Paramount Global said Top Gun: Maverick powered a 126% surge in filmed entertainment revenue last quarter, surpassing Titanic to become the studio’s biggest domestic release of all time.
Total DTC subscribers rose to nearly 64 million, reflecting the removal of 3.9 million subscribers in Russia. (Paramount and other media companies suspended operations in Russia in March after Vladimir Putin’s invasion Ukraine.)
Paramount+ added 4.9 million subscribers, growing the count to over 43 million. Some 1.2 Russia subs were removed.
The stock is down immediately following the report. Execs will hold a conference call at 8:30 ET.
“Paramount continues to build momentum with the assets, strategy and ability to compete—and win. said CEO Bob Bakish. “At the heart of that growth was our hugely popular content—from the cultural phenomenon and #1 movie in the world, Top Gun: Maverick, to the most popular show in the country, Yellowstone. Our deep and growing library of valuable IP, coupled with the strength of our best-in-class assets, ensures we are well-positioned to continue to maximize value for our shareholders.”
Pluto TV grew global monthly active users (MAUs) to nearly 70M.
The company posted adjusted diluted EPS from continuing operations of 64 cents, down from 97 cents. Revenue of $7.8 billion was up from $6.5 billion. Operating income fell 33% to $819 million.
DTC revenue increased 56% year-over-year, with subscription revenue up 74% to $830M, reflecting paid subscriber growth for Paramount+.
Advertising revenue rose 25% year-over-year, reflecting growth from
Paramount+ and Pluto TV, driven by increased impressions on both services.
Paramount+ revenue grew 120%.
Adjusted OIBDA — a kind if operating income — fell by $302, reflecting ongoing investment in our DTC services. This is the second earnings period to drop amid growing anxiety on Wall Street about streaming spend.
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