Paramount Global (PARA) 2022 Q2 法說會逐字稿

Good morning. My name is Elliott, and I'll be the conference operator today. At this time, I would like to welcome everyone to Paramount Global's Q2 2022 Earnings Conference Call. (Operator Instructions)

早上好。我叫 Elliott，今天我將擔任會議接線員。在這個時候，我想歡迎大家參加派拉蒙全球公司的 2022 年第二季度收益電話會議。 （操作員說明）

At this time, I would now like to turn the call over to Anthony DiClemente, Paramount Global's EVP, Investor Relations. You may begin your conference call.

在這個時候，我現在想把電話轉給派拉蒙全球公司投資者關係執行副總裁安東尼·迪克萊門特。您可以開始電話會議。

Good morning, everyone. Thank you taking the time to join us for our second quarter 2022 earnings call. Joining me for today's discussion are Bob Bakish, our President and CEO; and Naveen Chopra, our CFO. Please note that in addition to our earnings release, we have trending schedules containing supplemental information available on our website.

大家，早安。感謝您抽出寶貴時間參加我們的 2022 年第二季度財報電話會議。和我一起參加今天討論的還有我們的總裁兼首席執行官 Bob Bakish；和我們的首席財務官 Naveen Chopra。請注意，除了我們的收益發布之外，我們的網站上還有包含補充信息的趨勢時間表。

I want to remind you that certain statements made on this call are forward-looking statements that involve risks and uncertainties. These risks and uncertainties are discussed in more detail in our filings with the SEC.

我想提醒您，本次電話會議上的某些陳述是涉及風險和不確定性的前瞻性陳述。這些風險和不確定性在我們提交給美國證券交易委員會的文件中有更詳細的討論。

Some of today's financial remarks will focus on adjusted results. Reconciliations of these non-GAAP financial measures can be found in our earnings release or in our trending schedules, which contains supplemental information and in each case, can be found in the Investor Relations section of our website.

今天的一些財務評論將集中在調整後的結果上。這些非公認會計原則財務指標的對賬可以在我們的收益發布或趨勢時間表中找到，其中包含補充信息，在每種情況下，都可以在我們網站的投資者關係部分找到。

Now I will turn the call over to Bob.

現在我將把電話轉給 Bob。

Good morning, everyone, and thank you for joining us. I'll start this morning by talking about Q2 highlights and preview what's next. Then I'll turn it over to Naveen to take you through financial and operating details, and we'll wrap up with a Q&A as usual.

大家早上好，感謝您加入我們。我將在今天早上開始討論第二季度的亮點並預覽接下來會發生什麼。然後我將把它交給 Naveen 來帶你了解財務和運營細節，我們將像往常一樣以問答方式結束。

Big picture, while we're clearly navigating some near-term headwinds in the macroeconomic environment, Q2 shows we have the assets, strategy and ability to compete and win over the long term. Q2 showed a company that it's taking market share in streaming, in broadcast, in box office and in upfront dollars. It also serves as a company increasing its penetration of the most important growth market in media streaming, as evidenced by our over 5 million D2C subs added in the quarter. And Q2 shows how we leverage investments across multiple platforms, that unlock multiple revenue streams. This, combined with our fiscally disciplined approach, including with respect to cost management, provides a real advantage in these challenging times and beyond.

大局，雖然我們顯然在宏觀經濟環境中克服了一些近期的逆風，但第二季度表明我們擁有長期競爭和取勝的資產、戰略和能力。 Q2 向一家公司展示了它在流媒體、廣播、票房和前期收入方面的市場份額。它還作為一家公司，增加了對流媒體最重要的增長市場的滲透率，我們在本季度增加了超過 500 萬個 D2C 訂閱者就證明了這一點。第二季度展示了我們如何利用跨多個平台的投資來解鎖多個收入來源。這與我們的財政紀律方法（包括在成本管理方面）相結合，在這些充滿挑戰的時代及以後提供了真正的優勢。

At the center, of course, is our hugely popular content, big, broad and beloved. Just think of the biggest movie in the world, Top Gun: Maverick; the most popular TV show in the country, Yellowstone; perennial global hits like the CBS crime procedurals, NCIS and FBI; or the world's most popular preschool franchise, Nickelodeon's PAW Patrol.

當然，中心是我們廣受歡迎的內容，大而廣，深受喜愛。想想世界上最大的電影，壯志凌雲：特立獨行；全國最受歡迎的電視節目，黃石；常年全球熱門，如 CBS 犯罪程序、NCIS 和 FBI；或世界上最受歡迎的學前特許經營權，Nickelodeon 的 PAW Patrol。

Our content consistently attracts and entertains mass audiences. When I say audiences, I don't just mean kids or adults, I mean the whole household, not just the coast, but the entire country, not just the U.S.. but the entire world, not just the streaming audience, but the TV, theatrical and streaming audience.

我們的內容始終吸引和娛樂大眾。當我說觀眾時，我指的不僅僅是孩子或成年人，我是指整個家庭，不僅僅是海岸，而是整個國家，不僅僅是美國，而是整個世界，不僅僅是流媒體觀眾，還有電視、戲劇和流媒體觀眾。

Part of the reason is that we don't just make popular content, we also make content popular by leveraging our powerful platforms. After all, to drive best-in-class marketing and distribution, you've got to have best-in-class assets, like the #1 broadcast network in America, the largest broadcast footprint globally, the #1 free ad-supported streaming TV service in the U.S. and one of the fastest-growing premium SVOD services.

部分原因是我們不僅製作流行的內容，我們還通過利用我們強大的平台使內容流行。畢竟，要推動一流的營銷和分發，您必須擁有一流的資產，例如美國排名第一的廣播網絡、全球最大的廣播網絡、排名第一的免費廣告支持的流媒體美國的電視服務和增長最快的優質 SVOD 服務之一。

The combination of our content, platforms and strategy ensures we can reach the largest total addressable market, generate strong returns on content investment and create devoted fan followings taking full advantage of our deep and growing library of valuable IP. All of these advantages came to life in Q2.

我們的內容、平台和戰略相結合，確保我們能夠進入最大的潛在市場，產生豐厚的內容投資回報，並充分利用我們深厚且不斷增長的寶貴 IP 庫，創造忠實的粉絲追隨者。所有這些優勢都在第二季度體現出來。

So let me show you how, starting with film. Nowhere is our popularity more evident than at the box office. Look no further than Top Gun: Maverick, which is already the biggest film of 2022, and our fifth #1 title this year. In fact, Top Gun: Maverick just cleared [$1.34] billion at the global box office and became 1 of the top 10 domestic movies of all time.

所以讓我告訴你如何，從電影開始。我們的受歡迎程度在票房上表現得最為明顯。看看《壯志凌雲：特立獨行》，它已經是 2022 年最大的電影，也是我們今年的第五個第一名。事實上，《壯志凌雲：特立獨行》剛剛在全球票房上賺了 [1.34] 億美元，並成為有史以來排名前 10 的國內電影之一。

Here, we leveraged our portfolio of brands, including CBS and MTV, to execute a major cross-company consumer campaign that resonated with audiences everywhere, a strategy that has been proven to be highly effective when deployed against our major assets.

在這裡，我們利用我們的品牌組合（包括 CBS 和 MTV）來執行一項重大的跨公司消費者活動，該活動引起了各地觀眾的共鳴，這一策略已被證明在針對我們的主要資產進行部署時非常有效。

Success like this, 5 #1 films at the box office, Top Gun, Scream, Jackass Forever, The Lost City and Sonic the Hedgehog 2, which, by the way, also made history as the biggest video game opening of all time. Success like this isn't a given, it requires the right strategy and strong execution.

像這樣的成功，票房排名第一的電影，壯志凌雲，尖叫，永遠的公驢，失落的城市和刺猬索尼克 2，順便說一句，這也創造了歷史，成為有史以來最大的電子遊戲開幕。像這樣的成功不是必然的，它需要正確的策略和強有力的執行。

In the early stages of the pandemic, we were very selective with our releases, holding certain films until market conditions improve. While we could have released Top Gun: Maverick and The Lost City earlier, we held off because we knew these phenomenal stories would bring audiences back to theaters. That proved to be the right call.

在大流行的早期階段，我們對發行非常有選擇性，將某些電影保留到市場狀況改善為止。雖然我們本可以早點發行《壯志凌雲：特立獨行》和《失落之城》，但我們推遲了，因為我們知道這些非凡的故事會將觀眾帶回影院。事實證明這是正確的選擇。

Paramount continues to shine at the box office with numbers that outperformed even our own expectations, and we're excited about the future. We'll end this spectacular year with Damien Chazelle's Babylon, starring Brad Pitt and Margot Robbie, which begins its theatrical rollout in December. And our 2023 fleet is anchored by fresh commercial takes on some of our most popular and new franchises: from TRANSFORMERS and Teenage Mutant Turtles to Dungeon & Dragons and PAW Patrol, to name just a few.

派拉蒙繼續在票房上大放異彩，其數字甚至超出了我們自己的預期，我們對未來感到興奮。我們將以 Damien Chazelle 的《巴比倫》結束這一壯觀的一年，該片由布拉德·皮特和瑪格特·羅比主演，將於 12 月開始在影院上映。我們 2023 年的艦隊以我們最受歡迎的一些新特許經營權的新商業形象為基礎：從變形金剛和變種人海龜到龍與地下城和爪牙巡邏隊，僅舉幾例。

But our amazing content isn't limited to the silver screen. Viewers hungry for incredible storytellers are also turning up in ever greater numbers to our flagship streaming service, Paramount+. This quarter, Paramount+ added 4.9 million global subscribers and revenue grew 120%, further cementing Paramount+ as one of the fastest-growing premium streaming services.

