Paramount+ Hits 60M Subs as Paramount Streaming Losses Widen to $511M; Company Takes $1.67B Programming Charges, Cuts Dividend

BAFTA Touts 2,500 New Members Since 2000, Says Underrepresented Groups Now Make up 17 Percent of Membership

Paramount’s advertising-supported streamer Pluto TV grew its monthly active users to 80 million as of March 31 from 78.5 million as of the end of the fourth quarter. The company didn’t immediately detail its total global streaming subscriber count, which had stood at more than 77 million as of the end of December.

However, higher streaming investments were again a drag on the entertainment company’s bottom line, as the quarterly adjusted operating loss before depreciation and amortization in its streaming unit widened to $511 million, compared with $456 million in the first quarter of 2022. The company cited “higher costs to support growth of Paramount+” as the key driver.

Paramount, led by CEO Bob Bakish, also took impairment charges of $1.67 billion in the first quarter, driven by its upcoming combination of Paramount+ with Showtime into a single U.S. streaming platform later this year. Earlier this year, it had said the integration would lead to a content impairment charge of between $1.3 billion and $1.5 billion in the first quarter, while forecasting $700 million in annual expense savings.

Portugal Últimas Notícias, Portugal Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

Paramount Global Swings to Q1 Loss On Streaming InvestmentParamount Global said it would it cut its dividend as continued investment in streaming weighed on the company while it saw declines in its traditional revenue from advertising and cable distributi…
Fonte: Variety - 🏆 108. / 63 Consulte Mais informação »