Paramount Global (PARA) 2022 Q1 法說會逐字稿

Good morning. My name is Charlie and I'll be the conference operator today. At this time, I would like to welcome everyone to the Paramount Global Q1 2022 Earnings Conference Call. (Operator Instructions) At this time, I would now like to turn the call over to Anthony DiClemente, Paramount Global's EVP, Investor Relations. You may now begin your conference call.

早上好。我叫查理，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 2022 年第一季度收益電話會議。 （操作員說明）此時，我想將電話轉給派拉蒙全球執行副總裁，投資者關係部的安東尼·迪克萊門特。您現在可以開始電話會議了。

Good morning, everyone. Thank you for taking the time to join us for our first 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. I want to remind you that certain statements made on this call are forward-looking statements that involve risks and uncertainties.

大家，早安。感謝您抽出寶貴時間參加我們的 2022 年第一季度財報電話會議。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。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。

These risks and uncertainties are discussed in more detail in our filings with the SEC. 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 contain supplemental information and in each case, can be found in the Investor Relations section of our website. And now I will turn the call over to Bob.

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。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我們的趨勢時間表中找到，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。現在我將把電話轉給 Bob。

Good morning, everyone. I'm excited to update you on our results for the first time since we unveiled the new Paramount brand and the Paramount vision in February. As we said then, the Paramount brand represents the best in media and entertainment, and we pride ourselves on delivering superior content across platforms to fans all around the world. Today's results show we're already executing on that vision. We have strong momentum across our business from our fast-growing streaming services and top box office films to our highly rated television programming, and we're on track to deliver against the long-term goals we laid out at our recent investor event. I think you will see this as Naveen walks you through the details of our segment financials shortly.

大家，早安。自從我們在 2 月份推出新的派拉蒙品牌和派拉蒙願景以來，我很高興第一次向您介紹我們的結果。正如我們當時所說，派拉蒙品牌代表了媒體和娛樂領域的佼佼者，我們以跨平台向全球粉絲提供優質內容而自豪。今天的結果表明我們已經在執行這一願景。從我們快速增長的流媒體服務和頂級票房電影到我們高度評價的電視節目，我們的業務發展勢頭強勁，我們有望實現我們在最近的投資者活動中製定的長期目標。我想你會看到這一點，因為 Naveen 很快會向你介紹我們的細分財務細節。

But first, I want to talk to you about the key to our success, our differentiated playbook, a playbook anchored in the broad positioning only Paramount holds in the market. A playbook comprised of 4 self-reinforcing elements. First, our broad collection of exciting engaging content; second, our diversified streaming business model, offering free ad-supported and paid subscription options; third, our wide-ranging set of platforms, combining streaming with broadcast, cable and theatrical; and fourth, our truly global operating footprint. This differentiated playbook is what makes Paramount unique, and it is a playbook, which was designed from the start to leverage our specific asset base to create an advantaged streaming model, one with a superior financial outlook relative to pure-play legacy streamers.

但首先，我想和你談談我們成功的關鍵，我們的差異化劇本，一個基於廣泛定位的劇本，只有派拉蒙在市場上持有。由 4 個自我強化元素組成的劇本。首先，我們廣泛收集令人興奮的引人入勝的內容；第二，我們多元化的流媒體業務模式，提供免費的廣告支持和付費訂閱選項；第三，我們廣泛的平台集，將流媒體與廣播、有線電視和戲劇相結合；第四，我們真正的全球運營足跡。這種差異化的劇本是派拉蒙獨一無二的原因，它是一本劇本，從一開始就旨在利用我們的特定資產基礎來創建一個有優勢的流媒體模型，相對於純播放的傳統流媒體來說，這種模式具有更好的財務前景。

As you'll hear today, we drew on these strengths to drive consumption and monetization across our business in Q1. Total content consumption has grown to 14 billion hours on our owned and operated platforms. We're also seeing continued total company revenue growth, excluding the impact of the Super Bowl. And streaming momentum is clearly evident where Paramount+ led the way, adding 6.8 million subscribers globally, once again, making it one of the fastest-growing streaming subscription services in the quarter, and bringing our total D2C sub base to more than 62 million.

正如您今天將聽到的，我們利用這些優勢在第一季度推動整個業務的消費和貨幣化。在我們擁有和運營的平台上，總內容消費已增長到 140 億小時。我們還看到公司總收入持續增長，不包括超級碗的影響。在派拉蒙+ 引領潮流的情況下，流媒體的勢頭很明顯，在全球範圍內再次增加了 680 萬訂戶，使其成為本季度增長最快的流媒體訂閱服務之一，並使我們的 D2C 子群總數超過 6200 萬。

We also continue to dominate the free ad-supported streaming TV space, with Pluto TV growing to 67.5 million monthly active users globally. With that, let me break down how our 4 key differentiators: broad content, diversified streaming business model, wide range of platforms and global operating footprint, drove growth in Q1 and will continue to drive performance through the rest of the year and beyond.

我們還繼續主導免費廣告支持的流媒體電視領域，Pluto TV 在全球的月活躍用戶增長到 6750 萬。有了這個，讓我分解一下我們的 4 個關鍵差異化因素：廣泛的內容、多樣化的流媒體業務模式、廣泛的平台和全球運營足跡，如何推動第一季度的增長，並將在今年剩餘時間及以後繼續推動業績。

First, as always, is content. Paramount's diversity and quality of content sets us apart from the competition. We've got movies, scripted and unscripted originals, kids and family, news, sports and events. We've got animation and live action, and we serve audiences of all ages, all over the country and all around the world, and you can see this breadth in our success this quarter. In the U.S., Paramount is the only film studio to have 4 films open #1 at the box office this year with Scream, Jackass Forever, The Lost City and Sonic the Hedgehog 2 -- and next up, we have the hotly anticipated Top Gun: Maverick for Memorial Day weekend.

首先，一如既往，是內容。派拉蒙的多樣性和內容質量使我們在競爭中脫穎而出。我們有電影、有劇本和無劇本的原件、孩子和家庭、新聞、體育和賽事。我們有動畫和真人秀，我們為全國和世界各地的各個年齡段的觀眾提供服務，您可以在本季度的成功中看到這種廣度。在美國，派拉蒙是唯一一家今年有 4 部電影在票房中排名第一的電影製片廠，其中包括《尖叫》、《永遠的公驢》、《失落的城市》和《刺猬索尼克 2》——接下來，我們有備受期待的《壯志凌雲》 ： 陣亡將士紀念日週末的特立獨行。

In television, CBS is once again the most watched network for the 14th consecutive season This, despite not having the Super Bowl or the Olympics. Our international broadcasters are also strong as Telefe and Chilevisión continue to be #1 in their markets, and share for Channel 5 in the U.K. is up 10%. And Pluto remains the #1 free ad-supported streaming TV service in the U.S. by a significant margin.

