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ViacomCBS adds millions of new subscribers, to launch Paramount+ in Europe By Reuters

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© Reuters. FILE PHOTO: ViacomCBS headquarters is pictured in New York, New York, U.S. December 5, 2019. REUTERS/Kate Munsch/File Picture

By Eva Mathews and Kenneth Li

(Reuters) -ViacomCBS Inc stated on Thursday it added its highest international streaming subscribers ever within the second quarter and struck a multi-year cope with Comcast Corp (NASDAQ:)’s Sky to launch its Paramount+ streaming service in Europe.

The media firm stated it would increase its rebranded Paramount+ to the UK, Eire, Italy, Germany, Switzerland and Austria in 2022, by Sky.

With folks now stepping out in search of in-person leisure and elevated strain on conventional pay-TV companies, media corporations throughout the trade need to bolster their streaming companies to tackle giants like Netflix (NASDAQ:) and Walt Disney (NYSE:) Co’s Disney+. Bundling companies collectively by business partnerships is one possibility.

Because the home market saturates, trade leaders are additionally wanting exterior the US for development.

Paramount+ is betting on reside sports activities to draw subscribers. The corporate has amassed greater than 42 million international streaming subscribers in whole after including 6.5 million new subscribers within the quarter, which incorporates additions from its different fashionable streaming companies PlutoTV and Showtime OTT as properly.

ViacomCBS (NASDAQ:) is seeking to increase Paramount+ into 45 markets by the top of 2022.

“Engagement reached an all-time excessive within the quarter, pushed by sci-fi thriller Infinite, SpongeBob SquarePants, the brand new iCarly collection, NCIS and The SpongeBob Film: Sponge on the Run,” the corporate stated.

ViacomCBS’ streaming promoting income doubled throughout the quarter as reside sporting occasions returned and companies spent extra on advertisements, with the corporate posting a 92% bounce in general streaming income.

The corporate expects streaming income to contribute to fifteen% of whole income in 2021, ViacomCBS’ finance chief Naveen Chopra indicated on the earnings name.

Complete income of $6.56 billion within the quarter ended June 30, beat analysts’ estimate of $6.48 billion, based on IBES information from Refinitiv.

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