Paramount's Cost-Cutting Measures Yield Surprise Profit Amid Streaming Growth
TL;DR Summary
Paramount is prioritizing cost reduction in content production following last year's industry strikes, aiming to produce content more efficiently and reduce overall spend. The company plans to lower the average cost per title in film, prioritize lower-cost formats in TV and streaming, and lean into offshore production for global franchises while pulling back on locally-produced programming. Despite expecting higher content spend in 2024 compared to 2023 due to reduced productions during the strikes, Paramount does not anticipate returning to pre-strike levels of production, aiming to spend only about 50% of the strike savings back.
- Paramount, Citing Experiment During Strikes, to Cut Costs Per Title For Films, Series Hollywood Reporter
- Paramount says streaming losses peaked in 2022 as linear ad revenue plunges Yahoo Finance
- Paramount falls short of revenue expectations but posts surprise profit, strong streaming results CNBC
- Paramount posts surprise profit as streaming gains offset weak ad market Reuters
- Paramount Global Sees $1 Billion Charge in Q1 for Layoffs, Restructuring Variety
Reading Insights
Total Reads
0
Unique Readers
1
Time Saved
2 min
vs 3 min read
Condensed
83%
562 → 94 words
Want the full story? Read the original article
Read on Hollywood Reporter