但我們驚人的內容不僅限於銀幕。渴望精彩故事講述者的觀眾也越來越多地來到我們的旗艦流媒體服務 Paramount+。本季度，Paramount+ 新增 490 萬全球用戶，收入增長 120%，進一步鞏固了 Paramount+ 作為增長最快的優質流媒體服務之一的地位。

Based on third-party data, Paramount+ is the #1 premium service in the U.S. in sign-ups and net subscriber additions, both this quarter and year-to-date. And based on other third-party data, Paramount+ is also the most popular premium streaming service in the U.S. to add among switchers. That means people who dropped the service in the last 12 months we're more likely to add Paramount+ than any other service. Yet again, evidence, we are taking market share.

根據第三方數據，Paramount+ 在本季度和年初至今的註冊和淨訂戶增加方面都是美國排名第一的優質服務。根據其他第三方數據，派拉蒙+ 也是美國最受歡迎的優質流媒體服務，可以添加到切換台中。這意味著在過去 12 個月內放棄該服務的人比任何其他服務都更有可能添加 Paramount+。再一次，有證據表明，我們正在佔領市場份額。

The success of our streaming platforms speaks to the power of our content strategy. from movies and sports, to shows the news, to events and more, the diversity and quality of our content is unrivaled, especially on Paramount+. Box office hits the Lost City and Sonic the Hedgehog 2 came to Paramount+ in May, generating terrific engagement across all demographics. Their success demonstrates that our strategy of a big theatrical release, with a fast follow to streaming, is by far the most effective way to maximize the return on our investments in movies.

我們流媒體平台的成功說明了我們內容策略的力量。從電影和體育節目到新聞節目，再到活動等等，我們內容的多樣性和質量是無與倫比的，尤其是在 Paramount+ 上。票房大熱《失落之城》和《刺猬索尼克 2》於 5 月登陸派拉蒙+，在所有人群中產生了極好的參與度。他們的成功表明，我們的大型影院發行戰略，以及對流媒體的快速追隨，是迄今為止最大化我們在電影投資中的回報的最有效方式。

Meanwhile, hit CBS originals like NCIS, which consistently dominate ratings in linear, have drawn significant viewership to Paramount+ and driven engagement there, as have must-see sporting events like the UEFA Champions League Final in May, which air on CBS and Paramount+.

與此同時，像 NCIS 這樣的熱門 CBS 原創作品一直在線性收視率中占主導地位，已經吸引了 Paramount+ 的大量收視率並推動了那裡的參與度，5 月的歐洲冠軍聯賽決賽等必看的體育賽事也在 CBS 和 Paramount+ 上播出。

Additionally, the power and strength of our franchises, Existing and new, was on full display this quarter, thanks to strong performances from Star Trek: Strange New Worlds, 1883 of the Yellowstone Universe and our latest South Park special, South Park: the Streaming Wars as well as Halo, which has become a top driver globally for subscriber acquisition and engagement.

此外，得益於《星際迷航：奇異的新世界》、1883 年黃石宇宙和我們最新的《南方公園》特別節目《南方公園：流媒體》的強勁表現，我們現有和新的特許經營權的力量和實力在本季度得到了充分展示Wars 以及 Halo，後者已成為全球訂戶獲取和參與的主要驅動力。

And we're just getting started. We've got more captivating content on the way, and our multi-platform approach will drive even more viewers to streaming. Later this year, the biggest show on television, Yellowstone, returns for its fifth season to the Paramount Network in the U.S. Importantly, Yellowstone's linear premier will support the streaming launch of Taylor Sheridan's latest original for Paramount+, Tulsa King, which debuts November 13 and stars the one and only, Sylvester Stallone.

我們才剛剛開始。我們正在製作更多引人入勝的內容，我們的多平台方法將推動更多觀眾觀看流媒體。今年晚些時候，電視上最大的節目黃石將第五季回歸美國派拉蒙網絡。重要的是，黃石的線性首映式將支持泰勒·謝里丹為派拉蒙+ 製作的最新原創劇《塔爾薩·金》的流媒體發布，該劇將於 11 月 13 日和唯一的明星西爾維斯特史泰龍。

Paramount+ will also debut a criminal minds revival, building on what is already a fan favorite. In September, another season of the NFL and SEC college football also returns to CBS and Paramount+ in the U.S.

派拉蒙+ 還將在已經深受粉絲喜愛的基礎上首次推出犯罪思想復興。 9 月，NFL 和 SEC 大學橄欖球的另一個賽季也回到了美國的 CBS 和派拉蒙+。

The momentum of Paramount+ is not just the product of its strong and diverse portfolio of content, it's also the product and the smart distribution strategy, which is bringing our flagship streaming services to more audiences than ever before.

派拉蒙+ 的勢頭不僅是其強大而多樣化的內容組合的產物，也是產品和智能分發策略的產物，它將我們的旗艦流媒體服務帶給比以往任何時候更多的觀眾。

For instance, Paramount+ continues to expand internationally, leveraging our rich heritage as a truly global operating company. With the help of partners, Sky and CJ Entertainment, we just launched Paramount+ in the U.K., Ireland and South Korea.

例如，派拉蒙+繼續在國際上擴張，利用我們作為一家真正的全球運營公司的豐富傳統。在合作夥伴 Sky 和 CJ Entertainment 的幫助下，我們剛剛在英國、愛爾蘭和韓國推出了 Paramount+。

Hard bundle deals like these allow us to quickly unlock a healthy volume of subscribers at 0 acquisition cost and with very low churn. In September, we're using that same strategy to launch Paramount+ as a hard bundle in Italy with Sky Italia.

像這樣的硬捆綁交易使我們能夠以 0 獲取成本和非常低的流失率快速解鎖大量訂閱者。 9 月，我們將使用相同的策略在意大利與 Sky Italia 一起推出 Paramount+ 作為硬捆綁包。

Later in the year, we'll do the same with Sky in Germany, Austria and Switzerland, and with CANAL+ in France. Meanwhile, in markets like India and Eastern Europe, we're focused on balancing long-term market growth with a smart allocation of capital.

今年晚些時候，我們將對德國、奧地利和瑞士的 Sky 以及法國的 CANAL+ 做同樣的事情。與此同時，在印度和東歐等市場，我們專注於平衡長期市場增長與明智的資本配置。

As exemplified by our deals with Viacom18 and Reliance, with whom we're partnering to bring Paramount+ to India and with our Sky Showtime partnership with Comcast, which will launch later this year. By the end of the year, inclusive of Paramount+ and Sky Showtime, we expect to have our subscription video-on-demand services in 60 total markets.

正如我們與 Viacom18 和 Reliance 的交易所證明的那樣，我們正在與他們合作將 Paramount+ 帶到印度，以及我們與康卡斯特的 Sky Showtime 合作夥伴關係，後者將於今年晚些時候推出。到今年年底，包括 Paramount+ 和 Sky Showtime，我們預計將在 60 個市場提供訂閱視頻點播服務。

Moving forward, we'll continue to harness the strategy of ubiquitous distribution, which includes direct-to-consumer as well as channel partners like Roku, Amazon and Apple in addition to the aforementioned hard bundles so that Paramount+ can reach as large an audience as possible.

展望未來，我們將繼續利用無處不在的分銷策略，其中包括直接面向消費者以及 Roku、亞馬遜和蘋果等渠道合作夥伴，以及上述硬捆綁，以便派拉蒙+ 能夠覆蓋盡可能多的受眾可能的。

We're also seeing the power of partnership to bring Pluto TV to greater heights. Pluto TV is already the #1 free ad-supported streaming television service in the U.S. And this quarter, monthly active users grew to nearly 70 million globally. And through partnerships with Viaplay Group and Corus, we are now expanding Pluto TV's international footprint in the Nordics and Canada, respectively.

我們還看到了合作夥伴關係將 Pluto TV 推向更高高度的力量。 Pluto TV 已經是美國排名第一的免費廣告支持的流媒體電視服務。本季度，全球每月活躍用戶增長至近 7000 萬。通過與 Viaplay Group 和 Corus 的合作，我們現在正在分別擴大 Pluto TV 在北歐和加拿大的國際影響力。

With Pluto, we provide a global platform and global libraries, and our partners provide compelling local content and local ad sales capabilities. It's a powerful and efficient [local] model.

通過 Pluto，我們提供了一個全球平台和全球圖書館，我們的合作夥伴提供了引人注目的本地內容和本地廣告銷售能力。這是一個強大而高效的 [本地] 模型。

Now because our assets continue to perform impressively across TV and streaming, advertisers are taking note even amid broader market uncertainty. We've long known what makes us the ideal advertising partner, our ability to deliver both scale and efficiency, all wrapped around premium content.

現在，由於我們的資產繼續在電視和流媒體領域表現出色，即使在更廣泛的市場不確定性的情況下，廣告商也注意到了這一點。我們早就知道是什麼讓我們成為理想的廣告合作夥伴，我們有能力提供規模和效率，所有這些都圍繞著優質內容。

On scale, our multi-platform strategy is a clear advantage. Our audience reach across broadcast, cable, ad-supported SVOD at Paramount+ and free ad-supported streaming TV in Pluto TV represents a connected viewing ecosystem that produces over 1 trillion ad impressions per year in high engagement premium environment that are proven to drive outcomes for clients.

在規模上，我們的多平台戰略是一個明顯的優勢。我們的觀眾遍及 Paramount+ 的廣播、有線電視、廣告支持的 SVOD 和 Pluto TV 的免費廣告支持的流媒體電視，代表了一個互聯的觀看生態系統，在高參與度的優質環境中每年產生超過 1 萬億次廣告印象，事實證明這可以推動成果客戶。

But in a competitive market, scale isn't enough. To attract the best partners and build the best business, you've also got to make it easy and efficient for advertisers to reach their audiences of choice. And at this scale, we offer advertisers access to a wide variety of audiences across every demographic.

但在競爭激烈的市場中，規模是不夠的。為了吸引最好的合作夥伴並建立最好的業務，您還必須讓廣告商輕鬆高效地接觸到他們選擇的受眾。在這種規模下，我們為廣告商提供了接觸各種人群的各種受眾的機會。

At competitive pricing, that makes Paramount a must-buy for marketers who need to efficiently aggregate awareness around their products. We see our partners responding enthusiastically. As evidence, it is worth noting that we recently had our strongest multi-platform unified upfront yet. We had broadcast and cable pricing increase at the same high single-digit rate. and we grew digital volume in the range of 30%.