在電視方面，CBS 連續第 14 個賽季再次成為收視率最高的網絡，儘管沒有超級碗或奧運會。我們的國際廣播公司也很強大，因為 Telefe 和 Chilevisión 繼續在其市場上排名第一，英國第 5 頻道的份額增長了 10%。 Pluto 仍然是美國排名第一的免費廣告支持的流媒體電視服務。

And you now see the incredible Paramount content engine definitively driving streaming, particularly at Paramount+. This quarter, we saw engagement go up in all content verticals year-over-year, and movies and specials, scripted original series and kids and family each more than doubled. Here are just a few of the top performance from Paramount+ in the quarter, starting with movies. Paramount movies are a powerful driver for Paramount+. Films were the #2 content vertical in driving new subscribers, and we saw triple-digit lifts in number of households viewing and hours streamed year-over-year.

現在，您會看到令人難以置信的派拉蒙內容引擎最終推動了流媒體，尤其是在派拉蒙+。本季度，我們看到所有垂直內容的參與度逐年上升，電影和特別節目、原創劇本劇集以及兒童和家庭的參與度都增加了一倍以上。以下是派拉蒙+在本季度的一些最佳表現，從電影開始。派拉蒙電影是派拉蒙+ 的強大驅動力。電影是推動新訂戶的第二大垂直內容，我們看到家庭觀看數量和流媒體播放時間同比增長了三位數。

Our approach to Paramount film releases directly following their theatrical window brought Scream and Jackass Forever to the service in March, where our 45-day fast-follow model continued to deliver strong metrics, including strong ROI. And I'm excited to see Lost City and Sonic 2 coming to the service in the next few weeks.

我們在派拉蒙電影上映後直接上映的方法在 3 月將《尖叫》和《永遠的公驢》帶到了服務中，我們的 45 天快速追隨模式繼續提供強大的指標，包括強大的投資回報率。我很高興看到《失落之城》和《索尼克 2》在接下來的幾週內投入使用。

Worth noting, Sonic 2 is outperforming Sonic 1, and Paramount and Saga are also developing a third Sonic theatrical film, and a first-ever original Sonic series for Paramount+ next year. All of this content will make Paramount+ the home for this incredibly popular franchise. Live sports also continued to perform for Paramount+. The NFL playoffs grew strongly year-on-year. And in April, the Masters became the most streamed golf event ever on Paramount+. And for fans of the beautiful game, we are now in UEFA season, which will include Paramount+ and CBS Sports showcasing the highly anticipated UEFA Champions League Final, featuring the top soccer clubs in Europe at the end of this month.

值得注意的是，《索尼克 2》的表現優於《索尼克 1》，派拉蒙和 Saga 也在開發第三部《索尼克》戲劇電影，以及明年為 Paramount+ 製作的首部原創《索尼克》系列。所有這些內容將使派拉蒙+成為這個非常受歡迎的特許經營權的家。現場體育節目也繼續為 Paramount+ 表演。 NFL季后賽同比增長強勁。 4 月，美國大師賽成為派拉蒙+ 有史以來播放量最大的高爾夫賽事。對於這場精彩比賽的球迷來說，我們現在正處於歐足聯賽季，其中將包括派拉蒙 + 和 CBS 體育展示備受期待的歐足聯冠軍聯賽決賽，本月底歐洲頂級足球俱樂部將亮相。

The first quarter was also huge for Paramount+ scripted originals. The compelling and incredibly popular Yellowstone origin story, 1883, from creator producer, Taylor Sheridan, was once again a juggernaut. It holds the top spot for acquisition and is the #1 streaming original ever for the service in terms of new domestic subscribers and engagement. Our latest Star Track installment Star Trek Picard also thrilled fans in the quarter. And building on the strong performance of Picard and Star Trek Discovery, we're excited to bring the debut of Star Trek: Strange New Worlds to audiences this week.

第一季度對於派拉蒙+腳本原件來說也是巨大的。由創作者製片人泰勒·謝里丹（Taylor Sheridan）於 1883 年創作的引人入勝且非常受歡迎的黃石公園起源故事再次成為了主宰。它佔據了收購的頭把交椅，並且在新的國內訂戶和參與度方面是該服務有史以來排名第一的流媒體原創作品。我們最新的 Star Track 分期付款 Star Trek Picard 在本季度也讓粉絲們興奮不已。基於 Picard 和星際迷航探索的強勁表現，我們很高興在本週為觀眾帶來《星際迷航：奇異新世界》的首次亮相。

The quarter also saw our best-performing Spanish language scripted series yet. In fact, [Beyond Voice] had the strongest acquisition and streaming performance across all original international titles to debut on Paramount+ U.S. to date. Filmed in Mexico, the show is a shining example of the power of our global production capabilities. And then there's Halo. This Epic adaptation, bringing to life the action and adventure of the immensely popular Halo game series is a huge global hit. In fact, it became the most streamed original series premiere in its first weekend of release on Paramount+.

本季度還看到了我們迄今為止表現最好的西班牙語腳本系列。事實上，[Beyond Voice] 迄今為止在 Paramount+ 美國首映的所有原創國際作品中擁有最強的收購和流媒體表現。該節目在墨西哥拍攝，是我們全球製作能力的光輝典範。然後是光環。這部史詩般的改編作品將廣受歡迎的 Halo 遊戲系列的動作和冒險帶入了生活，在全球範圍內大受歡迎。事實上，它在派拉蒙+上映的第一個週末就成為了流媒體最多的原創劇集首映。

And rest assured, there's more coming, including Taylor Sheridan's Tulsa King starring Sylvester Stallone, and the next season of Mayor of Kingstown, another season of SEAL Team, a Bevis and Butt-Head movie and series and a lot more kids and family programming, including Season 2 of our SpongeBob spin-off, Camp Coral. That plus a packed reality slate with hits like Season 3 of The Challenge All Stars.

請放心，還有更多即將上映，包括由西爾維斯特·史泰龍主演的泰勒·謝里丹的塔爾薩·金，以及下一季的金斯敦市長，海豹突擊隊的另一季，一部貝維斯和對接頭電影和系列，以及更多的兒童和家庭節目，包括我們的海綿寶寶衍生劇《珊瑚營》的第 2 季。再加上充滿挑戰的全明星賽第 3 季等熱門歌曲。

Our second differentiator is our broad streaming business model. While many legacy streamers are rethinking their paid-only models, our mix of free ad-supported and paid subscription streaming options has been a hallmark of our strategy from the start, offering viewers the freedom to choose the plan that's right for them, and giving us access to the largest global total addressable market, while providing the benefit of dual revenue streams. With another strong quarter, Pluto TV continues to be a global leader in free ad-supported TV. This service continues to grow in users, engagement and revenue.

