Viacom is looking to bring its recently acquired Pluto TV ad supported video streaming service to Latin America, executives told investors on the company’s earnings call today. Since Viacom announced its deal to buy Pluto in March, Pluto TV’s monthly active users has jumped by more than 30% to 16 million, according to the company.
For Viacom, growing Pluto TV is one of the many ways that the media company, which owns MTV, Comedy Central and Nickelodeon, is looking to make money in new ways at a time when more people are cancelling their pay-TV subscriptions. Domestic advertising and fees paid by distributors were both down for the quarter. The company beat Wall Street’s profit expectations largely due to cost cutting, but revenue was down 6% for the quarter. Viacom told the Wall Street Journal on Thursday that it took a haircut in its recent deal with DirecTV.
While Viacom CEO Bob Bakish is being creative in finding new sources of revenue, a lot of investors are holding out hope that a long-discussed merger with CBS will happen sooner rather than later.