Streaming, Super Bowl Boost ViacomCBS Results

First-quarter revenues at ViacomCBS were up 14 percent to $7.4 billion, driven by ad revenue gains from coverage of the Super Bowl and a 65 percent increase in streaming revenues.

“In Q1, we accelerated our expansion in streaming with the launch of Paramount+, further enhancing ViacomCBS’ ecosystem of premium, pay and free services,” said Bob Bakish, president and CEO. “The strong consumer response we have seen is evident in today’s numbers—we have grown global streaming revenue 65 percent year-over-year and we added 6 million global streaming subscribers, driven by Paramount+, to reach 36 million streaming subscribers globally. In addition, we now have almost 50 million global Pluto TV MAUs. Our early momentum in streaming is a testament to the breadth and relevance of our differentiated offerings, as well as our opportunities for growth through Paramount+, as we continue to ramp the availability of live sports, original series and blockbuster movies over the course of the year. ViacomCBS also achieved another strong quarter of results in our advertising and affiliate businesses, which continue to demonstrate the extraordinary power of our company to reach audiences and deliver for our partners globally.”

Ad revenues in the period were $2.7 billion, a 21 percent year-on-year gain, led by CBS’s coverage of the Super Bowl and NCAA Tournament. Affiliate revenues rose 5 percent to $2.1 billion. Streaming revenues surged by 65 percent to $816 million. Of that, advertising on Pluto TV, Paramount+ and ViacomCBS’s other digital platforms delivered $428 million, a 62 percent improvement, and subscription revenues rose by 69 percent to $388 million. Theatrical generated just $1 million in revenues, while licensing revenues were up 11 percent to $1.8 billion.

By segment, TV entertainment (including CBS) delivered revenues of $3.5 billion, a 19 percent increase, with ad revenues up 40 percent, affiliate up 11 percent and streaming up 58 percent, while licensing revenues slipped 17 percent due to a lower volume principally from Covid-related production delays. The cable networks posted revenues of $3.3 billion, a 14 percent increase, as streaming, licensing and affiliate gains offset the 7 percent decline in ad revenues. The filmed entertainment segment reported revenues of $997 million, almost entirely from licensing amid the reduced capacity at movie theaters during the pandemic.