我們的第二個區別是我們廣泛的流媒體業務模式。雖然許多傳統流媒體正在重新考慮他們的付費模式，但我們從一開始就將免費廣告支持和付費訂閱流媒體選項的組合作為我們戰略的標誌，讓觀眾可以自由選擇適合他們的計劃，並給予我們進入最大的全球總潛在市場，同時提供雙重收入來源的好處。憑藉另一個強勁的季度，Pluto TV 繼續成為免費廣告支持電視的全球領導者。這項服務在用戶、參與度和收入方面持續增長。

Pluto launched more than 102 new channels internationally in the quarter for a total of now more than 1,000 global channels of great entertainment on the platform. Global TV viewing hours have grown by double digits year-over-year. It's worth noting that one of the things that makes Pluto TV so special is that rather as seeing it as strictly an alternative to other services, many viewers see it as complementary to linear and paid streaming. In fact, 80% of Pluto's customers also subscribe to paid streaming services.

Pluto 在本季度在國際上推出了超過 102 個新頻道，目前該平台上的全球娛樂頻道總數超過 1,000 個。全球電視觀看時長同比增長兩位數。值得注意的是，讓 Pluto TV 如此特別的原因之一是，許多觀眾將其視為對線性和付費流媒體的補充，而不是嚴格地將其視為其他服務的替代品。事實上，Pluto 80% 的客戶也訂閱了付費流媒體服務。

Now we all know people consume content on a variety of platforms. Some shows are worth the subscription, so you can watch them the moment they drop. Some movies are meant to be seen on the big screen. And for big games, you just have to watch it live on broadcast TV or Paramount+. That's why our broad set of platforms is a powerful third differentiator. Our deep expertise and expansive reach across theatrical, broadcast, cable and streaming gives us multiple advantages that legacy streamers don't have, strong promotional platforms to market and launch content and multiple revenue streams to generate return on every dollar of content investment. And remember, they created the massive libraries we have that are now generating significant incremental consumption at incredibly low cost.

現在我們都知道人們在各種平台上消費內容。有些節目值得訂閱，因此您可以在它們下降的那一刻觀看它們。有些電影是為了在大銀幕上觀看。對於大型遊戲，您只需在廣播電視或派拉蒙+ 上觀看直播即可。這就是為什麼我們廣泛的平台集是強大的第三個差異化因素。我們在戲劇、廣播、有線電視和流媒體領域的深厚專業知識和廣泛影響力為我們提供了傳統流媒體所沒有的多種優勢，強大的促銷平台來營銷和發佈內容，以及多種收入來源，從而為每一美元的內容投資帶來回報。請記住，他們創建了我們擁有的大量庫，這些庫現在以極低的成本產生了顯著的增量消耗。

We see the power of the multi-platform advantage in the performance of our films. Our 4 #1s, for example, opened in theaters backed by promotion across the entire company. And we were able to springboard off the theatrical marketing to drive performance as titles launch on Paramount+. You saw this approach with Scream and Jackass, and you will see it in the coming weeks with Lost City and Sonic 2. In addition, as I mentioned with Sonic, we will also launch spin-offs for Paramount+ to further strengthen franchises and deepen fan bases. And based off the success of Jackass Forever, we're working with the creators to continue the partnership with a new series, bringing even more ridiculous antics straight to Paramount+.

我們在電影的表現中看到了多平台優勢的力量。例如，我們的 4 #1s 在全公司推廣支持的影院上映。隨著電影在 Paramount+ 上的推出，我們能夠跳齣戲劇營銷來推動性能。你在 Scream 和 Jackass 中看到了這種方法，在接下來的幾週你會在 Lost City 和 Sonic 2 中看到它。此外，正如我在 Sonic 中提到的，我們還將為 Paramount+ 推出衍生產品，以進一步加強特許經營權並加深粉絲基地。基於 Jackass Forever 的成功，我們正在與創作者合作，繼續與新系列合作，為 Paramount+ 帶來更多荒謬的滑稽動作。

We also see the power of the multi-platform advantage in the performance of our top linear TV programs. In addition to being the most watched network in America, CBS continues to be a strong driver of Paramount streaming services. Many of the cornerstones of our CBS lineup, fan favorites like Ghosts, NCIS and FBI, are also among the strongest performers in streaming. To date, this season, CBS has been the source of 17 of the top 30 titles on Paramount+. And on Pluto TV, CBS content accounts for 10 of the top 30 series in the quarter. This multi-platform advantage also benefits our advertising partners.

我們還在頂級線性電視節目的表現中看到了多平台優勢的力量。除了成為美國最受關注的網絡之外，CBS 仍然是派拉蒙流媒體服務的強大推動力。我們 CBS 陣容的許多基石，如 Ghosts、NCIS 和 FBI 等粉絲的最愛，也是流媒體中表現最出色的演員之一。迄今為止，本賽季，CBS 已成為派拉蒙+ 前 30 名影片中的 17 部影片的來源。而在 Pluto TV 上，CBS 內容佔據了本季度前 30 部電視劇的 10 部。這種多平台優勢也有利於我們的廣告合作夥伴。

When advertisers see the massive scale of our linear and streaming offerings, including services like our Paramount+ essential tier and our industry-leading Pluto TV fast service, they instantly recognize that we provide access to a highly valuable, diverse audience in a manner and scale that's hard to match. Through IQ, our integrated suite of streaming and creative ad solutions, we give advertisers turnkey access to 80 million, full-episode, monthly unique viewers. This is a powerful offering in the marketplace and no one can deliver an audience from across a range of platforms in quite the same way, particularly when we package that with linear TV.

當廣告商看到我們大規模的線性和流媒體產品，包括我們的 Paramount+ 基本層和我們行業領先的 Pluto TV 快速服務等服務時，他們立即意識到我們以一種方式和規模為很難匹配。通過我們的流媒體和創意廣告解決方案集成套件 IQ，我們為廣告商提供了對 8000 萬全集每月獨立觀眾的統包訪問。這是市場上強大的產品，沒有人能以完全相同的方式從一系列平台上吸引觀眾，尤其是當我們將其與線性電視打包時。

The fourth and last major differentiator that sets us apart is our international operating scale. We don't just license outside the United States like some companies. Paramount is a truly global operating company, with teams on the ground in more than 30 markets and a dozen studios creating original content around the world. This international presence is unquestionably a powerful advantage when it comes to streaming, and we have moved quickly to benefit from it in a number of meaningful ways.

