Rising prices, more expensive loans, lower consumer demand for products and services, and geopolitical instability in some regions have forced companies to reduce their advertising spending.
Television advertising revenue fell 7% in the three months of December, despite a boost from political advertising from the US midterm elections in November.
Paramount+ added a record 9.9 million subscribers, in part due to the streaming premiere of the hit movie “Top Gun: Maverick,” a business cushioning the revenue hit of increased cable disconnections .
Last month, the company said it would integrate Showtime — known for popular series like “Billions,” “Yellowjackets” and “Dexter” — with Paramount+ across all platforms later this year as it prioritizes streaming services. .
Paramount+ CEO Bob Bakish has announced that the company plans to raise prices for Paramount+ Premium and Essential in the US and some non-US markets this year.
The company said it will increase to $11.99 a month from $9.99 for the service that includes Showtime, and to $5.99 from $4.99 for the one without.
Total revenue rose 2% in the quarter to $8.13 billion but missed expectations of $8.16 billion, according to Refinitiv data.
Source: Ambito
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