Paramount publishes Q4 and 2023 results, sees DTC revenue grow

Global media giant Paramount has published its fourth quarter (Q4) and year-end financial results, posting headline growth in its direct-to-consumer (DTC) segments, but an overall contraction in revenue generation.

The conglomerate’s DTC section, headlined by its Paramount+ OTT streaming service, grew 37% over the calendar year 2023, with Paramount+ in particular notching a 69% growth in revenue in Q4 2023, owing in part to a 4.1 million net subscriber gain, the most of any “premium” streaming service in Q4 2023.

Despite this, total yearly revenue across Paramount fell from $30.1 billion to $29.6 billion, with higher costs, most notably stemming from the purchase and integration of the Showtime network into Paramount+.

The DTC segment also still ended in a YoY loss of almost $500 million, although less than what some had projected.

Paramount+ as a service is still yet to be profitable, however in its results Paramount stated that it expects to achieve domestic profitability by 2025, should it attain expected earnings growth across 2024.

On the linear TV side, the company saw a quarterly contraction of 12%, and a yearly contraction of 8%, likely owing to more and more people abandoning traditional TV and cable options in favor of OTT streaming, so-called “cutting the cord”. Sportcal