Paramount Global announced its financial results for the first quarter of 2025, highlighting a 6% decrease in total revenue to $7.19 billion. This decline was primarily attributed to the absence of CBS’s broadcast of Super Bowl LVIII, which had significantly boosted revenues in the same period last year. Excluding the Super Bowl impact, the company reported a 2% increase in revenue.
The company’s direct-to-consumer (DTC) segment experienced a 9% year-over-year revenue increase, reaching $2.04 billion. This growth was fueled by strong performance in original programming, post-theatrical releases, CBS primetime content, and sports offerings.
Paramount+, the flagship streaming platform, added 1.5 million subscribers during the quarter, bringing its total to 79 million. The platform’s revenue grew by 16%, driven by subscriber growth and improved churn rates. Notable content successes included “Landman,” which remained the top new streaming original series for the second consecutive quarter, and “MobLand,” which achieved the biggest global series premiere ever on Paramount+.
Pluto TV, Paramount’s free ad-supported streaming television (FAST) service, reported its highest consumption by total hours both domestically and globally. Global viewing hours increased by 31% year-over-year across Paramount+ and Pluto TV.
Total company advertising revenue decreased by 19%, largely due to the absence of Super Bowl LVIII. Excluding this comparison, advertising revenue remained flat. DTC advertising revenue specifically declined by 9%, reflecting the same Super Bowl impact.
TV Media revenue fell by 13% to $4.5 billion, again influenced by the prior year’s Super Bowl broadcast. Despite this, CBS is on track to be the most-watched network in U.S. primetime for the 17th consecutive season, with shows like “Tracker” and “Matlock” among the top 25 programs. The AFC Championship Game on January 26th averaged 57.4 million viewers, setting a record for the AFC and marking the largest overall conference championship in 15 years.
Paramount Pictures reported a 4% increase in revenue to $627 million, attributed to the continued success of “Sonic the Hedgehog 3” and the domestic debut of “Novocaine.” “Gladiator II” and “Sonic the Hedgehog 3” also performed well in home entertainment and streaming, ranking among the top five most-viewed movies in Paramount+’s history.
George Cheeks, Brian Robbins, and Chris McCarthy, Paramount Global co-CEOs, said, “We are very pleased with our performance in the quarter driven by a powerful content slate and focused execution. Paramount+ again had the second most Top 10 SVoD Originals, and CBS is poised to be the most-watched network for the 17th consecutive season. We are particularly proud of our progress in DTC where Paramount+ saw continued improvement in subscribers, user watch time and churn and remains on track to reach domestic profitability for 2025. Taken together, this contributed to a nearly $180 million improvement in DTC profitability. These impressive results were driven by our talented teams and creative partners, and we are grateful for their contributions.”
Dan Larkman, CEO and founder at Keynes Digital, said, “Paramount delivered solid results, with international momentum balancing domestic recalibration. In the UK, Paramount+ continues to impress with the highest consumer approval ratings and saturation-level marketing that’s clearly driving adoption. The company’s decision to strategically pull back content in some regions while doubling down abroad is keeping churn low and brand loyalty high. If they can now scale their global advertising business with the same precision, they’ll be well positioned in a competitive streaming landscape.”
Paramount Global remains focused on achieving domestic profitability for its streaming services by 2025. The company continues to invest in content and international expansion to drive subscriber growth and engagement across its platforms.