ViacomCBS Inc. said its two streaming services, the newly christened Paramount+ and Showtime, grew to almost 30 million subscribers, up by more than half in the past year.
The company reported the year-end sign-ups, along with fourth-quarter financial results, ahead of an investor event Wednesday to tout its growing online ambitions. Excluding some items, profit in the period rose to $1.04 a share, Viacom CBS said, compared with analysts’ estimates of $1.02, while revenue was little changed at $6.87 billion.
Advertising sales grew 4%, reversing recent declines. Like other broadcasters, ViacomCBS has suffered a loss of TV viewers to streaming services. Those troubles were magnified in 2020 by slumping ad sales because of the coronavirus pandemic, which closed stores and restaurants, and forced marketers to pull back on promotions.