以具有競爭力的價格，這使得派拉蒙成為需要有效匯總產品知名度的營銷人員的必買產品。我們看到我們的合作夥伴反應熱烈。作為證據，值得注意的是，我們最近擁有最強大的多平台統一前期。我們的廣播和有線電視價格以同樣高的個位數增長。我們的數字量增長了 30%。

Most importantly, it's pretty clear that we grew share. Premium content with cross-platform scale and efficiency, it's this robust combination that differentiates Paramount in the ad marketplace and makes us a must-have partner for advertisers.

最重要的是，很明顯我們的份額增加了。具有跨平台規模和效率的優質內容，正是這種強大的組合使派拉蒙在廣告市場中脫穎而出，並使我們成為廣告商的必備合作夥伴。

So in closing, we're continuing to create value across our business, from theatrical, to streaming, to advertising. Millions of new customers are signing up for our streaming services. Fans are headed back to the theaters to watch our films. Viewers keep turning to our networks for their favorite content, and advertising partners are eager to get a share of it all. We couldn't be prouder.

所以最後，我們將繼續在我們的業務中創造價值，從戲劇到流媒體，再到廣告。數以百萬計的新客戶正在註冊我們的流媒體服務。粉絲們回到影院觀看我們的電影。觀眾不斷轉向我們的網絡尋找他們最喜歡的內容，廣告合作夥伴渴望分享這一切。我們再自豪不過了。

With an iconic Hollywood film studio that owns more than a century of IP, with the #1 broadcast network in the U.S., with some of the most popular cable brands and content in the world, with the fastest-growing premium streaming service in Paramount+, and with the leading free ad-supported streaming TV service in Pluto TV, it's a powerful combination, which we will continue to lean into for the rest of the year and well into the future.

擁有一個擁有超過一個世紀 IP 的標誌性好萊塢電影製片廠，擁有美國排名第一的廣播網絡，擁有一些世界上最受歡迎的有線電視品牌和內容，擁有 Paramount+ 增長最快的優質流媒體服務，並且與 Pluto TV 中領先的免費廣告支持的流媒體電視服務相結合，這是一個強大的組合，我們將在今年餘下的時間和未來繼續努力。

And in a world where people are more and more focused on the financial envelope, particularly around streaming the benefits of our multi-platform strategy, powerful content engine and IP ownership will become clearer and clearer. We have always executed with financial discipline, and we continue to be laser-focused on it.

在一個人們越來越關注財務包絡的世界中，特別是在流媒體方面，我們的多平台戰略、強大的內容引擎和 IP 所有權將變得越來越清晰。我們一直以財務紀律執行，我們將繼續專注於它。

Now I'd like to turn it over to Naveen to jump into our financial results for the quarter and walk you through our expectations for the second half of the year. Naveen?

現在我想把它交給 Naveen 來了解我們本季度的財務業績，並引導您了解我們對下半年的預期。納文？

Thank you, Bob, and good morning, everyone. Second quarter results demonstrate the value of our diversified media business and expansive monetization platforms. We delivered 19% total company revenue growth through continued strong D2C momentum and record performance at the box off.

謝謝你，鮑勃，大家早上好。第二季度業績證明了我們多元化的媒體業務和廣泛的貨幣化平台的價值。通過持續強勁的 D2C 勢頭和開箱時的創紀錄業績，我們實現了 19% 的公司總收入增長。

Affiliate and subscription revenue grew 12% in the quarter. Advertising was down 2% year-over-year or flat on a constant currency basis due to macroeconomic headwinds, and licensing revenue grew 27%.

本季度附屬和訂閱收入增長了 12%。由於宏觀經濟逆風，廣告同比下降 2% 或按固定匯率計算持平，許可收入增長 27%。

Today, I will highlight some of the key financial and operational drivers behind our second quarter results and share some insight on expectations for the second half of the year. Starting with direct-to-consumer. We added 5.2 million global D2C subscribers in Q2. Paramount+ added 4.9 million global subs, while our other streaming services grew modestly.

今天，我將重點介紹我們第二季度業績背後的一些關鍵財務和運營驅動因素，並分享對下半年預期的一些見解。從直接面向消費者開始。我們在第二季度增加了 520 萬全球 D2C 用戶。派拉蒙+ 增加了 490 萬全球訂閱者，而我們的其他流媒體服務則溫和增長。

As of June 30, we had a base of 63.7 million global D2C subscribers, including 43.3 million Paramount+ subscribers. Our quarter end totals reflect the removal of 3.9 million D2C subs in Russia, of which 1.2 million were from Paramount+, consistent with our plan to remove these subscribers from our reporting.

截至 6 月 30 日，我們在全球擁有 6370 萬 D2C 訂戶，其中包括 4330 萬派拉蒙+ 訂戶。我們的季度末總數反映了俄羅斯刪除了 390 萬 D2C 訂閱者，其中 120 萬來自派拉蒙+，這與我們從報告中刪除這些訂閱者的計劃一致。

Q2 subscriber growth benefited from the launch of Paramount+ in the U.K., Ireland and South Korea as well as continued domestic growth as we added new hit content to the service. Paramount+ saw continued engagement improvement as our content offering expanded even further. P Plus customers are watching a greater number of unique titles today than ever before. as evidenced by sequential and year-over-year growth in titles viewed per active domestic subs.

第二季度訂戶增長受益於派拉蒙+在英國、愛爾蘭和韓國的推出，以及我們在服務中添加新的熱門內容帶來的持續國內增長。隨著我們提供的內容進一步擴展，Paramount+ 的參與度不斷提高。如今，P Plus 客戶觀看的獨特影片數量比以往任何時候都多。正如每個活躍的國內訂閱者所觀看的標題的連續和同比增長所證明的那樣。

We also saw sequential growth in hours per act. And most importantly, deeper engagement resulted in sizable improvement in domestic churn. The combination of subscriber growth and engagement drove Paramount+ revenue growth of 120%, including subscription revenue growth of 126% and advertising growth of 92%.

我們還看到每幕的小時數連續增長。最重要的是，更深入的參與可以顯著改善國內客戶流失率。訂戶增長和參與度的結合推動派拉蒙+ 收入增長 120%，其中訂閱收入增長 126%，廣告收入增長 92%。

Paramount+ ARPU improved on a sequential basis in Q2, with both domestic and international ARPU higher versus Q1.

派拉蒙+ ARPU 在第二季度環比改善，國內和國際 ARPU 均高於第一季度。

Pluto TV added 2.1 million global MAUs in Q2, bringing our global reach to 69.6 million MAUs. Revenue grew 10% year-on-year. Although Pluto TV revenue growth was impacted by the macro environment, the service continues to demonstrate strong engagement with the year-over-year growth rate in total viewing hours accelerating from Q1 to Q2.

Pluto TV 在第二季度增加了 210 萬個全球 MAU，使我們的全球影響力達到 6960 萬個 MAU。收入同比增長 10%。儘管 Pluto TV 收入增長受到宏觀環境的影響，但該服務繼續表現出強勁的參與度，總觀看時長從第一季度加速到第二季度的同比增長率。

Continued improvements in engagement and our compelling advertiser proposition mean that Pluto is well positioned to both gain share and benefit from organic growth.

參與度的持續提高和我們引人注目的廣告客戶主張意味著 Pluto 處於有利地位，既能獲得份額，又能從有機增長中受益。

Our dual revenue stream model delivered 56% year-over-year D2C revenue growth, with total D2C revenue now reaching $1.2 billion in the quarter. This growth consisted of a 74% increase in subscription revenue and a 25% increase in advertising revenue. D2C OIBDA was a loss of $445 million in the quarter, reflecting the investments we are making in content, marketing and international expansion in support of what we believe is a compelling growth opportunity for Paramount.

我們的雙收入流模式實現了 56% 的 D2C 收入同比增長，本季度 D2C 總收入現已達到 12 億美元。這一增長包括訂閱收入增長 74% 和廣告收入增長 25%。 D2C OIBDA 本季度虧損 4.45 億美元，反映了我們在內容、營銷和國際擴張方面的投資，以支持我們認為對派拉蒙來說是一個引人注目的增長機會。

The combination of continued investment and ad market softness means that D2C losses should remain roughly the same in the second half of 2022 as the first half of the year. As we said last quarter, except for the removal of subscribers to our services in Russia, our full year D2C subscriber growth expectations are unchanged.

持續投資和廣告市場疲軟相結合，意味著 2022 年下半年 D2C 損失應與上半年大致相同。正如我們上個季度所說，除了我們在俄羅斯服務的訂戶被取消外，我們全年 D2C 訂戶增長預期保持不變。

And longer term, we remain focused on our goal of reaching over 100 million global D2C subscribers and generating at least $9 billion in D2C revenue by 2024. And we continue to forecast D2C OIBDA losses will be greatest in 2023 and then improve in 2024.

從長遠來看，我們仍然專注於我們的目標，即到 2024 年達到超過 1 億全球 D2C 用戶並產生至少 90 億美元的 D2C 收入。我們繼續預測 D2C OIBDA 損失將在 2023 年達到最大，然後在 2024 年有所改善。

Turning to our TV Media segment. Revenue grew 1% in Q2 as strong growth in content licensing was mostly offset by declines in advertising and affiliate revenue. TV Media advertising declined 6% in the quarter as pricing growth only partially offset the impact of lower linear impressions and a 2% headwind from FX. TV Media affiliate revenue declined 3% in the quarter.

轉向我們的電視媒體部分。第二季度收入增長 1%，因為內容許可的強勁增長大部分被廣告和附屬收入的下降所抵消。電視媒體廣告在本季度下降了 6%，因為定價增長僅部分抵消了較低的線性印象和 2% 的外匯逆風的影響。 TV Media 附屬公司的收入在本季度下降了 3%。

Importantly, the vast majority of the year-over-year decline occurred in international markets where we proactively restructured key affiliate deals, resulting in a shift of revenue from our Pay TV to D2C services. Over the term of these deals, the reduction in TV Media affiliate revenue is expected to be more than offset by revenue generated from our Paramount+ hard bundle relationships, resulting in net growth to the company.

