Who won the Super Bowl? Well, ViacomCBS might want a trophy after seeing its Q1 earnings.
The media giant showed big gains in revenue — $7.4 billion for the period ending March 31 — which was largely spurred on by the addition of six million streaming subscribers.
- Advertising revenue grew 21% year-over-year to $2.68 billion, including 40% in growth in broadcast TV, driven primarily by the Super Bowl and March Madness.
- Live sports, which also included the UEFA Champions League, was the primary driver of the surge in Paramount+ subscriptions.
- Paramount+ streaming revenue increased 65% to $816 million.
In all, the conglomerate pocketed $899 million in profits, a 79% uptick from the year before.
Super Bowl LV featured numerous ads for Paramount+, a major pivot point in rebranding the streaming network previously known as “CBS All Access.”
Beyond sports, ViacomCBS hopes to retain Paramount+ subscribers using a flood of original content. The service will feature a new original movie every week, starting in 2022.
The network has another big chance to draw in viewers when Chelsea and Manchester City — two would-be Super League teams — face off in the Champions League final on May 29.