Net profits at Tencent Music Entertainment, China’s largest digital music operation, grew by 89% in the first quarter of the new year, hitting RMB1.15 billion ($167 million), even as revenue progressed by only 5% to RMB7.0 billion ($1.02 billion). The group, which is backed by Chinese tech and entertainment giant…
media earnings
Nexstar reported its first-quarter 2023 earnings Tuesday, revealing its overall ad sales were down 6% year-over-year but its digital revenue increased by a record 16.5%, in part due to the inclusion of the CW Network in its offering. The TV station group giant turned a profit of $88 million in…
AMC Networks lost 300,000 subscribers across its streaming services in Q1, falling from 11.8 million at the end of 2022 to 11.5 million by March 31, the company reported in its earnings results Tuesday. This drop in subs follows a slight increase of 700,000 paid streaming customers between Q3 and…
Apple’s revenue declined again in the March 2023 quarter, marking its second consecutive quarterly drop in sales. But the tech giant topped Wall Street forecasts, with its services business hitting a new record for revenue and iPhone sales showing unexpected strength. The company reported revenue of $94.8 billion, down 3%,…
Shares of Paramount Global tumbled as much as 25% in early trading Thursday after the media conglomerate reported disappointing first-quarter 2023 results and slashed its dividend. Paramount posted a Q1 net loss of $1.12 billion, as revenue of $7.27 billion was down 1% on shortfalls in its TV media and…
Paramount Global CEO Bob Bakish addressed the writers strike during Paramount’s Q1 earnings call Thursday, stating that writers are “an essential part of creating content” and “we hope we can come to a resolution that works for everyone fairly quickly.” However, the Paramount chief added, “it’s also fair to say…
Paramount Global said it would it cut its dividend as continued investment in streaming weighed on the company while it saw declines in its traditional revenue from advertising and cable distribution. The owner of CBS, Nickelodeon and the Paramount movie studio said its first-quarter loss came to nearly $1.23 billion,…
Comcast said it managed to boost profit during its fiscal first quarter even as it navigated a dip in media advertising and slowing growth among broadband subscribers, yet boosted U.S. subscribers to its Peacock streaming hub to 22 million. The Philadelphia owner of NBCUniversal, Sky and its large broadband and…
Spotify packed on more users than it expected in Q1 but revenue fell short of its guidance, which the company blamed on headwinds in its advertising business. For the first quarter of 2023, the company said total monthly active users (free and paid) grew by 22% year-over-year to 515 million…