Box office faces second quarter financial crisis for Paramount Global | the news | Techno Glob

Top gun Maverick

Theatrical success could only partially offset the decline in PTV and Paramount Global’s advertising as the media giant released its third quarter financial results this week.

Driven by performance Top Gun: MaverickThe company’s filmed entertainment division generated revenue of $783 million for the quarter, a 48 percent increase over figures for the third quarter of 2021. Direct-to-consumer revenue was also healthy, rising 38 percent to $1.23 billion.

Overall revenue, however, was up just 5%, to $6.92bn, and operating income fell 36% to $566m. Adjusted earnings per share fell 49% to 39 cents, a drop in the company’s share price in early Wednesday (2) trading on Wall Street.

The company was identified Top Gun: Maverick — which grossed $1.49 billion worldwide and now ranks as the fifth-biggest domestic release of all time — as a “significant contributor” to its filmed entertainment. But it also noted the performance of recent horror releases the smilewhich was reportedly made for $17m and is on track to gross over $200m worldwide.

In a call with analysts after the results were announced, Paramount Global President and CEO Bob Buckish said. the smile “The next example of our 45-day theatrical run is a fast-follow strategy on streaming,” following the company’s move to the Paramount+ streaming service after its theatrical run.

The strategy “gives us a very strong return on investment,” Baksh said. both Top Gun: Maverick And the smilehe added, “really benefited significantly from the theater window, and that’s both financially and from a marketing franchise-building perspective.”

The Paramount+ plus service, launched in March 2021, added 4.6m new subscribers in the third quarter to reach 46m worldwide, with growth in international markets (although it lost 1.9m subscribers when it entered the Nordics replaced by Paramount and Comcast’s new SkyShowtime service).

Addressing the future of Paramount’s premium channel Showtime, Buck said the network is entering a “particularly compelling” chapter. Showtime, he said, “will benefit from greater integration with the rest of the company.” And its programming slate is “going to be distributed.” There has been some initial conversation around that. Start with the fact that the Showtime brand will actually stand for more thoughtful, specific, often edgy content than ever before.

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