Streaming Lifts ViacomCBS Results

Total third-quarter revenues at ViacomCBS rose 13 percent to $6.6 billion, including a 62 percent bump in streaming revenues to $1.08 billion.

“ViacomCBS continued to show tremendous momentum across the business as we executed against our strategy,” said Bob Bakish, president and CEO. “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.”

Advertising revenues at the company were flat at $1.85 billion, while affiliate revenues were up just 2 percent to $2.1 billion. Streaming revenues hit $1.08 billion—with ad revenues up 48 percent and subscription revenues up 79 percent—while theatrical brought in $67 million and licensing and other was up 18 percent to $1.5 billion.

The TV segment, which includes CBS, delivered revenues that were 24 percent higher at $2.9 billion. Ad revenues slipped slightly to $943 million while affiliate rose 4 percent to $698 million, streaming 81 percent to $390 million and licensing 79 percent to $893 million. At the cable networks, revenues were up 13 percent to $3.4 billion, with advertising up 6 percent to $917 million, affiliate stable at $1.4 billion, streaming up 53 percent to $689 million and licensing rising 23 percent to $448 million. In filmed entertainment, revenues were down 2 percent to $580 million, driven by lower licensing revenues.