The pandemic and recession still hit ViacomCBS, however, with both overall earnings and revenue down significantly, though still exceeding analyst expectations. Shares were down 6 percent following the earnings announcement.
Top of the brag list was Pluto TV, which ViacomCBS acquired nearly two years ago for $340 million. The ad-supported streaming service now has 28.4 million domestic monthly average users, plus another 7.5 million internationally, or nearly 36 million worldwide, ViacomCBS said.
Pluto ad revenues doubled as well, as viewers on a wide array of streaming-video devices continued to discover the service’s free shows amid a deepening recession, increased pay-TV cord-cutting, and a lack of new programming from most subscription-based competitors.
ViacomCBS also announced Pluto carriage