The past several months have been tough ones for the overall market, but they've been downright awful for Paramount Global (NASDAQ: PARA) investors. Shares of the media outfit are down 47% from March's peak, with investors increasingly realizing how competitive and expensive it is to be in the video entertainment market.

A little over a year ago, streaming companies could seemingly do no wrong. COVID-19 restrictions still had most people trapped at home, where they were hungry for all forms of video entertainment, and streaming in particular. The Paramount+ service saw strong subscriber growth numbers in 2021, as did its free-to-watch platform, Pluto TV. Meanwhile, its CBS network and cable channels, such as Nickelodeon and Comedy Central, were doing well. The company's top line grew 13% to reach $28.6 billion that year, defying the spending headwind other consumer-facing businesses were facing.

Last year, however, was a reckoning of sorts.

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Source Fool.com