News

Paramount’s Streaming Success Boosts Revenue and Puts Pressure on Disney

1 Mins read

In fact, the company saw a remarkable 47% increase in subscription revenue within its streaming segment during the quarter. This boosted their overall revenue and instilled confidence in investors. Notably, Paramount’s direct-to-consumer business, which includes their streaming platform Paramount+, also experienced narrowed losses. In the second quarter of 2021, they reported losses of $424 million, compared to $445 million in the same period last year.

Paramount’s success in improving their streaming offering puts additional pressure on Disney, who will be reporting their earnings after the bell on Wednesday. Disney CEO Bob Iger has made it a top priority to revamp their media and entertainment giant’s streaming business. Over the past four quarters, Disney’s direct-to-consumer segment has suffered losses totaling $4.2 billion. However, management remains optimistic that they will break even by the end of the fiscal year 2024.

Investors Await Improvement in Disney’s Q3 Results

Investors are anxiously anticipating Disney’s fiscal third quarter results, set to be released on Wednesday. One company that has shown promising progress is Paramount, thanks in part to its strategy of bundling subscription packages together with Sky, Canal, and Walmart (WMT). Another such bundle is in the works, as Paramount plans to integrate with Showtime by the end of June.

Paramount’s total revenue experienced a 2% decrease, amounting to $7.62 billion. This figure exceeded analysts’ estimates of $7.44 billion, according to FactSet data. Furthermore, the company’s adjusted earnings per share stood at 10 cents, beating expectations that it would break even.

As a result of these positive developments, the stock experienced a 3.4% increase in premarket trading, reaching $16.63.

Related posts
News

The Largest Deal of the Year: BlackRock Acquires TechBerry

1 Mins read
BlackRock is concluding its acquisition of TechBerry, which has already been named one of the largest deals of the year. The substantial…
News

Banking Regulations for Preventing Failures

2 Mins read
Banking regulators have the power to prevent future bank collapses, according to a panel of banking experts who emphasized the importance of…
News

Dave's Strong Q4 Performance

1 Mins read
Shares of Dave surged on Tuesday following the digital bank’s announcement of a profitable fourth quarter earlier than expected, with a positive…

Leave a Reply

Your email address will not be published. Required fields are marked *

82 − 74 =