Paramount Global’s latest earnings report reveals that the company’s streaming service Paramount+ is finally profitable, yet layoffs are looming amid billions in losses for the media giant.
Paramount’s Q2 2024 financial report revealed that Paramount+’s revenue grew by 46% year over year. A specific breakdown of the numbers confirms that the streaming service had also increased subscription revenue by 12%, thanks in part to the price hike that went into effect last year.
Another price hike for Paramount+ was announced in 2024, but it will go into effect on August 20.
Paramount cites the Paramount+ original series Knuckles, along with other content available on its service, such as Mayor of Kingstown, The Chi, and UEFA Champions League, among the reasons for Paramount+’s profit success. The Knuckles broke the global record for the most-streamed original series on Paramount+, while the latest season of The Chi was the most-streamed in the series to date.
Yet, despite all the success on the streaming front, Paramount’s small screen endeavors. Paramount reported that revenue decreased 17% to $4.3 billion, though it notes that most was due to “fluctuations in licensing revenues.” The report notes that it took a $5.98 billion write-down on cable networks this quarter.
Following the earnings report’s release, Variety reported that Paramount was laying off 15% of its staff based in the United States. The publication noted the reason was the aforementioned operating loss of its cable TV networks, in addition to the company’s planned merger with Skydance Media.
The merger, which was announced last month, is worth $8 billion and is expected to close (pending regulator approval) by September 30, 2025.
Taylor is a Reporter at IGN. You can follow her on Twitter @TayNixster.
