Paramount Plus finally turns a profit, but company announces layoffs after billions in losses

Paramount Global’s latest earnings report reveals that streaming service Paramount+ is finally turning a profit, but layoffs are looming as the media giant faces billions in losses.

Paramount’s Q2 2024 financial report revealed that Paramount+ revenue grew 46% year over year. A detailed breakdown of the numbers confirms that the streaming service also grew subscription revenue by 12%, thanks in part to a price hike that went into effect last year.

The next Paramount+ price increase is scheduled for 2024, but will go into effect on August 20.

Paramount cites the Paramount+ original series Knuckles, as well as other content available on its service such as Mayor of Kingstown, The Chi and UEFA Champions League, among the reasons for Paramount+’s success in the box office. The Knuckles broke the world record for most-streamed original series on Paramount+, while the latest season of The Chi was the most-streamed series to date.

Yet for all its success on the streaming front, Paramount is taking on small screen ventures. Paramount reported that revenue fell 17% to $4.3 billion, though it noted that most of that was due to “fluctuations in licensing revenue.” The report notes that cable networks took a $5.98 billion write-off in the quarter.

Following the earnings report, Variety reported that Paramount was laying off 15% of its U.S. workforce. The publication noted that the reason was the cable network’s aforementioned operating loss, as well as the company’s planned merger with Skydance Media.

The merger, announced last month, is valued at $8 billion and is expected to close (regulatory approvals are expected) on September 30, 2025.

Taylor is a reporter at IGN. You can follow her on Twitter @TayNixster.