Paramount Global reported a slight gain in its Paramount+ streaming subscribers, reaching 61 million worldwide. However, the company managed to reduce its streaming losses.
61 million Paramount+ streaming subscribers worldwide in the three months ended June 30, a slight gain from the 60 million announced last quarter, but importantly the company pared down its streaming losses.
On the streaming side, the company reported a quarterly adjusted operating loss before depreciation and amortization of $424 million compared to $511 million last quarter and $445 million a year ago. Advertising revenue in its TV unit fell 10 percent compared to last quarter, “reflecting continued softness. In the national domestic market, pharma, retail, movies, and travel are showing signs of strength,” according to the press release.
This came after an 11 percent in TV ad revenue in the previous quarter and a seven percent drop in the fourth quarter of 2022. In May, CEO Bob BakishParamount Global also reached a long-expected deal to sell book publishing segment Simon & Schuster. The book publisher
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