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Paramount+ Hits 67.5 Million Streaming Subscribers Globally

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Paramount+ continues to scale the success of their entertainment streaming platform and has reached an impressive milestone of 67.5 million streaming subscribers worldwide at the end of its fourth quarter, according to the Hollywood Reporter.

The growth marks a gain of 4.1 million from the prior financial quarter, and the company says that it expected to deliver “significant total company earnings growth” in 2024, and reach profitability for Paramount+ domestically in 2025.

Paramount CEO Bob Bakish addressed the increases in viewer engagement, reduced churn and a subscription price increase as bringing profitability to Paramount+ next year, stating that it represented a “significant and exciting milestone in the company’s transformation.”

Additionally, Paramount CFO, Naveen Chopra forecasted a lower programming spend for Paramount’s streaming platforms.

“I do think sub growth in 2024 will be lower than 2023, though importantly I’d point out we do still expect very healthy Paramount+ revenue growth and, of course, revenue is the more important metric than subs,” Chopra said.

Here are some additional details and breakdowns

  • Paramount posted first-quarter net earnings of $514 million, compared to a year-earlier net earnings at $21 million
  • overall revenue down 12 percent to $7.63 billion
  • Analysts forecast a loss of 1 cent and revenue of $7.84 billion for the fourth quarter.
  • The studio posted a smaller streaming loss of $490 million, against a year-earlier $575 million loss
  • The direct-to-consumer division saw advertising revenue rise 14 percent to $526 million on growth from Paramount+ and Pluto TV, and subscription revenue grew 43 percent to $1.33 billion.
  • Paramount traditional TV revenue (MTV, Comedy Central and Nickelodeon) dropped by 12 percent to $5.16 billion in the latest quarter.
  • TV advertising revenue fell 15 percent to $2.28 billion
  • affiliate and subscription revenue dropped 1 percent to just over $2 billion.
  • Paramount ‘s film studio division reported $647 million in revenue, down 31 percent from a year-earlier $936 million

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Pixar CCO Pete Docter Excited About Future

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Disney

The latest smash hit in theaters is Pixar’s ‘Inside Out 2’ which had a stellar opening in theaters grossing $295 million globally in its first weekend, and the film is currently this year’s highest box office debut.

Naturally, that success has many people excited, specifically Pixar who feel that the numbers, which are similar to pre-2020 numbers, indicate an incredible future is upon them.

“I feel like we’re in a really golden place where, after a lot of turmoil, every project we have is exciting to me for multiple reasons — both from new looks and technology, but more importantly, original stories and storytellers,” Pixar Chief creative officer Pete Docter said, during an interview with Entertainment Weekly.

Docter also spoke about the recently announced ‘Inside Out’ series that will land on Disney+ and stated that the project is already completed and will be arriving to the streaming platform sometime in Spring 2025.

“But in the first film, remember we go to Dream Production to see how Riley’s dreams are made? It semi-explains why they’re so weird. We’ve continued the exploration of the power of dreams and how they affect us in our waking life, as well. So it’s pretty cool,” Docter said.

Docter discussed how the company decides which content lands on Disney+, which was announced just before the COVID-19 pandemic and lockdown, or gets a premier release in theaters, which seems to be making a comeback in the market.

“But that was really before anyone had an understanding of the economics of how it all works. How much can you spend on a show, and how do you even track what it made? A box office is super easy. Three people came in, I know I can count the money exactly. With streaming, depending on how you divide it up, do you get more money to do something that’s new or that attracts new viewers? It’s very squirrely,” he explained.

With Pixar basking in the limelight of their latest success, the future is exciting for the company and it will be interesting to see how far their new success can go.

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Joe and Anthony Russo’s ‘The Electric State’ Gets Massive Budget

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Netflix

Netflix is opening up the bank for the latest film from Joe and Anthony Russo.

According to World of Reel, Joe and Anthony Russo’s ‘The Electric State’ movie, which is going to be exclusively for the entertainment streaming platform, Netflix has topped the $300 million budget mark, costing $320 million to produce.

The cast for “The Electric State”, a sci-fi movie based on Simon Stålenhag‘s 2018 illustrated novel, includes Millie Bobbie Brown, Chris Pratt, Ke Huy Quan, Giancarlo Espostito, Anthony Mackie, Stanley Tucci, Jason Alexander, Brian Cox, and Jenny Slate.

According to the official synopsis: ““The Electric State” is a coming-of-age tale that mixes sci-fi and western genres in a retro-futuristic past. Brown plays an orphaned teenager who traverses the American West with her robot friend and an eccentric drifter in search of her younger brother.”

Netflix won the bidding war for the rights to the film back in 2022, and now we will see if the ROI on the investment will reward their massive investment.

 

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Kenya Moore Suspended Indefinitely From ‘Real Housewives of Atlanta’

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The Real Housewives of Atlanta

Kenya Moore has been suspended indefinitely from ‘The Real Housewives of Atlanta’ after Moore allegedly displayed posters with explicit images of franchise newcomer Brittany Eady at the grand opening of her Kenya Moore Hair Spa in Atlanta, Georgia, last week, according to the Hollywood Reporter.

The show is currently filming it’s 16th season.

According to Entertainment Tonight, the photos were “allegedly found online” and referenced a source that said – “Kenya was suspended for allegedly depicting Brittany performing a sexual act at the grand opening of her Kenya Moore Hair Spa in Atlanta, from images allegedly found online. The network is still reviewing the content Kenya displayed during filming.”

The report goes on to address rumors of a threat made against Kenya involving a firearm –  “At no time was Kenya ever threatened with a weapon, nor was there ever a weapon present during the course of production.”

Moore has since taken to social media to address the news and defend herself: “I would never engage in revenge porn, I have never distributed private images or footage of anyone, nor solicited images owned by others to use to threaten or blackmail. I have always been vindicated. I can’t talk about STORY even with people planting fake news.”

“For the record, I’ve never once had possession of any weapons or threatened anyone ever,” she wrote.

The Hollywood Reporter goes on to say that Bravo was filing the cast event at the time, with a source informing Entertainment Tonight that “the network is still reviewing the content Kenya displayed during filming.”

Later, Moore shared the following on her Instagram story –  “Believe none of what you hear and half of what you see. The truth always comes to light.”

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