重要的是，同比下降的絕大部分發生在國際市場，我們主動重組了主要的附屬交易，導致收入從付費電視轉向 D2C 服務。在這些交易期間，電視媒體附屬收入的減少預計將被我們派拉蒙+硬捆綁關係產生的收入所抵消，從而為公司帶來淨增長。

Domestic affiliate revenue was flat in Q2, excluding a 50 basis point headwind from a year-over-year decrease in pay-per-view revenue. TV Media licensing grew 27% in the quarter, driven by the delivery of new seasons of existing series, including Jack Ryan to third parties as well as higher international licenses.

第二季度國內分支機構收入持平，不包括按次付費收入同比下降 50 個基點的逆風。電視媒體許可在本季度增長了 27%，這得益於向第三方交付了包括傑克瑞恩在內的現有劇集的新季以及更高的國際許可。

TV Media OIBDA declined 8% in the quarter to $1.4 billion, reflecting the flow-through of lower advertising and affiliate revenue. And while macroeconomic conditions are likely to continue to affect advertising demand and impact TV Media financials, political advertising as well as price increases negotiated in this year's upfront, in combination with continued expense discipline, should help mitigate market-driven headwinds, particularly in Q4.

電視媒體 OIBDA 在本季度下降 8% 至 14 億美元，反映了較低的廣告和附屬收入的流入。儘管宏觀經濟狀況可能會繼續影響廣告需求並影響電視媒體的財務狀況，但政治廣告以及今年前期協商的價格上漲，再加上持續的費用紀律，應有助於緩解市場驅動的不利因素，尤其是在第四季度。

As such, in the second half of the year, we expect TV Media OIBDA to return to modest growth on a year-over-year basis.

因此，我們預計今年下半年電視媒體 OIBDA 將恢復同比溫和增長。

In Filmed Entertainment, Q2 revenue was $1.4 billion, more than double the year ago period. Theatrical revenue increased $630 million, driven by the success of Top Gun: Maverick and Sonic the Hedgehog 2. Licensing revenue at Filmed Entertainment increased 27%, largely due to the monetization of recent theatrical releases. Filmed Entertainment OIBDA was $181 million, benefiting from the strong performance of our current year theatrical flights. For the full year, our outlook for stable year-on-year OIBDA at Filmed Entertainment remains unchanged.

在電影娛樂領域，第二季度的收入為 14 億美元，比去年同期增加了一倍多。由於《壯志凌雲：特立獨行》和《刺猬索尼克 2》的成功，影院收入增加了 6.3 億美元。 Filmed Entertainment 的授權收入增長了 27%，這主要是由於近期影院發行的貨幣化。 Filmed Entertainment OIBDA 的收入為 1.81 億美元，這得益於我們本年度影院飛行的強勁表現。全年，我們對 Filmed Entertainment 的 OIBDA 同比穩定的展望保持不變。

Turning to the balance sheet. We finished the quarter with $4 billion of cash on hand and total debt of $15.8 billion. We continue to maintain significant financial flexibility, which will increase with the addition of proceeds from the sale of Simon & Schuster &. We also maintained a committed $3.5 billion credit facility that remains undrawn.

轉向資產負債表。我們在本季度結束時手頭有 40 億美元的現金和 158 億美元的總債務。我們繼續保持顯著的財務靈活性，這將隨著出售 Simon & Schuster & 的收益而增加。我們還維持未動用的 35 億美元信貸額度。

In closing, we are enthusiastic about the long-term opportunity for Paramount, unlocked by powerful content and a massive and growing market for streaming. Despite short-term headwinds related to the macro environment, the value of our diversified business, and particularly our ability to monetize content across platforms and audiences, is becoming more clear than ever.

最後，我們對派拉蒙的長期機會充滿熱情，這得益於強大的內容和龐大且不斷增長的流媒體市場。儘管與宏觀環境相關的短期逆風，我們多元化業務的價值，特別是我們跨平台和受眾通過內容貨幣化的能力，比以往任何時候都更加清晰。

With that, operator, can you please open the line for questions?

有了這個，接線員，你能打開電話提問嗎？

(Operator Instructions) Our first question today comes from Michael Morris from Guggenheim Partners.

（操作員說明）我們今天的第一個問題來自 Guggenheim Partners 的 Michael Morris。

Bob, maybe you could share your thoughts on your expectation for changes to the competitive landscape for streaming advertising as we move into the back half of the year. I'm particularly interested in how you're thinking about the launches of some of these ad-supported services from Netflix and Disney+, how they could impact the CTV ad market and Paramount+ Pluto, in particular?

Bob，也許您可以分享您對今年下半年流媒體廣告競爭格局變化的期望的看法。我特別感興趣的是您如何看待 Netflix 和 Disney+ 推出的這些廣告支持服務，它們將如何影響 CTV 廣告市場，尤其是 Paramount+ Pluto？

And then if I could, Naveen, I apologize because I know it's early to discuss '23, but I'd be curious if you could provide any frame of reference for how much greater those peak D2C losses could be in '23 relative to the 2022 outlook? And any thoughts on growth or swing factors and investment drivers top line that would be incremental there.

然後，如果可以的話，Naveen，我道歉，因為我知道現在討論 23 還為時過早，但我很好奇你能否提供任何參考框架，說明 23 中的 D2C 峰值損失相對於2022年展望？任何關於增長或波動因素以及投資驅動因素的想法都會在那裡增加。

Yes. Sure, Michael. Let me start. Look, we've been big believers in the dual revenue stream model in streaming, i.e., advertising from the start and the fact that others are following our lead is really a validation of the thesis we've had for years.

是的。當然，邁克爾。讓我開始吧。看，我們一直堅信流媒體中的雙重收入流模式，即從一開始就做廣告，其他人也在追隨我們的腳步，這確實驗證了我們多年來的論點。

So yes, there will be incremental options in the market. But really, competition is nothing new. And importantly, our competitive position in the ad market is very strong. Advertisers are focused on being associated with premium content, and we have a really diverse collection here across entertainment, sports and news. And it's highly coveted by advertisers.

所以是的，市場上會有更多的選擇。但實際上，競爭並不是什麼新鮮事。重要的是，我們在廣告市場的競爭地位非常強大。廣告商專注於與優質內容相關聯，我們在這裡擁有非常多樣化的集合，涵蓋娛樂、體育和新聞。並且受到廣告商的高度覬覦。

I'd also point out that our content has been created and formatted with advertising in mind, and that's important. Second, look, we've been in a multi-platform ad business for years, and that gives us very high quality reach and scale of over 1 trillion ad impressions per year across all demographics. And then you add to that industry-leading, integrated advertising and advanced advertising capabilities. and really a long track recordship of partnership and customer services with agencies and their clients.

我還要指出，我們的內容在創建和格式化時考慮到了廣告，這很重要。其次，看，我們多年來一直從事多平台廣告業務，這為我們提供了非常高質量的覆蓋範圍和每年超過 1 萬億次廣告展示的規模，涵蓋所有人群。然後您添加了行業領先的集成廣告和高級廣告功能。並且與代理商及其客戶建立了長期的合作夥伴關係和客戶服務記錄。

And we know how to transact in upfront. We know how to transact in scatter. We know how to do programmatic. So we had a lot of elements of strength here. And I'd point out that all that's not just conceptual, it translates into performance.

我們知道如何預先進行交易。我們知道如何分散交易。我們知道如何進行程序化。所以我們在這裡有很多力量元素。我要指出，所有這些不僅僅是概念上的，它還轉化為性能。

If you look at our Q2 growth rate, particularly in digital, I think you'll find that at the top of the industry. And it's quite clear to me that we took share in this most recent upfront, There, we had digital volume up on the order of 30%. So yes, there will be some new entrants, but we feel very good about our position, and we look forward to continuing to benefit from it.

如果您查看我們的第二季度增長率，尤其是在數字方面，我認為您會發現它處於行業的頂端。我很清楚，我們在最近的前期工作中佔有一席之地，在那裡，我們的數字量增加了大約 30%。所以是的，會有一些新進入者，但我們對自己的位置感覺很好，我們期待繼續從中受益。

And Mike, with respect to your question on the outlook for 2023, I'd really say 2 things. One, I mean, as you saw in Q2, we continue to see tremendous momentum in the direct-to-consumer business, whether you look at the growth on Paramount+ subs, what we're seeing in terms of churn, nice MAU growth and engagement growth at Pluto and most importantly, D2C revenue growth at very, very strong levels, 50% on a combined basis, well over 100% revenue growth at Paramount+.

邁克，關於你關於 2023 年前景的問題，我真的想說兩件事。一，我的意思是，正如你在第二季度看到的那樣，我們繼續看到直接面向消費者的業務的巨大勢頭，無論你看看派拉蒙+訂閱的增長，我們在客戶流失、良好的 MAU 增長和Pluto 的參與度增長，最重要的是，D2C 收入增長非常非常強勁，合計增長 50%，派拉蒙+ 的收入增長超過 100%。

So what we're really navigating from an OIBDA perspective is the weakness in the macro advertising marketplace. And as you said, it's really too early to know exactly what the market will look like in 2023. But we are still focused on managing the business to peak losses in '23, and then starting to see improvements in earnings, both for the D2C segment and the consolidated business as a whole beyond that as we move toward our long-term D2C revenue and subscriber goals.

因此，從 OIBDA 的角度來看，我們真正了解的是宏觀廣告市場的弱點。正如你所說，現在要確切知道 2023 年的市場會是什麼樣子還為時過早。但我們仍然專注於將業務管理到 23 年的虧損峰值，然後開始看到收益的改善，無論是對於 D2C隨著我們朝著我們的長期 D2C 收入和訂戶目標邁進，細分市場和整個合併業務超越了這一點。

Our next question comes from Bryan Kraft from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bryan Kraft。

Just wondering if you could talk in some more detail about the impacts of the macroeconomic environment that you're seeing in the business and particularly what you're seeing in terms of advertising demand across your own platforms. And maybe, along with that, if you could talk about what you're seeing as far as specific advertiser category strength or weakness? And any additional color on the outlook for Pluto in the back half of the year, given what you saw in 2Q?

