Viacom profits driven by Rock Band game
Q1 up 33% compared to 2007
2 May 2008 15:25 GMT / By Katie Scott
Viacom is boasting a 33% boom in profits following on the success of its MTV-branded Rock Band video game.
The company has released its financial results and says that its first-quarter profit rose to $270 million as compared to $203 million for the first three months of 2007.
The company, which owns MTV, as well as the Nickelodeon and Paramount movie studios, highlighted the success of the game.
It also said that MTV Networks had enjoyed a boom in advertising revenue.
And the revenue from the company's movie studios was also up - showing a 12% increase - coming in at $1.15 billion, boosted by $29 million in HD DVD movie sales.
Viacom is predicting the growth will continue through to 2010 and stay in the double-digits percentage-wise.
Despite these rosy results, Viacom shares have slipped 13% since the beginning of the year because of scares about the credit crunch.
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