Although ViacomCBS' domestic streaming/digital video business revenue plans are working well, overall revenues sank by double-digit percentages in the second quarter, on par with many other media companies experiencing pandemic issues.
Revenues sank 12% to $6.3 billion, with net income sinking 51% to $478 million.
Advertising business declined, with its CBS Television Network/ViacomCBS cable networks down 27% to $1.9 billion due to COVID-19.
CBS Television Network suffered due to the cancellation of the NCAA Mens' Basketball Tournament and the postponement and cancellation of PGA Golf tournaments.
Looking at just the CBS TV network/TV station business, ad revenues were down 27% to $951 million, while ViacomCBS cable networks (including Nickelodeon, MTV, Comedy Central, and BET) were down 26% to $992 million.
The bright spot was domestic streaming/digital video -- up 25% in the second quarter to $489 million, with growth of 52% in streaming subscription revenue and higher advertising revenues at Pluto TV.
ViacomCBS stock was up 4.7% to $27.23 in early morning Thursday trading.
Total domestic pay streaming subscribers for CBS All Access/Showtime OTT amounted to 16.2 million, up 74% from the same time period a year before. Pluto TV, its ad-supported digital pay TV service, improved 61% to 26.5 million domestic monthly active users.
ViacomCBS posted a small gain -- 2% to $2.19 billion -- in affiliate revenue from higher TV station affiliation and retransmission fees, and subscription streaming revenue. CBS had a 22% rise in affiliate revenue to $751 million; cable networks were 6% lower to $1.4 billion.
Content licensing -- sales of TV series and movies -- were flat at $1.9 billion. Publishing was 8% lower at $200 million.
Due to movie theater chain shutdowns, theatrical revenues from its Paramount Pictures studios were virtually wiped out -- down 98% to $3 million from $152 million. But its home entertainment business was up 30% to $209 million as a result of more stay-at-home orders.
Publishing was down 8% to $200 million.