Paramount Reports $49M Streaming Profit, Subscriber Growth in Latest Earnings Report

Paramount Global has posted strong results for the third quarter, reporting a $49 million profit in its streaming unit, a remarkable recovery from a loss during the same period last year. This marks the second consecutive quarter of profitability for Paramount+, the company’s flagship streaming platform, which saw a 3.5 million subscriber increase.

This surge in subscribers is attributed to both international growth through a new bundled deal and domestic expansion due to a distribution partnership with Charter Communications. The platform's revenue spiked 25%, driven by higher subscriber growth and a rise in average revenue per user.

In addition to its streaming success, Paramount’s filmed entertainment division has turned things around with a $52 million recovery in adjusted operating income. The company attributed this improvement to reduced expenses and the ongoing success of film releases such as Transformers One and A Quiet Place: Day One, which performed well despite the ongoing challenges posed by the recent Hollywood strikes.

However, the revenue from the film unit dropped 34%, reflecting a lack of major releases compared to last year.

Despite these gains, Paramount is still preparing for significant changes, with the Skydance Media acquisition on track to close in 2025. The company continues to focus on cost-reduction strategies, including a $500 million savings plan and workforce restructuring, as it seeks to streamline operations and achieve sustained profitability in streaming by 2025.