Today, ViacomCBS shared its Quarter 1 results, showing a 6% drop in revenue to $6.669 billion. Net earnings were also down for the quarter, though ViacomCBS gained $549 million from the sale of Television City.
“ViacomCBS delivered solid results in our first full quarter, including sequential improvement on key financial metrics, as well as clear operating momentum,” said CEO Bob Bakish. “In the wake of the COVID-19 pandemic, we also took decisive action to fortify our balance sheet, protect our employees and help communities in need. “
While overall revenue and net earnings were down, ViacomCBS saw an increase in streaming and digital video revenue, which was up 51% year over year to $471 million.
Pluto TV grew to 24 million active users, up 55% year over year. ViacomCBS cited the interface update, new features, improved user experience, and international growth as reasons behind the increase in monthly users.
CBS All Access and Showtime also saw increases, with total domestic subscribers surpassing 13.5 million, up 50% year over year. Original programming including Star Trek: Picard and Homeland drove the subscriber growth.
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