Thursday December 7, 2023

ViacomCBS Ready to Take on Streaming Giants

  • ViacomCBS is playing catch up on streaming compared to giants like Disney and Netflix, but it is investing in growing Paramount+ globally.
  • The company hopes to reach $7 billion in streaming revenue by 2024.
UEFA/Design: Alex Brooks
Copy Link
Link Copied
Link Copied

ViacomCBS is not a company you think of as one of media’s scrappy underdogs, but when it comes to streaming that’s the position it’s in.

CEO Bob Bakish said the company anticipates reaching $7 billion in streaming revenue from 65-75 million global subscribers by 2024. For comparison, Disney brought in $7.5 billion in its direct-to-consumer programming in the six months ending April 3.

The company is leveraging its sports broadcasting rights, especially soccer, to grow its streaming audience on Paramount+. 

  • In addition to U.S. rights to UEFA, home of the Champions League and Europa League, Paramount+ airs the NFL, Masters, PGA Tour, NCAA, NWSL, and SEC.
  • ViacomCBS added 6 million streaming subscribers in Q1 to reach 36 million. Streaming revenue grew 65% year-over-year to $816 million.
  • TV isn’t dead yet: ViacomCBS’s Super Bowl-driven TV advertising revenue jumped to $1.8 billion in the first quarter, up 40% year-over-year.

In addition to Disney, Netflix, and Peacock, the company will also have to contend with the merging behemoth of Warner Media and Discovery, which brought in a combined $41 billion last year.

“The transaction itself doesn’t change anything about our strategy,” ViacomCBS CFO Naveen Chopra said about the merger at a recent JPMorgan conference. “We’ve been very focused on transitioning our assets to help drive streaming.”

Tom Ryan, the company’s head of streaming, told Yahoo that ViacomCBS “recently raised nearly $3 billion” to grow Paramount+ globally.

Copy Link
Link Copied
Link Copied

What to Read

The Australia men's cricket team celebrating winning the 2023 ICC Men's Cricket World Cup.

Amazon Secures ICC Cricket Broadcast Media Rights in Australia

Prime Video will be Australia's exclusive home for ICC events through 2027.
Dallas Cowboys quarterback Dak Prescott throws a pass during the first half against the Seattle Seahawks at AT&T Stadium.

Amazon Bounces Back With Record Viewership

The Dallas Cowboys’ win over the Seattle Seahawks averaged 15.26 million viewers.
Miami Dolphins running back Raheem Mostert runs with the ball against New York Jets cornerback Sauce Gardner during the second half at MetLife Stadium.

On Black Friday, Amazon Delivers Lowest-Rated Game

It was the second-least-watched game on Amazon in 2023.
NASCAR president Steve Phelps speaks to the media prior to practice for the Cup Series Championship race at Phoenix Raceway.

NASCAR Set To Add At Least One New Broadcast Partner

Previous reports suggest that NASCAR will lean into streaming.
podcast thumbnail mobile
Front Office Sports Today

Why the NBA May Have Made Billions With Midseason Tournament


Featured Today

The College Football Playoff is considering rotating TV networks for the national championship game.

CFP Considers Super Bowl-Like Rotation For National Championship Game

Multiple networks could share rights to the championship game, sources told FOS.
Brett Favre
November 27, 2023

Favre Welfare Case Hold-Up? "AG’s Office Has Not Expressed Interest In Pursuing"

The DOJ interviewed Brett Favre in early 2020.
The future of the Pac-12 rests on a court decision.
November 24, 2023

The Pac-12 Plays Its Final Regular-Season Game. Then A Court Decides Its Fate.

The conference's future rests with a court decision.
Lane Kiffin
November 9, 2023

Ole Miss, Lane Kiffin Lawyers Argue for Dismissal of Player Lawsuit

FOS obtained audio of Lane Kiffin's interaction with the player behind lawsuit.


Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Multiple Locations
Multiple Locations
Creative Artists Agency
Multiple Locations
Sports Illustrated

‘The Amount of Useless Stuff You Guys Do Is Staggering.’ Inside a Shakeup at Sports Illustrated’s Publisher

The new owner of the company that operates SI made a jarring first impression Wednesday, warning his employees: 'No one is important.'
Eagles Niners
December 6, 2023

Eagles-49ers Achieves Fox's Highest Sunday Viewership of Season

Fox's broadcast of 49ers vs. Eagles pulls in 27.7M viewers.
December 6, 2023

NBA Viewers Like the In-Season Tourney. What About Broadcasters?

The NBA In-Season Tournament could attract new media partners.

NHL’s Chris Foster on Amplifying Content Distribution With Automation

Learn how the NHL is using WSC Sports to increase fan engagement.
ESPN Stephen A. Smith
December 5, 2023

Stephen A. Smith to ESPN: ‘I Want To Be Highest-Paid Talent’

With a No. 1 show, Stephen A. Smith wants to become number one in compensation.
December 5, 2023

Seminoles’ CFP Snub Opens New Front in Disney vs. Florida War

Florida lawmakers are already considering legislation to protest the College Football Playoff's exclusion of Florida State.
English Premier League teams Leeds United and Brighton Hove & Albion in action during a match.
December 4, 2023

Premier League Reasserts Dominance With $8.5B Domestic Rights Deals

Deals achieve small rights fee increase for top European league.
Peyton Manning on the ManningCast
December 4, 2023

ESPN’s ManningCast Goes Double: Two MNF Games, Two Brothers, One Epic Show

Peyton and Eli Manning will call two “Monday Night Football” games at the same time on Dec. 11 as ManningCast expands across ESPN.