ViacomCBS during a Feb. 15 investor event announced its streaming service, Paramount+, added 7.3 million subscribers in the fourth quarter (ended Dec. 31) to bring its total sub count to 32.8 million.
The media company also announced a name change to Paramount Global, “or, more simply, Paramount,” according to a memo to employees from CEO Bob Bakish and non-executive chair Shari Redstone.
The name change takes effect Feb. 16 and comes “one year since the spectacular launch of Paramount+ and two years since the successful merger of Viacom and CBS,” according to the memo. “In that time, we have shown the world what we knew from the start: that together, aligned around a shared vision and shared strategy, we create a whole that is far greater than the sum of its parts.”
ViacomCBS executives attributed the Paramount+ streaming gain to Clifford the Big Red Dog, the live-action family film that debuted on Paramount+ the same day it opened in theaters, as well as original films Mayor of Kingstown, the “Yellowstone” prequel “1883” and South Park: Post-COVID. Execs also credited live events, NFL football games and bundling discounts.
Showtime also gained 2.1 million streaming subscribers to boost ViacomCBS’s total combined sub gain to 9.4 million, for a new total of 56 million.
Pluto TV, the company’s free, ad-supported streaming service, posted a 45% revenue gain to $362 million, while its monthly active user base rose by 10 million to more than 64 million.
In a financial report, ViacomCBS said total company revenue increased 16% year-over-year in the fourth quarter to $8 billion, “reflecting growth across all revenue types.” Quarterly global streaming revenue was up 48% year-over-year to $1.3 billion, a gain the company attributes to subscription growth and a spike in advertising sales.
Profits, however, were down, with adjusted earnings of $557 million compared with $1.18 billion in the fourth quarter of 2020.
“For more than a century, the name Paramount has been synonymous with great entertainment and industry leadership,” Bakish and Redstone wrote in the memo. “It’s part of our history, as pioneers of the Golden Age of Hollywood. But as Paramount+ has made clear, it’s also about our bright future. And, not least, it’s an idea: a promise to be the best.
“As Paramount, our name will reflect who we are, what we aspire to be, and all that we stand for. It will help advance our strategy of harnessing all our strength and breadth in building the businesses of tomorrow. And it will capture the collective power of our global assets, from our amazing brands — CBS, Showtime, MTV, Comedy Central, BET, Nickelodeon, Smithsonian, Paramount Pictures, Paramount+, Pluto TV and more — to our global reach and our diverse audiences. All of which adds up to Paramount being the preeminent home to, and producers of, the world’s greatest content.”