NEW YORK—Paramount Global reported strong growth in its streaming business, with Paramount+ adding 4.6 million subs in Q3 2022 and increasing revenue by 95%. Paramount+ now has about 46 million global subs and the company’s total direct-to-consumer (DTC) subs approached 67 million.
But the company’s earnings missed analyst expectations, pushing its stock down, and TV revenue dropped by 5% in Q3 2022 thanks to cord cutting and declines in advertising.
On the streaming side, total global DTC subscribers rose to nearly 67 million.
Pluto TV maintained its lead as the #1 free ad-supported streaming TV service in the U.S. as its globally monthly active users reached 72 million, the company reported.
Pluto TV also grew global total viewing hours by double digits year-over-year.
DTC revenue also increased 38% year-over-year and subscription revenue grew 59% year-over-year to $863 million in Q3, mainly as a result of paid subscriber growth on Paramount+, the company reported.
Advertising revenue for streaming was also up 4% year-over-year and Paramount+ revenue grew 95% year-over-year.
But increased investments in programming, marketing and international expansion increased loses, with adjusted OIBDA (operating income before depreciation and amortization) decreased $145 million year-over-year to $343 million in Q3.
