NEW YORK—Paramount Global’s streaming operations added record numbers of subscribers but advertising revenue in its broadcast and cable networks fell sharply in Q4 2022 as operating income for all of 2022 fell to $2.3 billion, down from $6.3 billion in 2021.
In Q4, 2022, Paramount+ added record 9.9 million subs and grew revenue 81% year-over-year as total Paramount+ subs reached nearly 56 million. Global direct-to-consumer (DTC) subs rose by 10.8 million to more than 77 million at the end of 2022.
Pluto TV also added 6.5 million global monthly active users (MAUS), reaching nearly 79 million.
Overall, DTC revenue increased 30% year-over-year as Paramount+ revenue grew 81% year-over-year while subscription revenue grew 48% year-over-year, principally reflecting paid subscriber growth on Paramount+ and advertising revenue rose 4% year-over-year, the company reported.
But OIBDA (operating income before depreciation and amortization) losses in the DTC segment grew to a $1.81 billion loss in 2022, up from a $992 million loss in 2021.
Among its broadcast and cable networks, advertising declined by 7% in Q4, 2022 and affiliate and subscription revenue dropped by 4%. As a result OBIDA fell to $5.45 billion in 2022 down from $5.89 billion in 2021.
