% year-over-year.
  • DTC adjusted OIBDA increased $287 million year-over-year to $49 million, reflecting revenue growth and cost efficiencies.

Three Months Ended September 30

$ in millions     2024      2023  $B/(W)    %
                ------  --------  ------  ---
Revenue         $1,860    $1,692    $168  10%
- Advertising      507       430      77   18
- Subscription   1,343     1,258      85    7
- Licensing         10         4       6  150
Expenses         1,811     1,930     119    6
Adjusted OIBDA     $49    $(238)    $287  n/m

Nine Months Ended September 30

$ in millions     2024      2023  $B/(W)    %
                ------  --------  ------  ---
Revenue         $5,619    $4,867    $752  15%
- Advertising    1,540     1,269     271   21
- Subscription   4,069     3,594     475   13
- Licensing         10         4       6  150
Expenses         5,830     6,040     210    3
Adjusted OIBDA  $(211)  $(1,173)    $962  82%
More: Results release

Links: Paramount Global