Paramount Global, a leading global media, streaming, and entertainment company, reported a decrease in annual revenue for the fiscal year ended December 31, 2023. The company's total revenue fell by 2% to $29.65 billion, primarily due to lower advertising revenues, which dropped by 8% amid a global advertising market downturn and lower political advertising revenues. Affiliate and subscription revenues, however, increased by 13%, driven by growth in subscribers for Paramount+ to 67.5 million, up from 55.9 million the previous year. Theatrical revenues declined by 34%, largely due to the comparison against the previous year's success of 'Top Gun: Maverick.' Licensing and other revenues also saw a 10% decrease, attributed to the timing and mix of content available for licensing. The company recorded an operating loss of $451 million compared...Show More

Paramount Global, a leading global media, streaming, and entertainment company, reported a decrease in annual revenue for the fiscal year ended December 31, 2023. The company's total revenue fell by 2% to $29.65 billion, primarily due to lower advertising revenues, which dropped by 8% amid a global advertising market downturn and lower political advertising revenues. Affiliate and subscription revenues, however, increased by 13%, driven by growth in subscribers for Paramount+ to 67.5 million, up from 55.9 million the previous year. Theatrical revenues declined by 34%, largely due to the comparison against the previous year's success of 'Top Gun: Maverick.' Licensing and other revenues also saw a 10% decrease, attributed to the timing and mix of content available for licensing. The company recorded an operating loss of $451 million compared to an operating income of $2.34 billion in the prior year, impacted by programming charges of $2.37 billion related to strategic changes in content strategy. Adjusted OIBDA fell by 27% to $2.39 billion, reflecting the decline in linear and licensing revenues and the timing and mix of theatrical releases. Paramount reported a net loss from continuing operations attributable to Paramount of $1.28 billion, or $2.06 per diluted share, compared to net earnings from continuing operations of $725 million, or $1.03 per diluted share, for the previous year. The company's financial performance was also affected by labor strikes, which led to temporary production shutdowns and reduced content availability for licensing and exhibition on networks and streaming services.