只是想知道您是否可以更詳細地談談您在業務中看到的宏觀經濟環境的影響，特別是您在自己的平台上看到的廣告需求方面的影響。也許，除此之外，如果您可以談談您所看到的特定廣告客戶類別的優勢或劣勢？考慮到你在第二季度看到的情況，冥王星下半年的前景還有什麼其他顏色嗎？

Sure, Bryan. Well, look, we see both headwinds and tailwinds in advertising. It's true that there are some challenges in the scatter market and in digital, and that really is, as you would guess, driven by the state of the macroeconomic environment. That's showing up in certain categories, things like auto continues to be impacted by the supply chain. Packaged goods is managing through inflation issues, which is really impacting their ad spending as they look to protect margins.

當然，布萊恩。好吧，看，我們在廣告中看到了逆風和順風。確實，分散市場和數字市場存在一些挑戰，正如您所猜測的那樣，這確實是由宏觀經濟環境狀況驅動的。這齣現在某些類別中，例如汽車等產品繼續受到供應鏈的影響。包裝商品正在通過通貨膨脹問題進行管理，這確實影響了他們的廣告支出，因為他們希望保護利潤。

But these aren't long-term issues. There are short-term challenges we got to just work through. On the positive side, TV clearly remains resilient on a relative basis, and that's a function of a very tight supply. And so we benefit at Paramount from having a balance across linear and digital clearly.

但這些都不是長期問題。我們必須克服一些短期挑戰。從積極的方面來看，電視顯然相對而言仍具有彈性，這是供應非常緊張的結果。因此，我們在派拉蒙受益於在線性和數字之間的清晰平衡。

And I note that we are seeing some areas of category strength, including in Q2 and today, travel, technology. Also worth noting that we're taking advantage of the current situation to increase our level of promotion for in-house assets, particularly with respect to Paramount+. That gives us incremental product visibility to the consumer, and it also benefited us in terms of third-party expense reduction.

我注意到我們看到了一些類別優勢領域，包括在第二季度和今天，旅遊、技術。同樣值得注意的是，我們正在利用當前的情況來提高我們對內部資產的推廣水平，特別是在派拉蒙+方面。這讓我們增加了對消費者的產品可見性，並且在減少第三方費用方面也使我們受益。

As we look ahead in this ad market, there's 2 things I'd note. First, we're really pleased with how the upfront played out and particularly the volume dynamic in it, which was up nicely. Second, there are 2 important new category tailwinds that we'll see probably late Q3 and certainly Q4. The first is pharmaceuticals. That came back big in the upfront. That's super important to us because it's a big category for us given our demographics and specifically the demos of CBS.

當我們展望這個廣告市場時，有兩件事我要注意。首先，我們對前期的表現非常滿意，尤其是其中的音量動態，效果很好。其次，有兩個重要的新類別順風，我們可能會在第三季度末看到，肯定會在第四季度看到。首先是藥品。這在前期很重要。這對我們來說非常重要，因為考慮到我們的人口統計數據，特別是 CBS 的演示，這對我們來說是一個很大的類別。

And the second is political. We're expecting advertising related to the midterm to be very strong given what's going on there. And I'd note that historically, that's really a stations business and for sure, it will be a stations business this year. But also with targeting, we see IQ and Pluto playing there and therefore benefiting as well. So that's really the ad market. I don't know if you want to comment on...

第二個是政治性的。鑑於那裡正在發生的事情，我們預計與中期相關的廣告將非常強勁。而且我注意到，從歷史上看，這確實是一個電台業務，而且可以肯定的是，今年它將是一個電台業務。但同樣在定位方面，我們看到智商和冥王星在那裡發揮作用，因此也從中受益。這就是真正的廣告市場。不知道你要不要評論。。。

Yes. I mean in terms of our expectations for Pluto in the back part of the year, I'd take a couple of things. We don't obviously guide to Pluto specifically. It is part of our broader D2C business, as you well know. And we continue to see very healthy levels of growth there, 56% D2C revenue growth in the quarter. And I think we'll probably finish the year with very healthy revenue growth across the segment.

是的。我的意思是就我們在今年下半年對冥王星的期望而言，我會採取一些措施。我們顯然沒有專門針對冥王星。如您所知，它是我們更廣泛的 D2C 業務的一部分。我們繼續看到那裡非常健康的增長水平，本季度 D2C 收入增長了 56%。而且我認為我們可能會以非常健康的收入增長結束這一年。

We now turn to Steven Cahall from Wells Fargo.

我們現在轉向富國銀行的 Steven Cahall。

I just wanted to pick up on some of the Pluto line of questioning. It seems like the MAU growth is strong. I assume the engagement is pretty strong as well. And so with some of the slowdown in revenue, is the right way to think about this business that it is just a price taker in the programmatic market, and that price pressure can kind of arrive unannounced? And if that's the case, I was just wondering if you could talk about some of the pricing changes that you saw late in Q2 and how those have trended as you've gotten into Q3, any improvement or degradation?

我只是想了解一些冥王星的問題。似乎 MAU 增長強勁。我認為參與度也非常強。因此，隨著收入的一些放緩，考慮這項業務的正確方式是，它只是程序化市場的價格接受者，而價格壓力可能會在不知不覺中到來？如果是這樣的話，我只是想知道你是否可以談談你在第二季度末看到的一些定價變化，以及隨著你進入第三季度時這些變化的趨勢，有什麼改進或降級嗎？

And then at TV Media, I think investors have been a little bit skeptical about the stable guide in OIBDA. So thanks for that color on the second half growth. Could you maybe just think about what the drivers for stable guidance might be for next year, especially since you're comping political?

然後在 TV Media，我認為投資者對 OIBDA 的穩定指南有點懷疑。所以感謝下半年增長的那種顏色。你能不能想想明年穩定指導的驅動因素是什麼，特別是因為你正在競爭政治？

Yes, Steven, let me take the Pluto piece and then Naveen will go from there. So I'd start by saying Pluto is the leader in fast in the U.S. And as you know, it's rapidly growing internationally as well. I'd note that the supply side of Pluto continues to track very strongly. We look at impression delivery, and it's in line with our expectations for the beginning of the year.

是的，史蒂文，讓我拿下冥王星的碎片，然後納文會從那裡走。所以我首先要說冥王星是美國快速發展的領導者。如你所知，它也在國際上迅速發展。我注意到冥王星的供應方面繼續非常強勁。我們看印象交付，這符合我們對年初的預期。

MAUs are now at basically $70 million because we're getting great consumer traction and engagement, time spent, et cetera on Pluto continues to grow. In fact, we saw an acceleration of that from Q1 to Q2. So very good supply side equation.

MAU 現在基本上是 7000 萬美元，因為我們在 Pluto 上獲得了巨大的消費者吸引力和參與度，花費的時間等等繼續增長。事實上，我們看到從第一季度到第二季度的加速。所以非常好的供應方方程。

Revenue side has certainly been impacted by the macroeconomic situation. It's really a marketplace dynamic that unfortunately, we're not immune to. But even with that, some very compelling facts to focus on. Related to the streaming ad size, Paramount+ grew advertising over 90% in the quarter.

收入方面肯定受到宏觀經濟形勢的影響。不幸的是，這確實是一種市場動態，我們也無法倖免。但即便如此，還是需要關註一些非常引人注目的事實。與流媒體廣告規模相關，派拉蒙+在本季度的廣告增長超過 90%。

And if you look at our total D2C ad business in the quarter, including Pluto TV, that grew 25%. That's partially because we are gaining share. We have a very strong proposition in the marketplace. And another indicator of that strength is really the 30% digital volume growth -- ad volume growth that we saw in the upfront.

如果你看看我們本季度的 D2C 廣告總業務，包括 Pluto TV，增長了 25%。這部分是因為我們正在獲得份額。我們在市場上有一個非常強大的主張。這種優勢的另一個指標是 30% 的數字量增長——我們在前期看到的廣告量增長。

So to your question of it being a price taker, sure, we play in the programmatic market. That matters. It's an important part of the equation. But again, we're not just selling Pluto, we're selling a full range of streaming product and multiplatform product and having great traction with advertisers. And we think that is a tremendous positive for the company and will be even more so as the macro situation improves.

因此，對於您作為價格接受者的問題，當然，我們在程序化市場中發揮作用。這很重要。這是等式的重要組成部分。但同樣，我們不只是在銷售 Pluto，我們還在銷售全系列的流媒體產品和多平台產品，並且對廣告商有很大的吸引力。我們認為這對公司來說是一個巨大的積極因素，隨著宏觀形勢的改善，情況會更加積極。

And in terms of the question around the stability of TV Media earnings, as we said, we do expect the -- in the near term, there'll be some impact because of the macro advertising environment. But longer term, we do still remain confident that once that advertising market recovers, we can deliver TV Media -- stable TV Media OIBDA, and that's enabled by a combination of a few things.

關於電視媒體收入穩定性的問題，正如我們所說，我們確實預計 - 在短期內，由於宏觀廣告環境會產生一些影響。但從長遠來看，我們仍然有信心，一旦廣告市場復甦，我們可以提供電視媒體——穩定的電視媒體 OIBDA，這是通過幾件事的結合來實現的。

Number one, rate increases in both the affiliate and advertising side of the business, and there's been evidence of that over the last few quarters. We've done -- we have a very successful track record of putting in place new affiliate deals that either have built-in rate escalators or fixed fee components on the station side of the business. And then obviously, on the advertising side, we're very happy with what we've seen in the upfront, both in terms of price increases and what we've been able to do from a volume perspective.

第一，業務的附屬公司和廣告方面的費率都有所提高，過去幾個季度有證據表明這一點。我們已經做到了——我們在建立新的附屬交易方面有著非常成功的記錄，這些交易要么具有內置的費率自動扶梯，要么在業務的車站方面具有固定費用。然後很明顯，在廣告方面，我們對我們在前期看到的非常滿意，無論是在價格上漲方面，還是從數量的角度來看我們能夠做到的。

So rate is an important part of the equation. We also expect to see continued meaningful contributions from the licensing side of that business, which is enabled by a combination of both an incredible catalog and unique production capabilities.

