Jump of 50% in domestic streaming subscribers from a year ago makes up for a decline in advertising revenue
The ViacomCBS logo is displayed on the Nasdaq MarketSite to celebrate the company's merger, in New York, U.S., December 5, 2019. Picture: REUTERS / BRENDAN MCDERMID
The jump echoes the growth of streaming service Netflix, which also posted strong net subscriber additions in the quarter.The media company reported more than 13.5-million domestic streaming subscribers, up 50% year on year, based on demand for original programming such asViacomCBS, which produces content for other streaming services in addition to distributing its own films and TV shows, has been preparing to launch a new streaming service that will build on CBS All Access.
Total advertising revenue declined 19% to $2.48bn, due in part to the cancellation of the NCAA “March Madness” basketball tournament because of the pandemic.
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