ViacomCBS Streaming Subscribers, Third Quarter Ad Rise – The Hollywood Reporter

ViacomCBS added 4.3 million worldwide streaming subscribers in its third quarter ended in September, using the Paramount + service, to reach nearly 47 million paying users worldwide, the company reported Thursday. Entertainment.

It had finished the second quarter with more than 42 million global paid streaming customers after adding around 6.5 million during the April-June period. For the third quarter, analysts expected an average of 3.9 million additions. In the first quarter, from January to March, the company added 6.0 million.

Quarterly streaming revenue exceeded $ 1 billion for the first time, ViacomCBS noted. The company’s global streaming revenue surged again in the last quarter, including subscription and ad revenue gains, led by ad-supported streamer Pluto TV, which also added users in the past. period.

Also Thursday, the conglomerate unveiled a new streaming distribution agreement with T-Mobile. The wireless company will offer new and existing customers one-year postpaid plans free at the Paramount + ad-supported level. After one year, the service will automatically renew for $ 4.99 per month, or whatever price the service will have at that time.

In its third quarter earnings report, ViacomCBS posted a 1% gain in advertising revenue over the period last year, which was impacted by the coronavirus pandemic, and higher distribution revenue.

ViacomCBS’s total quarterly revenue is slightly higher than Wall Street estimates.

The conglomerate’s film unit benefited from the success of Paw Patrol: The Movie and more business for A Quiet Place, Part II, which started in the second trimester. But quarterly revenue fell 2% to $ 580 million due to lower license revenue. Adjusted operating income before depreciation and amortization of the film unit decreased from $ 16 million to $ 38 million, “reflecting lower current year release earnings due to higher distribution costs , as well as distribution costs associated with planned releases. “

In mid-October, Wells Fargo analyst Steven Cahall lowered his forecast for net additions of paid streaming users worldwide in the third quarter by 5 million. “The deployment of international market timing is the main driver of our modest downward revision,” he explained. This lowered his estimate of the global subaccount to 46.1 million at the end of September.

ViacomCBS was created in December 2019 through the recombination of Viacom and CBS Corp. Its paid streaming services are run by the former CBS All-Access, which solidified and rebranded in the United States on March 4 as Paramount +, and Showtime OTT.

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