因此，速率是等式的重要組成部分。我們還希望看到該業務的許可方面繼續做出有意義的貢獻，這得益於令人難以置信的目錄和獨特的生產能力的結合。

And of course, we will continue to have a lot of innovation and discipline on the cost side of the equation, and that's true across programming, it's true across marketing, and it's true across our broader operations. So the combination of all those things will be key to delivering stable TV Media OIBDA.

當然，我們將繼續在等式的成本方面進行大量創新和紀律，這在編程中是正確的，在營銷中也是如此，在我們更廣泛的運營中也是如此。因此，所有這些因素的結合將是提供穩定的電視媒體 OIBDA 的關鍵。

We now turn to Ben Swinburne from Morgan Stanley.

我們現在轉向摩根士丹利的 Ben Swinburne。

I just had a couple of questions on one topic, which is sort of the international opportunity with Paramount+. Bob, could you talk a little bit about how the launch went in the U.K. and South Korea in the quarter, sort of the strategy to drive that business? And did you see the whole benefit of the initial launch in Q2? Or is some of that going to lead into Q3?

我只是對一個主題有幾個問題，這有點像派拉蒙+的國際機會。 Bob，您能否談談本季度在英國和韓國的發布情況，以及推動該業務的戰略？您是否看到了第二季度首次發布的全部好處？還是其中一些會進入第三季度？

And as part of that, could you talk a little bit your international programming strategy? I believe you guys have some local productions, 4 language productions in the works? Just could you give us a sense of your appetite to build that out as a part of the offering as you grow the business outside the U.S.?

作為其中的一部分，你能談談你的國際編程策略嗎？我相信你們有一些本地作品，4 種語言的作品正在製作中？當您在美國以外發展業務時，您能否讓我們了解您將其作為產品的一部分建立的意願？

Yes, sure, Ben. So a couple of things to say. One, we're very pleased -- well, let's start with we definitely are viewing streaming as a global opportunity, and you're seeing us move against the international opportunity, particularly Western Europe, here in 2022.

是的，當然，本。所以有幾件事要說。第一，我們非常高興——好吧，首先我們肯定將流媒體視為一個全球機遇，而您看到我們在 2022 年反對國際機遇，尤其是西歐。

Two is with respect to Western Europe, we obviously launched the U.K. and Ireland in June. By the way, we also launched South Korea the week before. Those launches are performing above our expectations. Both of those have hard bundle elements to them. Obviously, we're in business with Sky in the U.K. and Ireland, and they are very pleased with what we brought to market. And by the way, the response to the launch more broadly has been very strong, including what we showed in London related to the launch event.

二是關於西歐，我們顯然在 6 月份推出了英國和愛爾蘭。順便說一句，我們也在前一周推出了韓國。這些發布的表現超出了我們的預期。兩者都有硬捆綁元素。顯然，我們在英國和愛爾蘭與 Sky 開展業務，他們對我們推向市場的產品非常滿意。順便說一句，更廣泛的發布反應非常強烈，包括我們在倫敦展示的與發布活動相關的內容。

Same thing is true with South Korea. There, we're working with TVING, which is a local streamer. CJ has a minority stake in it. And there, we're really the global part of the global tier to their local offering. And again, they're very happy with what we brought to market and how it's performing. And so we're off to a very good start.

韓國也是如此。在那裡，我們正在與本地流媒體 TVING 合作。 CJ持有少數股權。在那裡，我們真的是他們本地產品的全球層的全球部分。再一次，他們對我們推向市場的產品及其表現非常滿意。所以我們有了一個很好的開始。

To your question of is this Q2 only boost to subs? Or does it extend past that? It definitely extends past that. Recall that our international distribution strategy is focused on achieving ubiquity. It really has 3 fundamental components: hard bundle, plus channel stores like Roku and Amazon and Apple, and direct D2C on an O&O basis. So we'll be deploying all of that in those markets.

對於你的問題，這個 Q2 是否只提升了潛艇？或者它是否延伸過去？它肯定超出了這一點。回想一下，我們的國際分銷戰略專注於實現無處不在。它實際上有 3 個基本組成部分：硬捆綁，加上 Roku、亞馬遜和蘋果等渠道商店，以及基於 O&O 的直接 D2C。因此，我們將在這些市場中部署所有這些。

And therefore, we see sub growth not only coming from really engagement from the hard bundles where more and more people use it, but we also see those other 2 pillars of the distribution strategy beginning to kick in, and in fact, they already have.

因此，我們看到次增長不僅來自越來越多的人使用硬捆綁包的真正參與，而且我們還看到分銷戰略的其他兩個支柱開始發揮作用，事實上，它們已經有了。

Third point I'd make is this is a big year for Western Europe for us. We have Italy in September. That's another launch with Sky on a hard bundled basis. That's tracking very well. And then we have Germany and Austria and Switzerland with Sky in December, I believe, as well as France with CANAL+. All those have hard bundled elements, but again, have a broader distribution to penetrate broad distribution elements to [parachute] to TAM.

我要說的第三點是，對於我們來說，今年對西歐來說是重要的一年。我們在九月有意大利。這是在硬捆綁的基礎上與 Sky 的另一次發布。這跟踪得很好。然後我們在 12 月有德國、奧地利和瑞士的 Sky，我相信還有法國的 CANAL+。所有這些都有硬捆綁的元素，但同樣，具有更廣泛的分佈，可以穿透廣泛的分佈元素 [降落傘] 到 TAM。

The last point, your local content, all those markets do have local content dimensions. We really have you see a dual benefit there. On the one hand, with local content, and we know local content for a long time from operating networks, things like using a local format of the shores and making it for a market, works very well.

最後一點，您的本地內容，所有這些市場都具有本地內容維度。我們確實讓您看到了雙重好處。一方面，使用本地內容，我們很長時間以來通過運營網絡了解本地內容，例如使用海岸的本地格式並將其用於市場，效果非常好。

We also have -- in the U.K., we have Channel 5, so it has relationships that are triggering stories there. So yes, local content is one thing. But the second element of it, a lot of that we're going to use globally because on a [termed] basis, the streaming world has proven that works. So local is very much part of our strategy in the mix. It's not an overwhelming part, but it is part of it. Naveen?

我們還有——在英國，我們有第 5 頻道，所以它的關係在那裡觸發了故事。所以是的，本地內容是一回事。但它的第二個元素，很多我們將在全球範圍內使用，因為在 [術語] 的基礎上，流媒體世界已經證明這是有效的。因此，本地化是我們混合戰略的重要組成部分。這不是壓倒性的部分，但它是其中的一部分。納文？

I think you covered the -- I think you got it.

我認為你涵蓋了 - 我認為你明白了。

We now turn to Rich Greenfield from LightShed Partners.

我們現在轉向 LightShed Partners 的 Rich Greenfield。

So when Netflix published its Q2, it showed this chart that had minutes viewed, and I think CBS was actually #2 behind Netflix. It didn't have Paramount+ or Pluto, but I would assume that would close the gap between Netflix and the broader Paramount company.

因此，當 Netflix 發布其 Q2 時，它顯示了這張有分鐘觀看量的圖表，我認為 CBS 實際上是僅次於 Netflix 的第二名。它沒有派拉蒙+ 或冥王星，但我認為這將縮小 Netflix 與更廣泛的派拉蒙公司之間的差距。

But I think the question that sort of every investor on this call is thinking about is as the business shifts from linear to digital, meaning CBS sort of shrinks in share and Paramount+ and Pluto growing their share, can Paramount maintain sort of aggregate time spend? And what will the margin profile of that business looks like?

但我認為本次電話會議上的每個投資者都在考慮的問題是，隨著業務從線性轉向數字化，這意味著 CBS 的份額有所縮小，派拉蒙+和冥王星的份額有所增長，派拉蒙能否保持總時間花費？該業務的利潤率情況如何？

Because I think if you think about everyone in streaming today, like you're talking about $1.8 billion of losses for the calendar year. Sort of everyone, but Netflix is losing billions a year on streaming. And maybe just the way to think about this is, on a revenue basis, your linear TV business this quarter had $2 billion of advertising plus and Paramount+ was sort of in the $90 million range and Pluto at $265 million or so.

因為我認為，如果您考慮今天流媒體中的每個人，就像您在談論日曆年虧損 18 億美元一樣。每個人都是這樣，但 Netflix 每年在流媒體上損失數十億美元。也許考慮這個問題的方式是，在收入的基礎上，你的線性電視業務本季度的廣告收入為 20 億美元，派拉蒙+ 大約在 9000 萬美元範圍內，冥王星在 2.65 億美元左右。

So I guess the point is just as this business shifts, can you capture enough time spend to have the similar profit look your business has in legacy as you move to streaming, if that makes sense?

因此，我想關鍵是隨著這項業務的轉變，您是否可以花足夠的時間來獲得與您的業務在轉向流媒體時的傳統利潤相似的情況，如果這有意義的話？

Yes. Sure, Rich. So a couple of points there. I don't know exactly what chart you're looking at. But if you look at Q2, Paramount's combined U.S. linear delivery was bigger than Netflix. And that's even more the case if you combine linear and streaming, but that's really neither here or there.

是的。當然，里奇。所以有幾點。我不知道你在看什麼圖表。但如果你看看第二季度，派拉蒙在美國的綜合線性交付量超過了 Netflix。如果您將線性和流媒體結合起來，情況就更是如此，但這實際上既不是這裡也不是那裡。

The question on margins is really the core of what you're asking. And as we look at, as streaming becomes bigger for us, as we gain scale, we see operating margins from streaming approaching that of TV Media. Remember, Rich, we've only been in the streaming business for a short time. Others have been there for years. We need to give this a bit of time to play out.

