ViacomCBS saw its total streaming revenue creep ever so close to the $1 billion mark during the second quarter thanks to growth at Paramount+, Pluto TV and Showtime.
The company reported $983 million in streaming revenues, up 92% year over year split almost evenly between advertising and subscription. Streaming advertising revenue more than doubled, up 102% year over year, thanks in part to Pluto TV, which ViacomCBS CEO Bob Bakish said should “comfortably generate” more than $1 billion in revenue on its own this year. Pluto TV now has more than 52 million monthly active users after adding 2.8 million during the quarter.
ViacomCBS’s streaming subscription revenue grew 82% year over year as added 6.5 million global streaming subscribers (led by Paramount+) to reach more than 42 million total by the end of the quarter.
RELATED: Cheaper Paramount+ with ads launches on June 7
Paramount+ could be due for another big subscriber growth boost soon now that ViacomCBS has reached a distribution deal for the service with Sky in Europe. The pay TV provider will launch the service on its platforms in the U.K., Ireland, Italy, Germany, Switzerland and Austria in 2022. Bakish said the deal unlock previously exclusive to Sky content for use on Paramount+ and, in the abovementioned markets, Paramount+ will be home to new Showtime originals.
“Importantly, the deal preserves our ability to pursue DTC opportunities in these markets,” he said, adding that Paramount+ has now reached its goal of launching in 25 global markets in 2021 and that the service is “well on its way” to hitting 45 markets by the end of next year.