ViacomCBS Inc surpassed fourth-quarter revenue estimates on Tuesday as more people subscribed to its streaming platforms and the media giant posted strong advertising sales.
The company’s flagship Paramount+ streaming service added 1 million subscribers in just a week in November following the release of family film “Clifford the Big Red Dog”, adult drama “Mayor of Kingstown” and concert event “Adele: One Night Only”.
Overall, ViacomCBS added 9.4 million global streaming subscribers in the quarter, taking its total count to 56 million subscribers.
The company also benefited from the resumption of live sports and a rise in affiliate revenue at its cable networks, which refers to the fees collected from cable and satellite operators and online distributors.
Revenue rose 16% to $8 billion in the three months ended Dec. 31, compared with analysts’ estimates of $7.51 billion, according to IBES data from Refinitiv.
Operating income rose to $2.66 billion from $1.08 billion a year earlier.
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