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Paramount+ may have finally reached its peak—peak losses, that is.
The streaming service added a record 9.9 million subscribers in the fourth quarter of 2022 to climb to nearly 56 million total. Still, the company is expecting to take a hit in its direct-to-consumer business in 2023 as it realigns its content strategy.
As Paramount prepares to blend Showtime into Paramount+, the company is bracing for a $1.3 to $1.5 billion impairment charge related to content, CFO Naveen Chopra said during the company’s earnings call on Thursday.
“We’re going to be at peak losses for DTC in 2023,” said the CFO, expecting negative cash flow for the year.