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.
Revenue generated by Paramount Global (formerly ViacomCBS) in 2022 and 2023, by operating segment
(in million U.S. dollars)
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Paramount. (February 28, 2024). Revenue generated by Paramount Global (formerly ViacomCBS) in 2022 and 2023, by operating segment (in million U.S. dollars) [Graph]. In Statista. Retrieved November 13, 2024, from https://www.statista.com/statistics/194375/revenue-of-viacom-by-operating-segment-since-2008/
Paramount. "Revenue generated by Paramount Global (formerly ViacomCBS) in 2022 and 2023, by operating segment (in million U.S. dollars)." Chart. February 28, 2024. Statista. Accessed November 13, 2024. https://www.statista.com/statistics/194375/revenue-of-viacom-by-operating-segment-since-2008/
Paramount. (2024). Revenue generated by Paramount Global (formerly ViacomCBS) in 2022 and 2023, by operating segment (in million U.S. dollars). Statista. Statista Inc.. Accessed: November 13, 2024. https://www.statista.com/statistics/194375/revenue-of-viacom-by-operating-segment-since-2008/
Paramount. "Revenue Generated by Paramount Global (Formerly Viacomcbs) in 2022 and 2023, by Operating Segment (in Million U.S. Dollars)." Statista, Statista Inc., 28 Feb 2024, https://www.statista.com/statistics/194375/revenue-of-viacom-by-operating-segment-since-2008/
Paramount, Revenue generated by Paramount Global (formerly ViacomCBS) in 2022 and 2023, by operating segment (in million U.S. dollars) Statista, https://www.statista.com/statistics/194375/revenue-of-viacom-by-operating-segment-since-2008/ (last visited November 13, 2024)
Revenue generated by Paramount Global (formerly ViacomCBS) in 2022 and 2023, by operating segment (in million U.S. dollars) [Graph], Paramount, February 28, 2024. [Online]. Available: https://www.statista.com/statistics/194375/revenue-of-viacom-by-operating-segment-since-2008/