NEW YORK—Paramount reported that losses from its streaming operations continued to decline as the company reported growth in streaming subscribers, viewing and DTC ad revenue in Q2 2023.
“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,” Paramount president and CEO Bob Bakish said in a statement. “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. As we look forward, we will continue to be guided by our content-first approach and seek to maximize its value across platforms and revenue streams, while also operating with the utmost efficiency through this year of peak streaming investment.”
