ViacomCBS posts strong Q1 2021 earnings, driven by streaming successes

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MAY 9, 2021 - In case you missed it: last Thursday, ViacomCBS, the parent company of Paramount+, the home of the Star Trek Universe, announced its 2021 first-quarter results. This was a big quarter for ViacomCBS: despite still feeling the effects of pandemic-related closures, the growth of the streaming business (driven by the launch of Paramount+) bolstered year-on-year revenues, even managing to beat pre-pandemic numbers.

Overall, ViacomCBS first-quarter revenue was up 14% on 2020, and up 4% on 2019. (The breakdown there is a little hard to compare since ViacomCBS didn’t technically exist in Q1 of 2019; the Viacom and CBS merger happened in December of that year.) What we can see from the results is that the 2021 revenue, while still being primarily driven by advertising, was also driven by a significant growth of the streaming segment, which now makes up 11% of total revenue. In cash terms, streaming revenue grew by $322 million, an increase over 2020 of 65%.

According to ViacomCBS, Star Trek had a measurable hand in that growth. In their results, they said, “On Paramount+, the biggest drivers of sign-ups [which contributed to $159 year-on-year growth] were live sports and specials, [...] kids’ content, [...] and original programming including The Stand and Star Trek: Discovery.” Additionally, in a good sign for the performance of the upcoming animated series Star Trek: Prodigy, “Nickelodeon programming was a significant driver of sign-ups and engagement on Paramount+”. Global streaming subscribers have now reached 36 million, up 6 million on the prior quarter.

ViacomCBS CEO Bob Bakish said of the results, “In Q1, we accelerated our expansion in streaming with the launch of Paramount+ further enhancing ViacomCBS’ ecosystem of premium, pay and free services. The strong consumer response we have seen is evident in today’s numbers. [...] Our early momentum in streaming is a testament to the breadth and relevance of our differentiated offerings. [...] ViacomCBS also achieved another strong quarter of results in our advertising and affiliate businesses, which continue to demonstrate the extraordinary power of our company to reach audiences and deliver for our partners globally.”

You can read ViacomCBS’s full first-quarter results on their website.