ViacomCBS CEO Bob Bakish touts improving advertising trends and raises the firm’s domestic paid streaming subscriber target for the end of 2020 to 18 million.
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.
In the company's TV Entertainment arm, which includes the CBS network, revenue declined 22 percent, "primarily driven by the impact of COVID-19 on the advertising market and lower content licensing revenue.
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.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Discovery U.S. Ad Revenue Drops Less Than Expected Amid PandemicDiscovery is 'cautiously optimistic about the global outlook for the rest of the year,' says CEO David Zaslav, lauding the 'durability of our business, especially against the backdrop of a historic disruption to the global advertising market.'
Weiterlesen »
AMC Networks' Quarterly U.S. Ad Revenue Drops 14.6 Percent Amid PandemicAMC Networks' horror-focused streaming service Shudder had the 'biggest' quarter in its history in terms of trials, paid subscribers and amount of time spent on the service, says CEO Josh Sapan. More details:
Weiterlesen »
ViacomCBS Q2 U.S. Streaming & Digital Revenue Up 25% On Subscriptions, PlutoTV; Total Ad Sales Off 27% On COVID-19ViacomCBS reported domestic streaming and digital video sales – which includes streaming subscription and digital video advertising revenue – rose to $489 million in the second quarter, up 25% year…
Weiterlesen »
Discovery Sees Q2 Profit Fall After Coronavirus Ad SlumpDiscovery said second-quarter net income fell 71% after the coronavirus pandemic spurred a pullback in advertising at both its U.S. and international operations, even as its TLC cable network garne…
Weiterlesen »