The company unveiled its financial results for Q2, 2022, when it added 6.5 million global streaming subscribers to reach 42 million, fueled by Paramount+’s global offer, which will now reach select territories in Europe under a new deal with Sky.
ViacomCBS announced its financial results for the second quarter of 2021, revealing its global streaming revenue increased 92% over the last year, with ad revenue reaching US$ 502 million.
The company added 6.5 million global streaming subscribers during the quarter, to reach 42 million, with 82% increase in streaming subscription revenue fueled by Paramount+’s diverse global content offering.
In this context, ViacomCBS announced a deal with Comcast to roll out Paramount+ on Sky platforms in the UK, Ireland, Italy, Germany, Switzerland and Austria (GSA) in 2022.
The platform is already available in the US, Canada, the Nordics and Latin America, and will reach Europe under the new deal, as well as the UK in 2022.
The news is part of a new multi-year distribution agreement that also includes the extended carriage of ViacomCBS’ leading portfolio of pay TV channels and the renewal of Sky as an ad sales partner in select markets.
“We are thrilled to expand our long-standing partnership with Sky to continue delivering ViacomCBS’ leading portfolio of premium entertainment brands to Sky customers and importantly bring Paramount+ to new audiences in all Sky markets, including the UK, Ireland, Italy, and GSA,” said Raffaele Annecchino, President and Chief Executive Officer, ViacomCBS Networks International.
Upon launch, Sky Cinema subscribers will get the bonus of Paramount+ included at no additional cost, providing access to two fantastic services side by side with more than 10,000 hours of extra content for one affordable price. As part of this partnership, Paramount Pictures’ feature films will remain available on Sky Cinema in the UK and will join Sky Cinema in Germany and Italy in 2022. All other Sky customers will be able to subscribe to Paramount+ as an add-on to their account.
ViacomCBS also announced yearly growth in streaming advertising revenue, largely driven by Pluto TV, which more than doubled its revenue for the fourth consecutive quarter. Pluto reached more than 52 million monthly active users.
Overall, ViacomCBS’s revenue for the second quarter rose 8% to US$6.56 billion and earnings per share coming in at 97 cents on an adjusted basis.