Blog Post

CBS Confirms March Madness Rev. of $23M

CBS took in a healthy $23 million in revenue from its online streaming of March Madness this year, the company disclosed on its quarterly earnings call this morning. That’s in line with the revised expectations CBS gave us at the end of the tournament, when it said March Madness visitors were up 164 percent on the year.

“[T]he final results once again prove how the Internet is truly additive to our core business,” said CBS president and CEO Les Moonves, adding that television sales were up as well (though TV viewing numbers were mostly down).

CBS had previously said online basketball viewing was additive because it primarily took place during the day at people’s desks, but today it also gave that trend a number. According to Nielsen, 92 percent of online basketball watching was done at work, “…demonstrating that we are adding a whole new audience to our existing content and making bosses throughout America very angry with us,” according to Moonves.

CBS did not sum up its total online revenue expectations, saying only that it expects $50 million in revenue from online radio this year.

At last check, shares of CBS were up 72 cents, or 3.9 percent, at $23.26.