The company's report for Q2 indicates a rise to USD 489 million in the second quarter, a 25% year-on-year increase of domestic streaming and digital video sales. The premium service The service will use the same type of platform that powers CBS All Access.
Sub-division of ViacomCBS Inc., ViacomCBS Networks International announced its decision to launch a worldwide accessible premium streaming service. The conglomerate assures that the content will attract all ages, offer a massive variety of content at a competitive price. “Launching a super-sized premium streaming service will be a game-changer for ViacomCBS and can help us become as powerful a player in international streaming as we are in linear TV,” President and CEO of VCNI, David Lynn said.
ViacomCBS reported domestic streaming and digital video sales, which include streaming subscription and digital video advertising revenue. The figures indicates a spike to USD 489 million in the second quarter, a 25% year-on-year increase, driven by a 52% bump in streaming subscription revenue and robust growth at Pluto TV. The company said total ad revenue slumped 27% year-over-year. Consolidated revenue dipped 12% to USD 6.2 billion. Net profit from continuing operations plunged 51% to USD 478 million, or USD 0.77 a share. Home entertainment revenue rose 30%, driven by the mix of titles in release.
ViacomCBS will also work with existing distribution partners and new distributors to market the service to their subscribers, along with retailing the service D2C. The service will use the same type of platform that powers CBS All Access. The roll-out will be executed using ViacomCBS’s existing international infrastructure, which spans offices in more than 30 countries, to improve cost-efficiency and allow investors to focus on-screen. “We will market a world-class content offering at a very competitive price, and we’re convinced it will have significant appeal for audiences everywhere and strong growth potential in every market,” Lynn said.
OTT markets that are growing at a fast pace are considered a priority as it serves ViacomCBS’ goal to lead paid-for streaming beyond its competitors. Some of the markets include Australia, where its existing 10 All Access service will be rebranded and significantly expanded; Latin America, including Argentina, Brazil, and Mexico, and the Nordic countries.
The new SVOD service will be available to on-demand audiences of all ages by combining blockbuster and classic movies, premium scripted series, kids, comedy and entertainment, reality and specialist factual content and will eventually aim to match or exceed other streaming services with a selection of thousands of hours of content in every market. “With more than 200 million new streaming subscriptions due to come online internationally by 2025, we’re very confident we can build a meaningful subscriber base in the next few years,” Pierluigi Gazzolo, President, Streaming for VCNI said.
Launching a super-sized premium streaming service will be a game-changer for ViacomCBS and can help us become as powerful a player in international streaming as we are in linear TV.” David Lynn President, CEO, VCNI