Paramount Streaming Profit Climbs 44% to $366 Million in Q2
Paramount+ added 2 million subscribers during the second quarter for a total of 81.6 million The post Paramount Streaming Profit Climbs 44% to $366 Million in Q2 appeared first on TheWrap .
Paramount's streaming revenue climbed 44% to $366 million in Q2, propelled by a 9% increase in revenue to $2.47 billion overall. Paramount+ saw a surge in subscribers, adding 2 million for a global total of 81.6 million, and its revenue grew by 16% to $2.1 billion, driven by original and sports programming. The quarter marked the lowest churn in the service's history, fueled by popular content like the FIFA World Cup and UFC.
The streaming division's higher margins helped offset declines in linear TV, which fell 9% to $3.1 billion and ad revenue dropped 14% due to various factors. However, the studios division posted a profit of $36 million, growing 16% to $1.3 billion, fueled by improved film slate profitability and third-party delivery success. CEO David Ellison expressed confidence in the Warner Bros.
Discovery merger, despite its pending hold due to legal challenges, and highlighted the company's investment in storytelling, audience service, and efficiency for long-term value.
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