Streaming bright spot for ViacomCBS
November 4, 2021
A good performance from its streaming services, Paramount+ and Pluto TV, has boosted otherwise lacklustre ViacomCBS quarterly results.
Streaming income passed forecasts and were up 13 per cent to $6.61 billion (€5.7bn) for the quarter. The group added 4.3 million streaming subscribers for a total of nearly 47 million, a YoY increase of 79 per cent.
There was also significant growth in streaming ad revenue, driven by AVoD service Pluto TV. The company generated 48 per cent YoY growth in streaming advertising revenue.
ViacomCBS president and CEO Bob Bakish said: “ViacomCBS continued to show tremendous momentum across the business as we executed against our strategy. We added 4.3 million global streaming subscribers, raising our total to nearly 47 million, driven by the scaling of the diverse content offering on Paramount+. Looking forward, we’re thrilled about the fresh array of content coming to Paramount+ in the next few months and can’t wait to share it with our global audience. Our strategy is clearly working and we’ll continue to use the power of global content, distribution and market expansion to drive scale.”