使我們與眾不同的第四個也是最後一個主要區別是我們的國際運營規模。我們不只是像一些公司那樣在美國以外地區獲得許可。派拉蒙是一家真正的全球運營公司，其團隊遍布 30 多個市場，並在全球擁有十幾個工作室創作原創內容。在流媒體方面，這種國際存在無疑是一個強大的優勢，我們已經迅速採取行動，以多種有意義的方式從中受益。

Through our international operations, we have strong relationships, which we have quickly deployed to drive streaming distribution. And we have an innovative distribution strategy, which comprises a mix of direct-to-consumer and hard bundles with distribution industry leaders like Sky and Canal+ in Europe. These hard bundled relationships have compelling characteristics, quickly unlocking material volumes of subscribers at 0 acquisition cost and very low churn, and they help maximize reach by complementing our higher ARPU direct channels and subscribers we acquire through other streaming platforms.

通過我們的國際業務，我們建立了牢固的關係，我們已迅速部署這些關係來推動流媒體分發。我們有一個創新的分銷戰略，其中包括直接面向消費者和硬捆綁與歐洲 Sky 和 Canal+ 等分銷行業領導者的組合。這些硬捆綁關係具有引人注目的特點，以 0 獲取成本和非常低的流失率快速釋放大量訂閱者，它們通過補充我們更高 ARPU 的直接渠道和我們通過其他流媒體平台獲得的訂閱者，有助於最大限度地擴大覆蓋面。

At the same time, our local broadcasters provide a powerful channel for promotion and content synergies, which is also additive to penetrating the huge and growing total addressable market outside the United States. All of this is feeding streaming market expansion.

同時，我們的本地廣播公司為推廣和內容協同提供了強大的渠道，這也有助於滲透美國以外巨大且不斷增長的潛在市場。所有這些都在推動流媒體市場的擴張。

This month, we are launching a new version of Pluto in the Nordics in a commercial partnership with NENT. We bring a global platform and global content. With NENT, a market-leading Nordic broadcaster adding local content and local ad monetization capabilities, we believe this will be a compelling growth model and we see more like this to come as we work with local broadcasters in markets where we don't have a broadcast presence. That said, our global growth is led, of course, by Paramount+. In 2021, we launched Paramount+ in 25 markets across Latin America, Canada and Australia.

本月，我們將與 NENT 建立商業夥伴關係，在北歐推出新版本的 Pluto。我們帶來了一個全球平台和全球內容。 NENT 是一家市場領先的北歐廣播公司，增加了本地內容和本地廣告貨幣化能力，我們相信這將是一個引人注目的增長模式，我們看到更多類似的情況出現，因為我們與當地廣播公司合作，在我們沒有的市場廣播存在。也就是說，我們的全球增長當然是由派拉蒙+領導的。 2021 年，我們在拉丁美洲、加拿大和澳大利亞的 25 個市場推出了派拉蒙+。

In 2022, we're continuing to expand to more of the biggest markets in the world. Next up is the launch of Paramount+ in the U.K. and South Korea in June, and with a more major European markets, including Italy, Germany, France, Switzerland and Austria in the second half of the year. We will also begin to roll out SkyShowtime, our exciting, capital-efficient joint venture with Comcast. SkyShowtime will bring a rich offering of IP from Paramount and NBCUniversal to territories encompassing 90 million homes, primarily in Eastern Europe. By the end of the year, our combined SVOD premium services, including Paramount+ and SkyShowtime, will be available in more than 60 markets with more than 60 partners.

2022 年，我們將繼續向全球更多最大市場擴張。接下來是 6 月在英國和韓國推出派拉蒙+，下半年將在更主要的歐洲市場推出，包括意大利、德國、法國、瑞士和奧地利。我們還將開始推出 SkyShowtime，這是我們與 Comcast 的激動人心、資本高效的合資企業。 SkyShowtime 將把派拉蒙和 NBCUniversal 的豐富 IP 產品帶到包括 9000 萬戶家庭的地區，主要是在東歐。到今年年底，我們的組合 SVOD 優質服務，包括 Paramount+ 和 SkyShowtime，將在 60 多個市場與 60 多個合作夥伴一起提供。

In addition, we're announcing today that Paramount+ will be distributed in India via our joint venture Viacom18's platforms in 2023. Note that Viacom18 just entered into an agreement related to a significant third-party capital infusion and is poised to become an even more significant streaming player in the market.

此外，我們今天宣布，Paramount+ 將於 2023 年通過我們的合資企業 Viacom18 的平台在印度分銷。請注意，Viacom18 剛剛簽署了一項與第三方注資有關的協議，並有望成為更重要的市場上的流媒體播放器。

In closing, by going broad on content, on streaming models, on platforms and on global reach, we have written and are executing on a differentiated playbook to grow a diversified entertainment company and build a financially attractive business with healthy long-term margins. With that, I'll hand it off to Naveen to talk about the results we're seeing this quarter and the path toward continued growth and even greater heights. Naveen?

最後，通過在內容、流媒體模式、平台和全球影響力上進行廣泛推廣，我們已經編寫並正在執行差異化的劇本，以發展一家多元化的娛樂公司，並建立一個具有財務吸引力的業務，並具有健康的長期利潤率。有了這個，我將把它交給 Naveen 來談談我們在本季度看到的結果以及通往持續增長甚至更高高度的道路。納文？

Thank you, Bob, and good morning, everyone. Our first quarter results reflect how our 4 strategic differentiators can drive performance at Paramount. Our balanced portfolio of media assets yields not only strategic benefits, but financial ones as well. The strong OIBDA generation of our traditional businesses, together with our fast-growing D2C business make for a powerful combination. Today, I'd like to highlight some of the key financial and operational results in each of our new reporting segments. Starting with direct-to-consumer.

謝謝你，鮑勃，大家早上好。我們的第一季度業績反映了我們的 4 個戰略差異化因素如何推動派拉蒙的業績。我們平衡的媒體資產組合不僅產生戰略利益，而且還產生財務利益。我們傳統業務的強大 OIBDA 一代與我們快速增長的 D2C 業務共同構成了強大的組合。今天，我想重點介紹我們每個新報告部門中的一些關鍵財務和運營結果。從直接面向消費者開始。

Our dual revenue stream model delivered strong year-over-year growth of 82%, with total D2C revenue reaching nearly $1.1 billion. This growth consisted of an increase in subscription revenue of 95%, aided by the addition of 6.3 million global subscribers in the quarter and 59% advertising revenue growth. Total global streaming subscribers were 62.4 million at quarter end, resulting in $742 million of D2C subscription revenue. Q1 D2C advertising revenue was $347 million, reflecting user growth, increased engagement and monetization across our ad platforms. Paramount+ added 6.8 million global streaming subscribers in Q1, bringing our worldwide base to nearly 40 million.

