The strong performance of streaming services including Paramount+ and Pluto TV has driven ViacomCBS to better-than-expected quarterly results.
Streaming revenue surpassed analyst expectations of US$6.57 billion, rising by 13% to US$6.61 billion for the quarter. The US media giant added 4.3 million global streaming subscribers to reach nearly 47 million in the quarter. This represents a year-over-year increase of 79%.
The company also saw significant growth in streaming advertising revenue, driven by the positive performance of ad-supported streaming service Pluto TV. The company generated 48% year-over-year growth in streaming advertising revenue, with the FAST service seeing its monthly active users to over 54 million.
Commenting on the results, ViacomCBS president and CEO Bob Bakish: “ViacomCBS continued to show tremendous momentum across the business as we executed against our strategy. 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.”
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