邊距問題確實是您所問問題的核心。正如我們所看到的，隨著流媒體對我們來說變得更大，隨著我們規模的擴大，我們看到流媒體的營業利潤率接近電視媒體的營業利潤率。請記住，Rich，我們從事流媒體業務的時間很短。其他人已經在那裡多年了。我們需要給它一點時間來發揮作用。

But there are real reasons that we see this path to superior margins. And at the core of it, it's our differentiated as we say, playbook. If you look at where we are in content, we're clearly advantaged. We've got a broad offering. Many, many globally renowned franchises, backed up by a deep library, I mean the economic value of going and trying to replace that library, I don't even know what it would be. And we got tremendous engagement, i.e., time spent off the library. So that's one important economic advantage.

但我們看到這條通往更高利潤率的道路是有真正的原因的。正如我們所說，它的核心是我們的差異化，劇本。如果你看看我們在內容方面的位置，我們顯然是有優勢的。我們有廣泛的產品。很多很多全球知名的特許經營權，由一個深度圖書館支持，我的意思是去嘗試取代那個圖書館的經濟價值，我什至不知道它會是什麼。我們得到了極大的參與，即在圖書館之外度過的時間。所以這是一個重要的經濟優勢。

Two, we have a platform advantage. The combination of streaming and traditional is significant. It helps our content economics. It helps our marketing economics, and it shouldn't be discounted.

第二，我們有平台優勢。流媒體和傳統的結合意義重大。它有助於我們的內容經濟學。它有助於我們的營銷經濟學，它不應該被打折。

Third, we're in the free streaming space and the pay streaming space. So what does that do? It gets us a bigger TAM. And we regularly see the value of serving consumers that don't pay for streaming as well as the ones that do, and obviously, the associated ad access.

第三，我們在免費流媒體領域和付費流媒體領域。那有什麼作用呢？它為我們帶來了更大的 TAM。我們經常看到為不為流媒體付費的消費者以及為相關廣告訪問付費的消費者提供服務的價值。

And fourth, we have this global operating footprint. I mean we deployed it in the U.K. The reason we got the CJ deal done in South Korea is we've been there for years, there, in a joint venture. But nonetheless, we have experience, we have assets, we have relationships, and those provide real leverage, including in streaming.

第四，我們擁有全球運營足跡。我的意思是我們在英國部署了它。我們在韓國完成 CJ 交易的原因是我們已經在那裡多年，在那裡，在一家合資企業中。但儘管如此，我們有經驗，我們有資產，我們有關係，這些都提供了真正的影響力，包括流媒體。

So you put all that together, and we do see a superior financial envelope at comparable level of scale to someone else. And we do see this tracking to TV Media-like markets, which is at the core of your question. We just have to let it play out a bit. And yes, we've got to manage through some near-term macroeconomic headwinds, but we will. So we're very excited about this transformation journey that we're on.

所以你把所有這些放在一起，我們確實看到了一個與其他人相當的規模水平的優越財務信封。我們確實看到了這種跟踪到類似電視媒體的市場，這是您問題的核心。我們只需要讓它發揮一點作用。是的，我們必須克服一些近期的宏觀經濟逆風，但我們會的。因此，我們對正在進行的這一轉型之旅感到非常興奮。

Our next question is from Kutgun Maral from RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的 Kutgun Maral。

One on content spend and one on film entertainment, if I could. So on content spend, some of your peers have clearly revisited their content spend budgets for the next few years as there is perhaps a greater focus on getting to profitable growth. I know you're in a unique position of being able to leverage your content investments across a more diverse set of linear and digital platforms. But on the other hand, it sounds like OIBDA losses for DTC this year are shaping up to be closer to $1.8 billion versus expectations for $1.5 million before.

如果可以的話，一項用於內容支出，一項用於電影娛樂。因此，在內容支出方面，您的一些同行顯然已經重新審視了他們未來幾年的內容支出預算，因為他們可能更加關注實現盈利增長。我知道您處於一個獨特的位置，能夠在更多樣化的線性和數字平台上利用您的內容投資。但另一方面，聽起來 OIBDA 今年對 DTC 的損失接近 18 億美元，而之前的預期為 150 萬美元。

So I was curious if you had an updated view on what the appropriate level of content spend is evolving into for Paramount, whether that's for the total company or just for DTC? And just briefly on Filmed Entertainment, Top Gun's success has been pretty remarkable, and it seems like you have a very solid slate for the balance of this year and then, of course, more to come in '23 and '24.

因此，我很好奇您是否對派拉蒙的適當內容支出水平有最新的看法，無論是針對整個公司還是僅針對 DTC？簡單介紹一下電影娛樂，壯志凌雲的成功非常了不起，看起來你今年餘下的時間很穩定，當然，在 23 年和 24 年還會有更多。

I know it might take some time before we get to the more profitable windows for these films to really flow through the financials. So maybe not for this year, but are we approaching a period where you could see more meaningful step function improvements in Filmed Entertainment's profitability?

我知道我們可能需要一些時間才能進入更有利可圖的窗口，讓這些電影真正通過財務流動。所以今年可能不會，但我們是否正在接近一個時期，您可以看到 Filmed Entertainment 的盈利能力更有意義的階梯函數改進？

Yes. It's Naveen, I'll take both of those. First, on content spend. The most important thing to remember is that when we think about our content investment, we're always looking at it in the context of the growth and the return that it unlocks.

是的。是 Naveen，我要兩個。首先，在內容支出上。要記住的最重要的事情是，當我們考慮我們的內容投資時，我們總是在增長和它釋放的回報的背景下看待它。

And so of course, when you think about it through that lens, you have to focus on the fact that we added 5 million Paramount+ subs in the quarter. Paramount+ revenue growth was 120%, and we continue to be very bullish about growth going forward.

因此，當然，當您從這個角度考慮時，您必須關注我們在本季度增加了 500 萬派拉蒙+ 訂閱者這一事實。派拉蒙+ 收入增長 120%，我們繼續非常看好未來的增長。

So our content investment is definitely working. It's producing very real results in the momentum that you've seen. And at the same time, we're very committed to our long-term growth objectives around the D2C business, and we intend to continue to invest to support that growth opportunity.

所以我們的內容投資肯定是有效的。它在你所看到的勢頭中產生了非常真實的結果。與此同時，我們非常致力於實現我們圍繞 D2C 業務的長期增長目標，並且我們打算繼續投資以支持這一增長機會。

Continuing as we have to make those decisions prudently with a real eye towards the ROI of the investments, what we don't want to do is sacrifice a long-term opportunity by overreacting to some of the short-term headwinds that obviously exist, particularly in the advertising marketplace today.

繼續我們必須謹慎地做出這些決定，真正關注投資的投資回報率，我們不想做的是通過對一些明顯存在的短期不利因素反應過度而犧牲長期機會，特別是在今天的廣告市場。

So we're continuing to move forward. We're continuing to fund the growth. We think it's an incredible opportunity. And as you pointed out, our content dollars are used differently than many of our peers. We leverage those assets across many platforms, and it's one of the reasons that we can grow faster, while spending less than others.

所以我們繼續前進。我們將繼續為增長提供資金。我們認為這是一個難得的機會。正如您所指出的，我們的內容資金的使用方式與我們的許多同行不同。我們在許多平台上利用這些資產，這也是我們可以更快增長的原因之一，同時支出比其他平台少。

In terms of your question on the Filmed Entertainment business, obviously, we have not provided any specific long-term guidance there. But I would encourage you to think about that business more broadly, which is to say, increasingly, the value of our movies is not just about what they generated in the box office.

關於你對電影娛樂業務的問題，顯然我們沒有提供任何具體的長期指導。但我鼓勵你更廣泛地考慮這個業務，也就是說，我們電影的價值越來越不僅僅在於它們在票房中產生的價值。

Those windows are now expanding in terms of -- it's not just about box office and home entertainment and then going to third parties, we can generate a lot of value out of those assets on our streaming services. We continue to monetize them from a catalog perspective. So it's -- for us, it's really about continuing to build the asset value, and we do that by having a great slate that will continue to be heavy on franchises. And we're looking forward to what that does both for the box office business and also our other channels.

這些窗口現在正在擴大——不僅僅是票房和家庭娛樂，然後是第三方，我們可以從我們的流媒體服務中的這些資產中產生很多價值。我們繼續從目錄的角度將它們貨幣化。所以它 - 對我們來說，這實際上是關於繼續建立資產價值，我們通過擁有一個將繼續對特許經營權重的偉大石板來做到這一點。我們期待這對票房業務和我們的其他渠道都有什麼作用。

We now turn to Jessica Reif Ehrlich from Bank of America Securities.

我們現在轉向美國銀行證券公司的 Jessica Reif Ehrlich。

I was wondering if you could give us color on IPL? What the dollar commitment -- your commitment is and what your goals are there? And then just to go back to the content spend, could you at least talk about like step function in increasing content spend '23 versus '22 and '24 as well?

我想知道你能不能給我們上 IPL 的顏色？美元承諾是什麼——你的承諾是什麼，你的目標是什麼？然後回到內容支出，您能否至少談談增加內容支出的階梯函數'23與'22和'24一樣？

Sure, Jessica. So IPL i.e., India cricket, I assume, that's a deal that was done by our joint venture in India, Viacom18, which recently had a transaction where they brought in Bodhi Tree as an investor and Capital Infusion.

當然，傑西卡。因此，我認為 IPL 即印度板球是我們在印度的合資企業 Viacom18 完成的交易，該公司最近進行了一項交易，他們將 Bodhi Tree 作為投資者和資本注入。

Their intent, and I don't really leave it to the joint venture, which, by the way, our other partners, Reliance, to speak to that, and they haven't spoke to it much. But what they have said is it's -- we obviously have the streaming rights there. It's going to be part of a streaming offering for the Indian market, that Viacom18 is going to launch in 2023.

他們的意圖，我並沒有真正將其留給合資企業，順便說一下，我們的其他合作夥伴 Reliance 對此進行了討論，他們並沒有對此進行太多討論。但他們所說的是——我們顯然擁有那裡的流媒體權利。它將成為印度市場流媒體產品的一部分，Viacom18 將於 2023 年推出。

We've also said that we are going to -- Paramount+ is going to launch with it, essentially as another form of hard bundle, a tier. And therefore, we're really excited about it because we get the very material benefit of cricket, and cricket is at the top of the food chain in India.

