Paramount revenue 2022-2023, by operating segment

Paramount Global's TV segment remained its primary revenue driver in 2023, with the company generating over 20 billion U.S. dollars with broadcast operations, cable networks, and TV studio operations. However, while the revenue of the TV media division declined from the previous year, the direct-to-consumer business experienced significant growth during the same period, underscoring the increasing importance of streaming services in the media giant's portfolio.

Streaming subscriptions' success

The rise of Paramount's direct-to-consumer segment is exemplified by the remarkable growth of the subscription-based platform Paramount+. The video streaming service's customer base tripled between mid-2021 and the second quarter of 2024. Furthermore, within the company's streaming business, subscriptions by far accounted for the largest share of the DTC revenue in 2023.

Traditional media face headwinds

Despite its dominance, Paramount's TV media faced challenges in 2023, with an eight percent revenue decline. Advertising revenue took a substantial hit, dropping by 12 percent to around eight billion U.S. dollars, while affiliate and subscription revenues remained relatively stable. The filmed entertainment segment also struggled, with licensing and other operations revenue falling to 2.1 billion U.S. dollars, and box office sales decreasing by around 400 million U.S. dollars compared to 2022, as the consumer behavior is shifting and the competitive entertainment landscape is evolving.