ViacomCBS' Q3 Streaming Revenue Rose 62%, Crossing $1 Billion for First Time Ever

ViacomCBS' Q3 Streaming Revenue Rose 62%, Crossing $1 Billion for First Time Ever

That’s good, because Paramount Pictures’ revenue actually declined from last summer

Paramount+

ViacomCBS saw some nice streaming increases in the third quarter of 2021, but Paramount Pictures didn’t follow suit.

Wall Street had forecast earnings per share (EPS) of 76 cents on $6.57 billion in revenue, according to a consensus estimate compiled by Yahoo Finance. ViacomCBS reported an adjusted EPS of 76 cents on $6.61 billion in revenue — so it was right in line.

The company also updated us on streaming numbers: Paramount+ and Showtime OTT combined for “nearly” 47 million subscribers. ViacomCBS does not get more granular than that about its SVOD subs.

ViacomCBS’ streaming revenue rose 62% in the recently wrapped quarter, crossing $1 billion for the first time ever. Advertising revenue at Pluto TV and Paramount+ increased 48% year over year. Subscription revenue rose 79% on that combined Paramount+ and Showtime OTT growth.

Pluto TV, which is free for subscribers, saw revenue nearly double (+99%) year over year, with monthly active users (MAUs) increasing to more than 54 million. International was a big contributor there.

ViacomCBS reported it had reached 42 million worldwide subscribers across Paramount+ and Showtime by the end of Q2. In February, ViacomCBS said it expects to reach 65-75 million global subscribers between Paramount+ and Showtime by 2024.

“ViacomCBS continued to show tremendous momentum across the business as we executed against our strategy,” Bob Bakish said in a statement. “We added 4.3M global streaming subscribers, raising our total to nearly 47M, 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.”

ViacomCBS stock closed Wednesday afternoon at $37.55. The U.S. stock markets reopen at 9:30 a.m. ET.

Bakish and other top ViacomCBS executives will hold a conference call at 8:30 a.m. ET to discuss the quarter in greater detail.

More to come…

Source: Read Full Article

Previous post Who is the voice of the Percy Pig Christmas ad 2021?
Next post Sarah Jayne Dunn's husband supports racy OnlyFans account amid Hollyoaks 'axing'
Lifestyle