ViacomCBS Posts Streaming Gains

U.S. streaming and digital video revenues were up 56 percent year-on-year for ViacomCBS in the third quarter, with subscribers up 72 percent to 17.9 million.

“As we near the first anniversary of the ViacomCBS merger, I’m thrilled about the way our organization has come together to realize the power of the combination and seize our unique global opportunity in streaming,” said Bob Bakish, president and CEO. “This quarter, we achieved strong user growth across our streaming platforms as we continue to build our linked ecosystem of pay and free services—with big steps taken, including the preview and brand reveal of Paramount+ ahead of its launch in early 2021, and more recently, the unification of our global streaming organization. Our company’s transformation is ahead of schedule and we are incredibly excited by the opportunities ahead.”

Total revenues at the company were down 9 percent in the period to $6.1 billion, with net profit slipping 2 percent to $612 million.

Affiliate revenue rose by 10 percent, powered by streaming revenue, retransmission fees, as well as expanded cable distribution, to $2.4 billion. U.S. affiliate revenues were up 11 percent to $2.2 billion, and international slipped by 2 percent to $163 million.

Ad revenues were down 6 percent to $2.2 billion. Domestic ad revenues in the period totaled $1.9 billion, a 5 percent decline, while international stood at $280 million, a 12 percent decline.

Content licensing revenues fell by 33 percent to $1.2 billion.

Theatrical revenues plunged due to continued limited releases as a result of COVID-19.

By business, TV entertainment (which includes CBS) delivered revenues of $2.35 billion, a 4 percent decline, as ad revenues were relatively stable at $1.05 billion, while affiliate revenues rose to $803 million and content licensing fell by 35 percent to $455 million.

At the cable networks, revenues were down 7 percent to $3.1 billion, with ad revenues falling by 11 percent to $1.1 billion, affiliate up 4 percent to $1.6 billion and content licensing down 26 percent to $364 million.

Filmed entertainment fell 31 percent to $590 million, with theatrical revenues of just $6 million, home entertainment down 2 percent to $150 million and licensing down 27 percent to $418 million.