Network Ten’s parent company has announced it will launch its streaming video on demand service Down Under by the end of 2018.
In announcing the first-quarter results of CBS Corporation on Friday, chief executive Leslie Moonves told investors that the company will use its acquisition of Ten as a gateway to launch CBS All Access by year’s end.
“Some of our key competitors are just now entering the [streaming and over-the-top content] space, and we are already nearly two thirds of the way to our goal of eight million subs between these platforms by 2020,” he said.
“Plus, by going over the top, we’re achieving higher rates per sub than any other form of distribution, which means these services are becoming more meaningful to our bottom line all the time. And of course, they’re attracting a younger audience as well.”
The announcement came as CBS reported its financial results for the first quarter of 2018, which included a revenue increase of 13 per cent to US$3.76 billion compared to the prior corresponding period 12 months ago.
Revenue for the entertainment division of CBS, which includes Ten, jumped 16 per cent to US$2.72 billion, while the acquisition of the Aussie free-to-air broadcaster drove advertising revenues up 11 per cent.