For its first quarter, Paramount Global reported that its film entertainment revenue increased by four percent to $627 million and its streaming service added 1.5 million subscribers (bringing its total number of subscribers to 79 million worldwide), with revenue increasing nine percent.
Nonetheless, across the group, revenue fell by six percent to $7.19 billion, compared to the same quarter last year. Advertising revenue fell 9 percent and TV media revenue dropped 13 percent, mostly due to the Super Bowl impact (the Super Bowl this year aired on FOX).
Across the Hollywood’s highway, for its first quarter Warner Bros. Discovery posted a loss of $453 million. Content sales were down by 27 percent and total sales for the group fell 10 percent to $8.98 billion.
On the positive side, the company’s streaming services added 5.3 million subscribers (for a total of 122.3 million) and grew revenue by 8 percent.
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