- Revenue: $7.98B, +5% YoY
- Operating income: $129M, -68% YoY
- Net loss from continuing operations: $224M vs $4M profit in Q4 2023
Co-CEOs George Cheeks, Chris McCarthy & Brian Robbins: "We are proud of the transformative year we delivered since becoming Co-CEOs, which marks a significant turning point for Paramount as we shift into a streaming-first company. DTC profitability improved $1.2 billion in 2024, driven by an impressive year at Paramount+."
🌱Revenue & Growth
- Total company revenue grew 5% for Q4 2024
- TV Media revenue: $4.98B, -4% YoY
- Direct-to-Consumer revenue: $2.01B, +8% YoY
- Filmed Entertainment revenue: $1.08B, +67% YoY
- Paramount+ revenue grew 16% in Q4, driven by subscriber growth
- Paramount+ subscribers reached 77.5M, adding 5.6M in Q4 and 10M for the full year
💰Profits & Financials
- Adjusted OIBDA: $406M, -22% YoY
- Adjusted EPS: -$0.11 vs $0.04 in Q4 2023
- DTC adjusted OIBDA improved by $204M in Q4 and nearly $1.2B for full year
- Generated FY net operating cash flow of $752M and free cash flow of $489M
- Achieved targeted annual run-rate cost savings of $500M
- Goodwill impairment charge of $5.98B recorded in Q2 2024
📌Business Highlights
- Paramount+ ranked as #2 domestic SVOD service for hours watched across Original Series in Q4
- Sonic the Hedgehog 3 approaching $500M at global box office, highest-grossing film in the franchise
- TV Media continued dominance with CBS having 7 of the top 10 primetime programs
🔮Future Outlook
- Paramount+ expected to achieve full year domestic profitability for 2025
- Skydance transactions expected to close in first half of 2025
- Continuing transition to a streaming-first company