ViacomCBS received revenues of $1.6 billion from online video in the United States in 2019 and expects that to grow by up to 40% this year. That is 6% of its total revenues of $27.82 billion but only about a quarter of what it received from content licensing. Direct to consumer online video is a growing business for media companies, but it does not pay for all the programming they produce, which is largely still funded through traditional models of advertising, distribution and licensing. The challenge is to grow new revenue streams faster than those they replace.