ViacomCBS ad revenue falls 27 percent in the first full three-month period affected by the pandemic.
Bob Bakish, President and CEO, Viacom Inc., participates in a panel discussion during the annual Milken Institute Global Conference at The Beverly Hilton Hotel on April 29, 2019 in Beverly Hills, Calif.
ViacomCBS on Thursday reported lower but better-than-expected second-quarter earnings and a 27 percent drop in advertising revenue for the first full three-month period affected by the novel coronavirus pandemic.In its third financial update since the recombination of Viacom and CBS Corp. in December, the company exceeded Wall Street forecasts for various financial metrics, reported an increase in streaming subscribers and raised its synergy target for the merger that created it.
The timing of the pandemic meant a particular hit for the Paramount studio unit's box office as several high-profile releases had to delay or cancel their theatrical debuts, leaving revenue down from the year-ago period.
Domestic streaming and digital video revenue grew 25 percent over the same period last year, while domestic paid streaming subscribers reached the 16.2 million mark after ending the first quarter above 13.5 million. ViacomCBS said its CBS All Access streaming service saw paid subscribers, streams and minutes watched reach all-time highs in the second quarter.
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