Paramount Global Sees Tough Q2 In Film (‘Transformers’ Vs 'Top Gun’), Muted DTC Growth But Otherwise Bests Forecasts; Streaming Losses Narrow, Stock Pops
And there were quiet a few bright spots in the numbers that came out after market close.
DTC revenue of $1.66 billion beat forecasts, up 40% from a year ago, as did the traditional TV Media businesss where revenue of $5.1 billion was down 2%, less than expected, as was total revenue of $7.6 billion. DTC subscription revenue rose 47%, ad sales were up 21%. Paramount+ revenue grew 47%. Total DTC losses narrowed to $424 million from $445 million for the quarter. Executives have said that 2023 is the peak year for streaming losses and negative free cash cash after a major pivot.
“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,” said CEO Bob Bakish. “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.
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