The blockbuster success of ‘Top Gun 2 boosts revenue for Paramount

Even as streaming subscriber growth slowed, Paramount Global (PARA.O) reported better-than-expected quarterly revenue on Thursday. The company was boosted by the May release of the blockbuster Tom Cruise film “Top Gun: Maverick.”

In 2022, “Doctor Strange” outperformed its sequel to become Paramount’s (PAR.N) highest-grossing film, providing relief to the unit that has been struggling since the outbreak of the pandemic.

Besides crossing $1 billion in box office sales, the film became the company’s highest-grossing domestic film of all time. As a result of “Maverick”, Paramount’s filmed entertainment business saw a 126% increase in revenue in the three months leading up to June.

As a result, the company was able to offset challenges in its streaming and TV advertisement businesses, which are struggling with the effects of decades-high inflation.

The number of global streaming subscribers rose to about 64 million, according to Paramount. There are 4.9 million subscribers to Paramount+, its flagship streaming service. A total of 3.9 million subscribers have been removed from the company’s Russian exit.

Based on IBES data from Refinitiv, revenue at ViacomCBS grew 19% to $7.78 billion in the second quarter ended June 30, compared with analysts’ average estimate of $7.57 billion.

The company’s operating income dropped to $819 million from $1.23 billion a year earlier. With items excluded, Paramount’s earnings per share were 64 cents. In Bengaluru, Eva Mathews reports; in Chennai, Sriraj Kalluvila edits. Thomson Reuters Trust Principles.

Robert Poirrer

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