Paramount Global shares sink as results miss and TV revenue falls
The movie studio Paramount Pictures saw revenue grow 48% to $783 million compared to the same period last year, on the back of more releases compared to the earlier days of the pandemic when lockdowns were still in place. Paramount Pictures also grew its licensing revenue to other platforms by 19% to $549 million. The company’s direct-to-consumer streaming segment also performed better. Paramount+, the company’s answer to premium subscription services like Netflix and Disney+, added 4.6 million subscribers, bringing its total to 46 million customers.
Paramount+ also lost 1.9 million subscribers during the quarter as SkyShowtime, its joint venture with Comcast in Europe, launched in the Nordics and replaced Paramount+.
The movie studio Paramount Pictures saw revenue grow 48% to $783 million compared to the same period last year, on the back of more releases compared to the earlier days of the pandemic when lockdowns were still in place. Paramount Pictures also grew its licensing revenue to other platforms by 19% to $549 million.
(US.PARA)