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    Streaming revenue boosts ViacomCBS Q1 results

    By SHOOTUpdated:No Comments1133 Views
    In this Wednesday, Dec. 2, 2015, file photo, the Viacom logo adorns the mass media company's headquarters, in New York. ViacomCBS’s first-quarter net income beat expectations, Thursday, May 6, 2021, on strong streaming revenue during a quarter when the company streamed the Super Bowl and introduced its rebranded streaming service Paramount+. ViacomCBS rebranded its streaming service formerly called CBS All Access to Paramount+ in March. (AP Photo/Mark Lennihan, File)
    NEW YORK (AP) --

    ViacomCBS's first-quarter net income beat expectations on strong streaming revenue during a quarter when the company aired the Super Bowl and introduced its rebranded streaming service.

    ViacomCBS rebranded its streaming service formerly called CBS All Access to Paramount+ in March.

    ViacomCBS added 6 million global streaming subscribers in the quarter, for a total of 36 million across all of its streaming services, Paramount+, Showtime and BET+. ViacomCBS has projected that those services will reach 65 million subscribers by 2024, with most of the growth coming from Paramount+.

    Paramount+ costs $6 a month with ads and $10 a month without. It joins an increasingly crowded fray of services from Netflix, Hulu, Disney, AT&T and NBCUniversal, among others.

    ViacomCBS said sign-ups for its streaming services were driven by live sports and specials, including the Super Bowl (which aired on CBS All Access before it was rebranded), the NCAA basketball tournament, UEFA Champions League, its Oprah interview with Meghan and Harry and the Grammy Awards.

    The New York-based company said it earned net income of $911 million, or $1.44 per share. Earnings, adjusted for one-time gains and costs, were $1.52 per share.

    The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.22 per share.

    The company posted revenue of $7.41 billion in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $7.46 billion.

    Streaming revenue jumped 65% to $816 million, boosted by higher advertising and subscription revenue.

    ViacomCBS shares have climbed almost 5% since the beginning of the year. The stock has more than doubled in the last 12 months. Shares rose 45 cents to $39.55 in morning trading.

    Tags:Paramount+ShowtimeViacomCBS



    Football Practice Preps Nikki Glaser For Hosting The Golden Globes

    Thursday, December 26, 2024
    Nikki Glaser stands on the field after NFL football game between the Los Angeles Chargers and the Denver Broncos, Thursday, Dec. 19, 2024, in Inglewood, Calif. (AP Photo/Eric Thayer)

    What do Tom Brady, Taylor Swift and comedy have to do with learning about football?

    In the case of Nikki Glaser, it is all intertwined.

    Glaser has become a familiar face to football fans this season. Her breakthrough performance at the Tom Brady Roast on May 5 paved the way for five appearances on Amazon Prime Video's "Thursday Night Football" postgame show.

    Before last Thursday's game between the Denver Broncos and Los Angeles Chargers, Glaser said doing her "Late Hits" segment was a no-brainer following her success at the Brady roast.

    "The football audience is kind of familiar with me already. It's one that is OK with me not knowing every detail about football or expecting me to be an expert about it because I was who I was on the Brady Roast. I kind of admitted to not really following football that much," Glaser said. "And I became a fan of Tom Brady and the sport in doing it through that process. So then I was like, 'Let me just keep learning about football through joking about it.' And that was kind of my goal."

    Glaser admits her knowledge of football is not all the way there yet. Still, it is further ahead than it was a year ago when she started casually watching Chiefs games due to Swift's relationship with Kansas City tight end Travis Kelce.

    And mostly then, it was to see when Swift appeared on screen.

    However, Glaser decided to start learning more about the game, which she compared to trying to learn a new language.

    "I went my whole life putting on blinders because I was just scared to look stupid if I tried to learn. I always thought football fans would be really judgmental and cruel about my lack of knowledge. But they're not," Glaser said. "They're eager for you to understand and... Read More

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