Paramount Global fell short of analysts’ estimates for quarterly revenue on Wednesday, as the media giant struggled with the absence of major content releases and an extended weakness in ad sales.

Total revenue rose 5 percent to $6.92 billion in the third quarter ended September 30, but missed the average estimate of $7.01 billion, according to Refinitiv data.

A host of factors like high inflation, softening consumer demand across product and services, and geo-political unrest in certain regions have forced companies to pull back on advertising spending, a Reuters report stated.

Paramount said advertising revenue declined 2 percent in the quarter. Revenue at TV Media, its biggest reporting segment, declined 5 percent to $4.95 billion, capturing the bulk of weakness in the ads market.

The company’s Paramount+ streaming services added 4.6 million subscribers in the third quarter, compared to the 4.9 million added in the preceding quarter.

Overall, revenue from the direct-to-consumer segment, which also includes Pluto TV, jumped 38 percent to $1.23 billion.

Meanwhile, Bob Bakish, President and CEO of Paramount, in a statement said, “In the third quarter, Paramount continued to execute on our differentiated strategy anchored by our broad range of popular content, our diverse portfolio of platforms, and our truly global operating reach. That strategy continued to drive growth in subscriptions across our streaming platforms with Paramount+ adding 4.6M subscribers. Paramount Pictures also extended its stellar run with its sixth #1 film in 2022.

“Looking forward, we couldn’t be more excited about the array of sensational content coming to Paramount+ in the fourth quarter, as well as the launch of the service in France, Germany, Austria and Switzerland.”