Tom Cruise and Paramount Global’s Second Quarter Performance
Tough Second Quarter for Paramount Global
Tom Cruise helped Paramount Global’s operations do good business last year, but he wasn’t able to lend a similar boost in the second quarter of 2023.
Declining Ad Revenue and Lack of Movie Hits
The New York owner of CBS, Nickelodeon and the Paramount movie studio posted a second-quarter loss after ad revenue at its various TV networks sunk 10% and the company proved unable to devise a movie hit on the order of last year’s “Top Gun: Maverick.”
Strong Performance from Streaming
The tough results on the company’s linear side came even as it saw robust performance from streaming. Paramount Global said revenue from its streaming operations, smaller than its film or TV business, was up 40%, citing upticks in advertising on Pluto and Paramount+ as well as new subscriptions to the former.
Future Prospects
More to come…
