ViacomCBS expects to onboard 19 million subscriptions by year-end

On Friday, ViacomCBS announced that it has raised its annual paid subscriber forecast for its streaming services. This comes after they nearly hit the previous target a full quarter ahead of time, due to heavy demand for indoor entertainment during the pandemic. The company expects to reach 19 million domestic subscriptions by the year-end for its streaming services. The earlier estimate was 18 million.

The company said it witnessed massive growth in sign-ups, CBD All Access benefited from the strong demand of sports content and Showtime on OTT. Streaming and digital video revenue surged 56% to $636 million in the third quarter at ViacomCBS. While the overall advertising revenue fell 6%, it was an improvement from the second quarter drop of 27%. The company's revenue from their film entertainment division including Paramount Pictures, tumbled by 31% which was attributed to theatre closures and lower licensing revenue. 

 

 

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