Q3 2024 Paramount Global Earnings Call Transcript
Key Points
- Paramount+ added 3.5 million subscribers, reinforcing its position as the number four global streaming service.
- Paramount+ revenue grew by 25% year over year, marking the second consecutive quarter of profitability.
- The company achieved $500 million in annual run rate savings through cost reductions.
- Pluto TV reached record engagement with 5.6 billion viewing hours year-to-date.
- Paramount Global's advertising revenue grew by 2%, driven by strong digital ad growth and political spending.
- TV media advertising revenue declined by 2%, reflecting ecosystem trends and the absence of Showtime pay-per-view events.
- Licensing and other revenue declined by 9% due to lower volume of licensing and home entertainment revenues.
- The ongoing dispute with Nielsen remains unresolved, potentially impacting advertising measurement.
- International D2C profitability is tracking 12 to 18 months behind domestic profitability.
- Free cash flow in Q4 is expected to be negative due to content spend timing and restructuring payments.
Good afternoon. My name is Nadia, and I'll be the conference operator today. At this time, I would like to welcome everyone to Paramount Global's Q3 2024 earnings conference call. (Operator Instructions)
At this time, I would like to turn the call over to Jaime Morris, Paramount Global's EVP, Investor Relations. You may now begin your conference call.
Good morning, everyone. Thank you for taking the time to join us for our third quarter 2024 earnings call. Joining me for today's discussion are Paramount's Co-CEOs, Brian Robbins, Chris McCarthy, and George Cheeks; and our CFO, Naveen Chopra. Please note that in addition to our earnings release, we have trending schedules containing supplemental information available on our website.
Before we start this morning, I want to remind you that certain statements made on this call are forward-looking statements that involve risks and uncertainties. These risks and uncertainties are discussed in more detail in our filings with the SEC. Some of today's
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
