ViacomCBS reports 92% increase in streaming revenue for Q2 2021
ViacomCBS, the parent company of Network Ten, has reported an 92% year-on-year growth in streaming revenue in its latest financial report. Network Ten recently reported a statutory loss after tax of $3.4 million for the 2020 calendar year, including significant items.
The company, which is set to launch its streaming service Paramount+ locally next week, posted revenues of US$6.564 billion for the quarter ended 30 June. This is up from US$6.075 billion the corresponding period in 2020 (an 8% increase year-on-year).
Advertising revenue accounted for US$2.097 billion in the quarter, while streaming brought in US$983 million during the period, of which US$502 million was advertising and US$481 million was subscriptions.
Source: ViacomCBS financial report [click to enlarge]
During the quarter the company added 6.5 million streaming subscribers globally, the second For the second consecutive quarter of such additions, taking it to 42 million in total.
Total viewing hours and watch time per active subscriber also grew quarter-over-quarter, according to the report with iCarly, Infinite, UEFA Champions League, The Challenge: All Stars and Why Women Kill driving much of the engagement.
Paramount+ is also set to launch in New Zealand this August and in key European markets, including the UK, Ireland, Italy, Germany, Switzerland and Austria in 2022 as part of new Sky partnership.
ViacomCBS CEO and president, Bob Bakish, said streaming was a “standout” in a a quarter of strong business performance. “We continued to accelerate our global streaming momentum and delivered phenomenal results across our flagship streaming services…. Looking ahead, we’re excited about our opportunity to build on this momentum, as we scale Paramount+’s content offerings across genres and expand our reach with global audiences.”
Licensing and other revenue decreased 36% year-on-year, primarily reflecting the licensing of the domestic streaming rights to South Park in the prior year and the impact on film licensing from the absence of theatrical releases throughout most of 2020 and the first quarter of 2021 due to COVID-19.
Affiliate revenue increased 9% year-over-year, reflecting expanded distribution and higher reverse compensation and retransmission fees.
Got a tip?
Olivia Kruimel is the managing editor at Mumbrella. She has more than 15 years of experience in journalism, communications and marketing. Her journalism career began at Fairfax Media (now part of Nine) and includes various B2B publications such as B&T, Travel Today and ALB. As a marketer Olivia has worked for Standard Chartered and various global law firms.
Linkedin