我們的雙收入流模式實現了 82% 的強勁同比增長，D2C 總收入達到近 11 億美元。這一增長包括訂閱收入增長了 95%，這得益於該季度全球用戶增加了 630 萬，廣告收入增長了 59%。截至季度末，全球流媒體用戶總數為 6240 萬，帶來了 7.42 億美元的 D2C 訂閱收入。第一季度 D2C 廣告收入為 3.47 億美元，反映了我們廣告平台的用戶增長、參與度增加和貨幣化。 Paramount+ 在第一季度增加了 680 萬全球流媒體訂閱用戶，使我們的全球用戶群達到近 4000 萬。

The net additions reflect a balance of domestic and international growth, with international benefiting from both direct subscribers and hard bundled offerings, another example of how our differentiated playbook is driving growth. Paramount+ saw continued improvement in engagement in Q1 as the breadth of our content portfolio expanded. This is evident in our domestic monthly active rate, which improved quarter-over-quarter and year-over-year. Additionally, we saw double-digit sequential growth rate in hours per active and unique titles streamed per active.

淨增加反映了國內和國際增長的平衡，國際受益於直接訂戶和硬捆綁產品，這是我們差異化的劇本如何推動增長的另一個例子。隨著我們內容組合範圍的擴大，Paramount+ 在第一季度的參與度持續提高。這在我們的國內月度活躍率中很明顯，環比和同比都有所改善。此外，我們看到每個活躍的小時數和每個活躍的唯一標題流式傳輸的兩位數連續增長率。

Our multi-platform programming expertise helps our customers spend more time with Paramount+, and explore more of our broad content offering. And importantly, this behavior helped drive improvements in average domestic monthly churn in Q1, which declined quarter-over-quarter and year-over-year to reach its lowest level in 2 years. Strong engagement also helped drive robust advertising growth, which contributed to total Paramount+ revenue growth of nearly 150% to $585 million, with domestic and international ARPU both higher quarter-over-quarter and year-over-year.

我們的多平台編程專業知識可幫助我們的客戶在 Paramount+ 上花費更多時間，並探索更多我們廣泛的內容產品。重要的是，這種行為有助於推動第一季度國內平均每月客戶流失率的改善，該客戶流失率環比和同比下降，達到兩年來的最低水平。強大的參與度還幫助推動了強勁的廣告增長，這推動了 Paramount+ 總收入增長近 150% 至 5.85 億美元，國內和國際 ARPU 環比和同比均較高。

Net subscribers on our other streaming services declined in Q1, primarily due to the timing of new programming. Pluto TV added 3.1 million users in Q1, bringing our global footprint to 67.5 million MAUs. Revenue grew 51% to $253 million, which translated to strong year-on-year ARPU growth of more than 20% domestically and 7% on a global basis.

我們其他流媒體服務的淨訂戶在第一季度有所下降，主要是由於新節目的時間安排。 Pluto TV 在第一季度增加了 310 萬用戶，使我們的全球足跡達到 6750 萬月活躍用戶。收入增長 51% 至 2.53 億美元，這意味著國內 ARPU 同比增長超過 20%，全球增長 7%。

In line with our previously shared expectations, D2C OIBDA was a loss of $456 million in the quarter, reflecting the investments we are making in content, marketing and our international expansion plans.

與我們之前共同的預期一致，D2C OIBDA 本季度虧損 4.56 億美元，反映了我們在內容、營銷和國際擴張計劃方面的投資。

Turning to our TV Media segment, Q1 revenue declined 6% year-over-year, including an 8-percentage-point impact from CBS' broadcast of Super Bowl LV in the prior year period. TV media advertising declined 13% versus the year ago quarter, which included a 17-percentage-point impact from the Super Bowl. Adjusting for the Super Bowl, total TV media revenue grew 2%, and TV media advertising revenue grew 4%. TV media affiliate revenue grew 1% in the quarter, driven by incremental distribution and contractual rate increases, which were somewhat offset by ecosystem declines, and TV media licensing revenue was roughly flat in the quarter. TV Media OIBDA declined 13% in the quarter to $1.5 billion. The year-over-year decline is largely driven by the comparison to the Super Bowl in the prior year and a return to a more normalized programming schedule in 2022 relative to 2021.

談到我們的電視媒體部門，第一季度的收入同比下降了 6%，其中包括 CBS 去年播出的 Super Bowl LV 的 8 個百分點的影響。電視媒體廣告與去年同期相比下降了 13%，其中包括來自超級碗的 17 個百分點的影響。調整超級碗後，電視媒體總收入增長 2%，電視媒體廣告收入增長 4%。電視媒體附屬收入在本季度增長 1%，這在增量分發和合同費率增長的推動下，在一定程度上被生態系統下降所抵消，而本季度電視媒體許可收入大致持平。電視媒體 OIBDA 本季度下跌 13% 至 15 億美元。同比下降主要是由於與上一年的超級碗相比，以及相對於 2021 年，2022 年的節目安排恢復了更加正常化。

In Filmed Entertainment, we generated revenue of $624 million, which includes a resurgence in theatrical revenue generated from the release of 3 #1 movies in Q1 compared to no theatrical releases in the year ago period. These films are great examples of our broad platforms in action. For instance, Scream, which was released in January, outperformed our original box office expectations and then moved to Paramount+ after 45 days, where it became a top 5 starts driver, and where its contribution to subscription -- subscriber acquisition and retention is enhancing overall ROI.

在 Filmed Entertainment 方面，我們創造了 6.24 億美元的收入，其中包括第一季度發行 3 部排名第一的電影所產生的影院收入的回升，而去年同期沒有影院發行。這些電影是我們廣泛的行動平台的很好例子。例如，在 1 月份上映的《尖叫》超過了我們最初的票房預期，然後在 45 天后移至派拉蒙+，成為前 5 名的啟動驅動程序，並且它對訂閱的貢獻——訂戶獲取和保留總體上正在提高投資回報率。

Licensing revenue at Filmed Entertainment declined in the quarter due to the comparison against sizable transactions in Q1 of 2021 and including Coming to America and Without Remorse. Filmed Entertainment had an OIBDA loss of $37 million, which reflects marketing expense associated with in-quarter and future theatrical releases. Total company Q1 revenue finished down 1%, including a 6-percentage-point impact from the Super Bowl. Excluding the impact of the Super Bowl, total company revenue grew 5%. Total company adjusted OIBDA of $913 million is down year-over-year, which reflects increased investment in D2C, the return to theatrical releases and the comparison to the Super Bowl in the prior year period.