我們還說過，我們將——派拉蒙+ 將與它一起推出，本質上是作為另一種形式的硬捆綁，一個層級。因此，我們對此感到非常興奮，因為我們獲得了板球的物質利益，而板球在印度食物鏈中處於頂端。

And so it will be a real engine for streaming, and then Paramount+ will benefit by being part of that, even though we're not directly investing on an O&O basis, we're obviously part of the joint venture. So that's the IPL answer.

因此它將成為流媒體的真正引擎，然後派拉蒙+將通過參與其中而受益，即使我們沒有直接在 O&O 基礎上進行投資，我們顯然是合資企業的一部分。這就是 IPL 的答案。

And Jessica, with respect to the question on content spend in future years, I'd point you back to what we shared during our Investor Day back in February. As you know, we're -- our goal is to drive the growth on the D2C business to over $9 billion of revenue by the end of 2024. We said at that time that, that would involve D2C content expense of around $6 billion. And we're still operating with that in mind. We haven't provided any kind of specific cadence of exactly what that looks like from year to year, but we're continuing to invest and manage the business with those goals.

傑西卡，關於未來幾年內容支出的問題，我想回到我們在 2 月份投資者日期間分享的內容。如您所知，我們的目標是到 2024 年底推動 D2C 業務的收入增長超過 90 億美元。我們當時表示，這將涉及約 60 億美元的 D2C 內容費用。我們仍在考慮這一點。我們沒有提供任何具體的節奏來說明每年的具體情況，但我們將繼續以這些目標投資和管理業務。

Our next question comes from Brett Feldman from Goldman Sachs.

我們的下一個問題來自高盛的 Brett Feldman。

And just sort of 2 related questions. The first is, to what extent are you seeing any inflationary cost pressures in the business? I'm particularly interested in whether that's creeping into content production costs. And then more broadly, one of the questions we get from investors as they think through the impact of inflation is pricing power. We've seen some price increases at different streaming services.

而只是排序2個相關的問題。首先是，您在多大程度上看到了企業的通脹成本壓力？我特別感興趣的是這是否會影響內容製作成本。然後更廣泛地說，當投資者考慮通貨膨脹的影響時，我們從投資者那裡得到的問題之一是定價能力。我們已經看到不同流媒體服務的價格有所上漲。

I was wondering if you can give us your latest thoughts on when or whether you believe you'll be in a position to potentially start raising price on your streaming services, most notably Paramount+?

我想知道您是否可以就何時或是否相信您有可能開始提高流媒體服務（尤其是派拉蒙+）的價格向我們提供您的最新想法？

Yes. Sure, Brett. So on your first question, inflation, in our business, we actually saw inflation a while ago, really more in the production side of the house related to talent and competition therein. So we've been managing with that for a while. And thankfully, we are viewed as a good place to work, if you will.

是的。當然，布雷特。所以關於你的第一個問題，通貨膨脹，在我們的業務中，我們實際上在不久前看到了通貨膨脹，實際上更多的是在與人才和競爭相關的房子的生產方面。所以我們已經處理了一段時間。值得慶幸的是，如果您願意，我們被視為一個工作的好地方。

And we have many partnerships with important people in front of and behind the screen working with us to make shows. But -- so the current inflation driving things like higher fuel prices and all is not really that much of a factor for us incremental. We're watching it, but I wouldn't think of that as a step function change for us like it is, for example, for a packaged goods company that's buying raw materials at seeing those prices increase, very different dynamic.

我們與銀幕前後的重要人物建立了許多合作夥伴關係，與我們一起製作節目。但是 - 因此，當前的通脹推動諸如更高的燃料價格之類的事情對我們來說並不是真正的增量因素。我們正在關注它，但我不認為這對我們來說是一個階梯函數變化，例如，對於一家在看到價格上漲時購買原材料的包裝商品公司來說，這是非常不同的動態。

And in terms of pricing on streaming services, specifically Paramount+, I think you really have to look at that in the context of ARPU more broadly because remember, we have a dual revenue stream model, which means that we're not entirely dependent on price increases for growth.

在流媒體服務的定價方面，特別是派拉蒙+，我認為你真的必須在 ARPU 的背景下更廣泛地看待這一點，因為請記住，我們有一個雙收入流模式，這意味著我們並不完全依賴於價格增長而增長。

And we are -- despite some of the short-term headwinds, we continue to be very bullish about the potential for continued ad ARPU growth on our streaming services. In fact, we've seen healthy double-digit growth in ad ARPU on the Essentials tier of Paramount+, despite some of the macro headwinds. That's, of course, driven by meaningful growth in engagement and continued innovation around the ad products that we make available.

而且我們 - 儘管存在一些短期不利因素，但我們仍然非常看好我們的流媒體服務廣告 ARPU 持續增長的潛力。事實上，儘管存在一些宏觀不利因素，但我們已經看到派拉蒙+ Essentials 層的廣告 ARPU 實現了兩位數的健康增長。當然，這是由參與度的顯著增長和圍繞我們提供的廣告產品的持續創新所推動的。

Pricing will be a part of the equation. And though we don't have any imminent price changes, they will happen in the future, and we'll do it while also taking into account the evolution of our content offering, looking at what sort of bundles and other promotional opportunities are available to our customers. and of course, thinking about our value proposition relative to competing services, where I point out, I think we offer a very strong value position today. So we're continuing to look at pricing. We continue to look at how we optimize the tiering along with that, but it's part of a broader overall ARPU story.

定價將是等式的一部分。儘管我們沒有任何迫在眉睫的價格變化，但它們會在未來發生，我們會在這樣做的同時考慮到我們的內容產品的演變，看看什麼樣的捆綁包和其他促銷機會可用於我們的顧客。當然，考慮到我們相對於競爭服務的價值主張，我指出，我認為我們今天提供了非常強大的價值定位。因此，我們將繼續關注定價。我們繼續研究如何優化分層，但這是更廣泛的整體 ARPU 故事的一部分。

Our last question comes from Philip Cusick from JPMorgan.

我們的最後一個問題來自摩根大通的 Philip Cusick。

I'll try not to abuse it. A couple of clarifications and a question, if I can. It sounds like you're no longer targeting 60%-plus growth in D2C revenue this year. Is that right? And is there a better level we should look at? And how is the composition of ad-supported versus premium Paramount+ subs and gross add trends sort of changed since the release in June? What does that ad load look like in revenue from here? And does that grow over time in terms of ad load?

我會盡量不要濫用它。如果可以的話，請進行一些澄清和一個問題。聽起來您今年不再以 D2C 收入增長 60% 以上為目標。那正確嗎？我們應該看看更好的水平嗎？自 6 月發布以來，廣告支持與高級 Paramount+ 訂閱和總添加趨勢的構成有何變化？從這裡獲得的收入中的廣告負載是什麼樣的？就廣告負載而言，這會隨著時間的推移而增長嗎？

Yes, I'll take those. It's Naveen. So first, in terms of D2C revenue growth for the year, we continue to expect very healthy levels of D2C growth. But obviously, given the macro advertising headwinds and the fact that there's a little bit less visibility in the back half of the year, it's possible we may not get all the way to that 60%. But I think it'll probably be relatively close. And either way, it's a very healthy number.

是的，我會拿走那些。是納文。因此，首先，就今年 D2C 收入增長而言，我們繼續預計 D2C 增長將保持非常健康的水平。但顯然，鑑於宏觀廣告的不利因素以及下半年的知名度有所降低的事實，我們可能無法一直達到 60%。但我認為它可能會相對接近。無論哪種方式，這是一個非常健康的數字。

With respect to composition of subscribers at Paramount+, it's still balanced between the premium tier and the ad-supported essentials tier that can bounce around a little bit from quarter-to-quarter based on promotions and bundles and things that we may be doing with partners. But I think it continues to be evidence that they are both very compelling products, and they both serve unique and large markets. So we like that strategy.

關於派拉蒙+的訂戶構成，它仍然在高級層和廣告支持的基本層之間保持平衡，根據促銷和捆綁以及我們可能與合作夥伴一起做的事情，可以從一個季度到另一個季度反彈一點.但我認為這繼續證明它們都是非常引人注目的產品，並且它們都服務於獨特的大型市場。所以我們喜歡這種策略。

And in terms of the ad load specifically, it's more a function of continuing to build out the ad products on Paramount+. We've launched advertising very recently within that service. And so for instance, there are certain parts of the product where advertising is not yet enabled and that will continue to evolve over time.

具體而言，就廣告負載而言，它更多的是繼續在派拉蒙+上構建廣告產品的功能。我們最近在該服務中推出了廣告。例如，產品的某些部分尚未啟用廣告，並且會隨著時間的推移繼續發展。

Yes, let me just jump in here. I really want to thank everyone for their time today. In closing, I hope you heard how we're deploying a very unique asset portfolio with a differentiated strategy to not only successfully compete in this challenging macroeconomic environment, but importantly, take share and continue to have real momentum, particularly in the streaming space.

是的，讓我跳到這裡。我真的要感謝大家今天的時間。最後，我希望您聽到我們如何部署具有差異化戰略的非常獨特的資產組合，不僅在這個充滿挑戰的宏觀經濟環境中成功競爭，而且重要的是，分享並繼續擁有真正的動力，特別是在流媒體領域。

So we're very excited about the future. We're going to continue to manage through it, and we look forward to keeping you updated as we do. In the interim, thanks again for your time, and be well, everyone. Bye-bye.

所以我們對未來感到非常興奮。我們將繼續管理它，我們期待著像我們一樣為您提供最新信息。在此期間，再次感謝您抽出寶貴的時間，祝大家安好。再見。

Today's call is now concluded. We'd like to thank you for your participation. You may now disconnect your lines.

今天的電話會議現已結束。我們要感謝您的參與。您現在可以斷開線路。