ViacomCBS has reported financial results for the quarter ended September 30th 2020.
The US media conglomerate said it delivered “another quarter of robust growth in streaming”, with domestic subscribers rising to 17.9 million, up 72 per cent YoY, and Pluto TV domestic MAUs increasing to 28.4 million, up 57 per cent YoY.
The company grew domestic streaming and digital video revenue to $636 million, up 56 per cent YoY, as growth in subscription streaming revenue accelerated to 78 per cent and Pluto TV advertising revenue more than doubled
ViacomCBS is on track to debut Paramount+ in early 2021 as a differentiated offering spanning live sports, breaking news and a raft of entertainment.
Bob Bakish, President & CEO, commented: “As we near the first anniversary of the ViacomCBS merger, I’m thrilled about the way our organisation has come together to realise the power of the combination and seize our unique global opportunity in streaming. This quarter, we achieved strong user growth across our streaming platforms as we continue to build our linked ecosystem of pay and free services – with big steps taken, including the preview and brand reveal of Paramount+ ahead of its launch in early 2021, and more recently, the unification of our global streaming organisation. Our company’s transformation is ahead of schedule and we are incredibly excited by the opportunities ahead.”