Let’s start with the good news. ViacomCBS announced Thursday morning that it added 6.5 million new global streaming subscribers in Q2 to push its worldwide streaming business—which encompasses Paramount+, BET+ and Showtime— adding up to more than 42 million total subs. It grew global streaming revenue 92% year-over-year, driven by growth in subscriptions and advertising, saw an 82% year-over-year rise in streaming subscription revenue, and generated a 102% year-over-year spike in streaming advertising revenue. ViacomCBS also reached an agreement with Comcast-owned broadcast Sky to begin rolling out Paramount+ internationally.
The big idea is to use the company’s cable hits, such as Paramount Network’s Yellowstone (which resulted in a comprehensive multi-year deal with creator Taylor Sheridan) and now Comedy Central’s South Park, with a newly inked six-year, $900 million deal with South Park creators Trey Parker and Matt Stone. to drive streaming growth. As part of the new pact, Parker and Stone will create 14 new South Park movies exclusively for Paramount+.
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