由於與 2021 年第一季度的大規模交易（包括來到美國和無悔）相比，本季度 Filmed Entertainment 的許可收入有所下降。 Filmed Entertainment 的 OIBDA 虧損為 3700 萬美元，這反映了與本季度和未來影院上映相關的營銷費用。公司第一季度總收入下降 1%，其中包括來自超級碗的 6 個百分點的影響。排除超級碗的影響，公司總收入增長了 5%。公司調整後的 OIBDA 總額為 9.13 億美元，同比下降，這反映了對 D2C 的投資增加、影院上映的回歸以及與去年同期的超級碗比賽的比較。

Regarding the year-on-year trend, Q1 results are consistent with our prior commentary, in which we noted that we expect the first half of this year to show a year-over-year decline in consolidated OIBDA, which will then flip to growth in the back half of the year.

關於同比趨勢，第一季度業績與我們之前的評論一致，我們在評論中指出，我們預計今年上半年合併 OIBDA 將顯示同比下降，然後轉為增長在下半年。

Turning to the balance sheet, we finished the quarter with $5.3 billion of cash on hand and total debt of $16.8 billion. This reflects the early repayment of nearly $2 billion of debt as well as the issuance of $1 billion in junior subordinated debt, which took place during the quarter. In April, we used proceeds from the junior subordinated debt offering to redeem approximately $1 billion of additional senior notes. We continue to maintain significant financial flexibility, which will increase with the addition of proceeds from the sale of Simon & Schuster. We also maintain 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現金為 53 億美元，總債務為 168 億美元。這反映了近 20 億美元債務的提前償還以及本季度發行的 10 億美元初級次級債務。 4 月，我們使用初級次級債券發行的收益來贖回約 10 億美元的額外優先票據。我們繼續保持顯著的財務靈活性，這將隨著出售 Simon & Schuster 收益的增加而增加。我們還維持未動用的承諾 35 億美元信貸額度。

Turning to our outlook, we continue to expect healthy D2C subscriber and revenue growth, and our full year OIBDA expectations remain largely unchanged with the exception of the impact from Russia's invasion of Ukraine. As previously announced, we have taken steps to suspend our operations in Russia. This decision will negatively affect full year OIBDA by $70 million to $80 million, the largest component of which will fall to the TV Media segment.

談到我們的前景，我們繼續預計 D2C 用戶和收入將保持健康增長，我們對 OIBDA 全年的預期基本保持不變，除了俄羅斯入侵烏克蘭的影響。正如之前宣布的，我們已採取措施暫停在俄羅斯的業務。這一決定將對 OIBDA 全年產生 7000 萬至 8000 萬美元的負面影響，其中最大的部分將落入電視媒體部門。

We're also in the process of reviewing existing hard-bundle relationships in Russia. And starting in Q2, we expect these subscribers will be removed from reported D2C subscribers. This change will reduce Q2 D2C subscriber growth by approximately 3 million subs, roughly 2/3 of which are subscribers to a non-Paramount+ service specific to the Russian market. Except for the removal of subscribers to our services in Russia, our full year D2C subgrowth expectations are unchanged. Given the nature of the affected services, the financial contribution is immaterial and is included in the OIBDA impact I just mentioned. And importantly, we remain highly focused on using our differentiated playbook to build our streaming business in a way that can deliver sustainable long-term economics.

我們還在審查俄羅斯現有的硬捆綁關係。從第二季度開始，我們預計這些訂閱者將從報告的 D2C 訂閱者中刪除。這一變化將使第二季度 D2C 用戶增長減少約 300 萬用戶，其中大約 2/3 是特定於俄羅斯市場的非派拉蒙+服務的用戶。除了移除我們在俄羅斯的服務的訂戶外，我們對全年 D2C 子增長的預期保持不變。鑑於受影響服務的性質，財務貢獻並不重要，並且包含在我剛才提到的 OIBDA 影響中。重要的是，我們仍然高度專注於使用我們的差異化劇本來建立我們的流媒體業務，以提供可持續的長期經濟。

As we've said previously, our model targets long-term D2C margins that approach TV media. We are bullish about our long-term goal of reaching over 100 million global D2C subscribers and generating at least $9 billion in D2C revenue by 2024. We continue to forecast D2C OIBDA losses will be greatest in 2023 and then improve in 2024. We have significant growth ahead. Our broad content offering has proven appeal. Our dual revenue stream model is enhancing ARPU and attracting subscribers. Our content investments are capturing returns across both traditional and streaming platforms, and our global footprint is delivering strategic and financial benefits.

正如我們之前所說，我們的模型針對接近電視媒體的長期 D2C 利潤。我們看好我們的長期目標，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 年最大，然後在 2024 年有所改善。我們有顯著的未來的增長。我們廣泛的內容產品已被證明具有吸引力。我們的雙收入流模式正在提高 ARPU 並吸引訂戶。我們的內容投資正在通過傳統平台和流媒體平台獲取回報，我們的全球足跡正在帶來戰略和財務利益。

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 comes from Brett Feldman of Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Brett Feldman。

Yes. I'll just sort of jump into the big debate. Investors are increasingly concerned that the streaming market is becoming saturated. And as you think about your own business, and as you're looking to sustain the momentum we've seen in Paramount+ over the last couple of quarters, what are the key things you need to execute against this year to meet the subscriber targets that you've outlined? And I'm curious whether you've been making any adjustments behind the scenes to your go-to-market strategy or your content strategy based on any shifts you've seen unfold in the market or maybe just the macro backdrop?

是的。我會跳入大辯論。投資者越來越擔心流媒體市場正在趨於飽和。當您考慮自己的業務時，並且您希望維持我們在過去幾個季度中在派拉蒙+ 看到的勢頭時，您今年需要執行哪些關鍵操作以實現訂戶目標你概述了？而且我很好奇您是否一直在根據您在市場上看到的任何變化或僅僅是宏觀背景對您的上市策略或內容策略進行任何幕後調整？

Yes, sure, Brett. Let me dive in there. So look, definitely a lot of conversation about the space. But I'd make 3 points in response to your question. The first one is, we continue to believe that the TAM today in streaming is huge and that it will continue to grow. And related to that, we believe the TAMs that we target is even larger than most people think because, as you know, we believe in both pay and free offerings, including lower cost advertising supported options. And that means we appeal to the broadest potential number of consumers. So while there's no question that market sentiment has moved that around a little bit, we continue to think that consumers are only moving in one direction, and we're very excited about the potential there.

