The rebrand of CBS All Access as Paramount+ took place in March in the U.S. and the company began a global rollout.
Revenue came in at $7.4 billion for the period ending March 31, ahead of analysts’ consensus forecast for $7.2 billion. Earnings per share of $1.42 also cleared the bar and rose 75% from the year-earlier quarter. Streaming revenue climbed 65% to $816 million as Paramount+ led the way. The company said key subscription drivers included February’s Super Bowl, the NCAA Men’s Basketball Tournament in March, UEFA Champions League soccer and Oprah Winfrey’s interview with Meghan Markle and Prince Harry.SpongeBob SquarePantsViacomCBS also said Showtime’s OTT service had its best quarter ever in sign-ups, streams and hours watched. Originals likeThe Super Bowl also propelled overall results.
The picture in Cable Networks was a bit cloudier. Revenue increased 14% year-over-year, driven by growth in licensing, higher streaming advertising and streaming subscription revenue. But advertising revenue, excluding streaming revenue, decreased 7% year-over-year, largely because of a decline in domestic advertising.
Paramount Pictures improved over a Covid-19-hit 2020 quarter, with revenue up 23% to $997 million, all but $1 million of that on the licensing and “other” front as theaters remained largely closed.
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