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The media company said it will expand its rebranded Paramount+, which has seen an 8% sequential rise in new global subscriber additions in the second quarter, to the United Kingdom, Ireland, Italy, Germany, Switzerland and Austria in 2022, through Sky.
With people now stepping out seeking in-person entertainment and increased pressure on traditional pay-TV services, media companies across the industry are looking to bolster their streaming services to take on giants like Netflix (NASDAQ:NFLX) and Walt Disney (NYSE:DIS) Co’s Disney+. Bundling services together through commercial partnerships is one option.
Paramount+ is betting on live sports to attract subscribers in the crowded OTT market. The company has amassed more than 42 million global streaming subscribers in total, as of the second quarter.
“Engagement reached an all-time high in the quarter, driven by Infinite, SpongeBob SquarePants, the new iCarly series, NCIS and The SpongeBob Movie: Sponge on the Run,” the company said.
ViacomCBS (NASDAQ:VIAC)’ streaming advertising revenue doubled during the quarter as live sporting events returned and businesses spent more on ads, with the company posting a 92% jump in overall streaming revenue.
Total revenue rose 8% to $6.56 billion in the quarter ended June 30, buoyed by higher advertising sales and affiliate fees. Analysts expected $6.48 billion, according to IBES data from Refinitiv.
Excluding items, the company earned 97 cents per share, edging past estimates of 96 cents.