是的，當然，布雷特。讓我潛入那裡。所以看，肯定有很多關於空間的談話。但對於你的問題，我會提出 3 點。第一個是，我們仍然相信當今流媒體領域的 TAM 是巨大的，並且會繼續增長。與此相關的是，我們相信我們所針對的 TAM 甚至比大多數人想像的還要大，因為如您所知，我們相信付費和免費產品，包括低成本的廣告支持選項。這意味著我們吸引最廣泛的潛在消費者。因此，儘管毫無疑問，市場情緒已經發生了一些變化，但我們仍然認為消費者只會朝著一個方向發展，我們對那裡的潛力感到非常興奮。

Second, as a company, we're early in penetrating the market. So there is tremendous runway ahead of us. And if you look at the momentum that we are seeing, including in the last couple of quarters, we feel very good about getting there. And third, in terms of how we're going after the market, as we said, we're running a differentiated playbook, taking our broad content, this broad streaming business model spanning free and pay with dual revenue streams, add and subscription, multiple platforms, broadcast, cable, theatrical plus streaming, and this global operating footprint.

其次，作為一家公司，我們處於進入市場的早期階段。所以我們面前有一條巨大的跑道。如果你看看我們所看到的勢頭，包括過去幾個季度，我們對實現這一目標感到非常高興。第三，就我們如何追求市場而言，正如我們所說，我們正在運行一個差異化的劇本，採用我們廣泛的內容，這種廣泛的流媒體業務模式跨越免費和付費雙重收入流，添加和訂閱，多個平台、廣播、有線電視、戲劇和流媒體，以及這種全球運營足跡。

And we're putting all that together in a unique model, which really drives streaming momentum and builds us to a more attractive financial model where we're able to produce similar margins, we believe, to legacy streamers at a lower scale. So despite all that conversation, nothing has changed in the context of our thinking. Again, we see tremendous momentum here, and we're very excited about the road ahead.

我們將所有這些放在一個獨特的模型中，這確實推動了流媒體的發展勢頭，並使我們建立了一個更具吸引力的財務模型，我們相信，我們能夠以較低的規模產生與傳統流媒體類似的利潤。因此，儘管進行了所有這些對話，但在我們的思維背景下沒有任何改變。再次，我們在這裡看到了巨大的動力，我們對未來的道路感到非常興奮。

Next question, please?

請問下一個問題？

Our next question comes from Michael Morris of Guggenheim.

我們的下一個問題來自古根海姆的邁克爾莫里斯。

Maybe I'll follow up on that question. Bob, you just kind of touched on margins. I'm hoping maybe you could expand on that a little bit. If you look at the legacy media business, there's a pretty broad range of margin profiles between theatrical broadcast, cable nets, et cetera. This Netflix earnings call, I think, really brought up the topic of running into some margin expansion pressure on the streaming side. So I'd just love to hear maybe a little more about your response to that last question on what you think of the margin profile over time? And then also, if I could just sneak one more in because you brought up the India expansion, which was new. I'm hoping maybe you could share a little bit more detail on the opportunity that you see there, and remind us of the assets you have in place that give you a foundation for success there.

也許我會跟進這個問題。鮑勃，你只是有點觸及利潤。我希望也許你可以擴展一點。如果你看看傳統媒體業務，戲劇廣播、有線電視網絡等之間的利潤分佈範圍相當廣泛。我認為，這次 Netflix 財報電話會議確實提出了在流媒體方面遇到一些利潤率擴張壓力的話題。因此，我很想听聽您對最後一個問題的回答，即您如何看待隨時間推移的保證金情況？然後，如果我能再偷偷溜進去一個，因為你提到了印度的擴張，這是新的。我希望你可以分享更多關於你在那裡看到的機會的細節，並提醒我們你所擁有的資產，這些資產為你在那裡取得成功奠定了基礎。

Yes, sure. Why don't we do in reverse order, I'll take India, and then I'll flip the margin question to Naveen. So on India, Look, that's a fundamentally attractive market. It's a market that's already at scale and has a tremendous future ahead of it in the context of media. As I think you know, since its inception, Viacom18 has been a significant player in the market. And the recent agreement with Bodhi Tree, we look at that as a compelling way to really drive the next level of growth. And obviously, they're going to make a significant capital infusion by the -- into the business.

是的，當然。我們為什麼不按相反的順序做，我會選擇印度，然後我會將保證金問題轉給 Naveen。所以在印度，看，這是一個從根本上有吸引力的市場。這是一個已經具有規模的市場，並且在媒體的背景下有著巨大的未來。我想你知道，自成立以來，維亞康姆 18 一直是市場上的重要參與者。而最近與菩提樹的協議，我們認為這是真正推動下一個增長水平的一種令人信服的方式。顯然，他們將通過 - 向業務注入大量資金。

When we look at India and we think about our current situation, I would really just highlight 3 things. The first thing is, we really like Viacom18. It's the model we like. It has broad reach television networks, including the market-leading Colors brand, combined with a film business, Hindi film business, it's both national and regional, and of course, has streaming assets as well, all underpinned by a strong local content engine. So that's the model we like in general.

當我們審視印度並考慮我們目前的情況時，我真的只想強調三件事。首先，我們真的很喜歡 Viacom18。這是我們喜歡的模型。它擁有廣泛的電視網絡，包括市場領先的 Colors 品牌，以及電影業務、印地語電影業務，它既是國家的又是地區的，當然，它還擁有流媒體資產，所有這些都以強大的本地內容引擎為基礎。這就是我們通常喜歡的模型。

Second thing is, our core partner there is Reliance. That's arguably the strongest and most powerful company in India, and they also own the telecom market leader, Jio. So we think that's great. And as I said, now Viacom18 is set up to be even a bigger player in the market, including in streaming. So we look at that as a great opportunity for Paramount+. As we said -- as I said in my remarks, we're going to enter in 2023, and we're going to do so in a very capital efficient, hard-bundle way. And so we think that's a great route into that market. And I would also note that India will be incremental to our $100 million sub guidance. It's early days, so we're still at the point of deciding what we want to put out there, but it's definitely incremental to our guide.

第二件事是，我們的核心合作夥伴是 Reliance。這可以說是印度最強大、最強大的公司，他們還擁有電信市場的領導者 Jio。所以我們認為這很棒。正如我所說，現在 Viacom18 將成為市場上更大的參與者，包括流媒體。所以我們認為這對派拉蒙+來說是一個很好的機會。正如我們所說——正如我在講話中所說，我們將進入 2023 年，我們將以非常資本效率、硬捆綁的方式這樣做。因此，我們認為這是進入該市場的絕佳途徑。我還要指出，印度將增加我們 1 億美元的次級指導。現在還為時過早，所以我們仍處於決定要在那裡發布的內容的階段，但這絕對是我們指南的增量。

Naveen, on the margins?

