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.