Paramount Global was initially created as ViacomCBS on December 4, 2019, after the merger of CBS and Viacom. The company was later named Paramount Global on February 16, 2022. Paramount reported quarterly revenue of $7,328 million in Q1 2022, a decline of 8.4% as compared to the $8,000 million in revenue in Q4 2021.
Paramount generates its revenue from four segments namely Advertising ($2,864 million), Affiliate and subscription ($2,840 million), Theatrical ($131 million), and Licensing & other ($1,493 million). The company’s main sources are intersegment income agreements for the distribution of content, the rental of studio space, and advertising. There are also licensing revenues from third parties who sublicense or co-produce the company’s content for use on its internal platforms. Paramount also earned revenue from direct-to-consumer (DTC) services led by Paramount+ and Pluto TV. Theatrical revenues in Q1 2022 benefited from the theatrical releases of various movies, while in the prior-year quarter theatrical revenues were impacted by the closure or reduced capacity of movie theaters owing to COVID-19.
In Q1 2022, Paramount’s advertising revenues grew as a result of subscriber addition to Pluto TV and Paramount+. The growth in paid subscriptions of Paramount+ and Showtime OTT led to a growth in subscription revenues.
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