ViacomCBS said it added 6 million streaming subscribers in the first quarter, thanks to the launch of the new Paramount+ service in March. This takes its total base to 36 million subscribers. The group also counted nearly 50 million monthly active users for its ad-supported streaming service Pluto TV, which also added 6 million users in the quarter.
The streaming services generated USD 816 million in revenues in Q1, up 65 percent from a year earlier. Subscription revenues rose 69 percent to USD 388 million, and advertising revenues were up 62 percent to USD 428 million.
ViacomCBS said growth at Paramount+ was driven by live sports and specials, including the Super Bowl, NCAA Tournament, Uefa Champions League, Oprah with Meghan and Harry and The Grammy Awards, as well as kids’ content and original programming, including the series The Stand and Star Trek: Discovery. Original programming, content from cable brands and Paramount movies drove almost half of Paramount+ subscriber engagement, the company said.
The growth in streaming helped offset a sharp drop in revenues from film production in Q1. ViacomCBS reported total revenues up 14 percent year-on-year to USD 7.4 billion, and adjusted EBITDA rose 31 percent to USD 1.6 billion. The net profit jumped 79 percent to USD 899 million.
