Sunday December 3, 2023

Super Bowl, Sports Propel ViacomCBS Q1 Gains

  • ViacomCBS saw strong advertising and revenue growth driven by the Super Bowl, NCAA tournament and UEFA Champions League.
  • Paramount+ streaming revenue increased 65% to $816 million.
Mark J. Rebilas-USA TODAY Sports/Design: Alex Brooks
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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.

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