ViacomCBS said it added 6.5 million global streaming subscribers to reach more than 42 million in the quarter.
More than 6 million of the new subscriptions were to Paramount Plus, the company said.
The company also announced a new deal with Sky that will expand Paramount Plus’ footprint in the U.K., Ireland, Italy, Germany, Switzerland and Austria.
Global streaming revenue rose 92% to $983 million, with ad revenue up 102%, pushed by Pluto TV to $502 million and subscription revenue up 82% to $481 million, helped by growth at Paramount Plus.
Overall the company’s revenue was up 8% to $6.564 billion, with advertising revenue up 24% and affiliate revenue gaining 9%.
Net earnings were $1.036 billion, or $1.56 a share, $481 million, or 78 cent a share.
ViacomCBS’s TV Entertainment segment, contributed adjusted OIBDA of $216 million, down 45% from a year ago, reflecting the company’s investment in Paramount Plus.
Excluding streaming, ad revenue was up 24% to $2.097 billion and affiliate revenue up 9% to $2.107 billion.
The company’s cable network contributed $1.125 billion in adjusted OIBDA, down 12%. Revenue was up 8% to $3.475 billion, with advertising excluding streaming up 24% to $1.011 billion and affiliate revenue up 9% to $1.416 billion.
Revenue for filmed entertainment was down 38% to $72 million. Revenue was up 3% to $667 million.
“In a quarter of strong business performance, including growth in advertising and affiliate, streaming was a standout,” said CEO Bob Bakish.
“Paramount Plus fueled more than 6 million additional to our global streaming subscription base, which now reaches over 42 million,” he said. “This growth was driven by the power of the service’s differentiated content strategy and expanding content slate. Looking ahead, we’re excited about our opportunity to build on this momentum as we scale Paramount Plus’ content offering across genres and expand our reach with global audiences.”
Jon has been business editor of Broadcasting + Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
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