ViacomCBS has reported higher Q1 earnings as its streaming units posted gains in subscribers, users and revenue. Its global streaming revenue grew by 65 per cent to $816 million (€676.5m), as it topped 36 million total streaming subscribers, up 6 million, and its Pluto TV AVoD unit added 6 million monthly active users to reach almost 50 million.
Streaming subscription revenue rose 69 per cent, driven by “significant momentum” for Paramount+, the company said. Streaming ad revenue increased 62 per cent, with domestic growth and international expansion at Pluto TV.
“In Q1, we accelerated our expansion in streaming with the launch of Paramount+ further enhancing ViacomCBS’ ecosystem of premium, pay and free services […] strong consumer response we have seen is evident in today’s numbers – we have grown global streaming revenue 65 per cent year-over-year and we added 6 million global streaming subscribers, driven by Paramount+, to reach 36 million streaming subscribers globally,” said CEO Bob Bakish.
“In addition, we now have almost 50 million global Pluto TV MAUs. Our early momentum in streaming is a testament to the breadth and relevance of our differentiated offerings, as well as our opportunities for growth through Paramount Plus , as we continue to ramp the availability of live sports, original series and blockbuster movies over the course of the year. ViacomCBS also achieved another strong quarter of results in our advertising and affiliate businesses, which continue to demonstrate the extraordinary power of our company to reach audiences and deliver for our partners globally.”
ViacomCBS had net earnings of $911 million, up from $516 million. Revenue rose 14 per cent to $7.4 billion. Ad revenue was up 12 per cent to $2.68 billion as CBS broadcast Super Bowl LV and NCAA tournament games. Affiliate revenue rose 5 per cent to $2.07 billion. Viacom’s TV Entertainment Group, which includes CBS and Paramount+ a 22 per cent drop in adjusted operating income before depreciation and amortisation to $449 million. Viacom’s cable network, which includes Pluto TV, saw OIBDA rise 49 per cent to $1.18 billion as revenue rose 14 per cent to $3.2 billion.