ViacomCBS today reported its third quarter results, sharing that its streaming and digital video revenue was up 56% year over year, reaching $636 million in Q3.
After completing a merger in December 2019, the company focused on its streaming services – Pluto TV, CBS All Access, and Showtime – now commenting that the “the combined company continues to make substantial strategic progress” in growing those platforms.
ViacomCBS reports that domestic streaming subscribers were up 72% to 17.9 million for the quarter with both CBS All Access and Showtime OTT showing growth in both time spent streaming and in signups.
“As we near the first anniversary of the ViacomCBS merger, I’m thrilled about the way our organization has come together to realize the power of the combination and seize our unique global opportunity in streaming,” said President and CEO Bob Bakish in a statement. “This quarter, we achieved strong user growth across our streaming platforms as we continue to build our linked ecosystem of pay and free services – with big steps taken, including the preview and brand reveal of Paramount+ ahead of its launch in early 2021, and more recently, the unification of our global streaming organization. Our company’s transformation is ahead of schedule and we are incredibly excited by the opportunities ahead.”
The company shared that it is “on track” to launch Paramount+ in early 2021. We first heard about plans for ViacomCBS to rebrand CBS All Access to become Paramount+ in September. Along with a new name, the service will get new content from across the company’s portfolio, including broadcast, news, sports, and its popular entertainment brands, like MTV, BET, Comedy Central, CBS, Paramount Television Studios, Nickelodeon, and Smithsonian Channel. The service will also include movies from Paramount Pictures.