納文，在邊緣？

Yes. So with respect to the question about margins in streaming, I think it's very important to understand that as a diversified media company, we have the ability to fundamentally change the economics of streaming. I think we're the only player that is truly scaled across broadcast, cable, in both pay streaming and free streaming services. And that has real economic benefit for us. And I'll give you a couple of examples. First, with respect to content, you see a lot of pure-play streamers that have to spend billions of dollars a year renting library content.

是的。因此，關於流媒體利潤率的問題，我認為理解作為一家多元化媒體公司，我們有能力從根本上改變流媒體經濟是非常重要的。我認為我們是唯一真正在廣播、有線電視、付費流媒體和免費流媒體服務中擴展的玩家。這對我們來說具有真正的經濟效益。我會給你舉幾個例子。首先，在內容方面，你會看到很多純主播每年要花費數十億美元租用圖書館內容。

We have that in-house. And library content is responsible for a large share of viewing on streaming services, and it's absolutely critical to subscriber retention. And so, for us, we're able to not only avoid billions of dollars in rental expense, we've actually now learned that we can use our own library for retention while also getting paid by third parties for nonexclusive right. So that's a significant benefit to our streaming P&L, if you will.

我們內部有這個。圖書館內容在流媒體服務上佔很大比例，這對於留存用戶來說絕對是至關重要的。因此，對我們而言，我們不僅能夠避免數十億美元的租金費用，而且我們現在實際上已經了解到，我們可以使用我們自己的圖書館進行保留，同時還可以從第三方獲得非專有權利的報酬。因此，如果您願意的話，這對我們的流式損益表來說是一個顯著的好處。

Another example in the marketing area, as many people know, launching new shows is expensive. Not uncommon to see a big scripted original need tens of millions of dollars of marketing support to build an audience. But our model helps avoid those costs really in 2 ways. We have a lot of existing IP, well-known IP, large franchises that have built-in audiences that we can bring to streaming. Think of Paw Patrol or an 1883 coming off a Yellowstone, a franchise like Sonic, and even big CBS shows like FBI, NCIS, et cetera. We've been able to bring those to streaming with very limited incremental marketing expenses.

眾所周知，營銷領域的另一個例子是，推出新節目的成本很高。一個大型的原創劇本需要數千萬美元的營銷支持來建立觀眾群的情況並不少見。但是我們的模型實際上通過兩種方式幫助避免了這些成本。我們有很多現有的 IP、知名 IP、擁有內置觀眾的大型特許經營權，我們可以將它們帶到流媒體中。想想 Paw Patrol 或黃石公園的 1883 年，索尼克之類的特許經營權，甚至是 FBI、NCIS 等大型 CBS 節目。我們已經能夠以非常有限的增量營銷費用將這些內容帶入流媒體。

And then second, on the marketing front, we have access to a lot of very valuable, very powerful promotional inventory across the broadcast, cable, digital and social channels that we run. You saw us utilize this during the AFC championship game, where we were promoting Halo with some great integrated experiences. And that's a broadcast that reached over 30 million viewers. That will be very expensive to leverage if you were a pure-play streamer and you didn't own that promotional inventory. So you take those kinds of benefits, which, again, are unique to our position as a diversified media company. And you can see how that really adds up to a significant difference in overall streaming economics.

其次，在營銷方面，我們可以通過我們運營的廣播、有線、數字和社交渠道獲得許多非常有價值、非常強大的促銷庫存。你看到我們在 AFC 冠軍賽中利用了這一點，我們在宣傳 Halo 時提供了一些很棒的綜合體驗。這是一個有超過 3000 萬觀眾的廣播。如果您是純粹的流媒體並且您不擁有該促銷庫存，那麼利用這將非常昂貴。因此，您可以享受這些好處，這又是我們作為一家多元化媒體公司所獨有的。你可以看到這如何真正增加了整體流媒體經濟的顯著差異。

Great. Thanks, Mike. Next question?

偉大的。謝謝，邁克。下一個問題？

Our next question comes from Bryan Kraft of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bryan Kraft。

Naveen, I wanted to ask you a question on content spend. It looks like total cash content spend last year was about [$2.5 billion] higher than total programming and production expense. And it looks like that difference will probably be about the same this year, and that represents about a 60-percentage-point drag on free cash flow conversion in both years. So I guess I wanted to ask you first, I guess, do you agree with that observation, that math? And if so, could you just maybe help us think through when we might start to see meaningful decreases in the drag on free cash flow conversion from that content investment, or put another way, when do you see that ratio of cash content spend, P&L expense decreased materially?

Naveen，我想問你一個關於內容支出的問題。看起來去年的總現金內容支出比總編程和製作費用高出約 [25 億美元]。看起來這種差異今年可能大致相同，這意味著這兩年的自由現金流轉換拖累了大約 60 個百分點。所以我想我想先問你，我想，你同意那個觀察，那個數學嗎？如果是這樣，您能否幫助我們思考何時我們可能開始看到內容投資對自由現金流轉換的拖累顯著減少，或者換句話說，您何時看到現金內容支出的比例，損益費用大幅減少？

Yes. Thanks, Bryan. Yes, there is a gap between cash content spend and content expense or (inaudible), but we do expect that to improve, and therefore, overall free cash flow, I should say, we expect it to narrow, and therefore, overall free cash flow conversion to improve. The gap you're seeing today between cash and (inaudible) is primarily related to 2 dynamics. Number one, the return of our production to more normalized levels post-COVID. And then, number two, continued growth and investment around streaming content. And I think, on the COVID piece, we expect to see that easing through the remainder of 2022.

是的。謝謝，布萊恩。是的，現金內容支出和內容費用之間存在差距或（聽不清），但我們確實希望這會改善，因此，我應該說，整體自由現金流，我們預計它會縮小，因此，整體自由現金流量轉換提高。您今天看到的現金和（聽不清）之間的差距主要與兩種動態有關。第一，我們的生產在 COVID 之後恢復到更正常的水平。然後，第二，圍繞流媒體內容的持續增長和投資。我認為，在 COVID 方面，我們預計這種情況會在 2022 年剩餘時間內有所緩解。

Streaming investment will obviously continue to ramp through 2024, though the growth rate does slow over time. And as that growth rate slows, the gap between cash and expense will start to narrow. And then, in parallel, we also, as I've spoken about before, continue to drive a number of different working capital improvements that should help overall free cash flow conversion. But hopefully, that gives you some sense of what to expect on the trends there.

到 2024 年，流媒體投資顯然將繼續增長，儘管隨著時間的推移增長速度確實會放緩。隨著增長率放緩，現金和費用之間的差距將開始縮小。然後，與此同時，正如我之前所說，我們還繼續推動許多不同的營運資本改進，這將有助於整體自由現金流的轉換。但希望這能讓您對那裡的趨勢有所了解。

Thanks, Bryan. Next question.

謝謝，布萊恩。下一個問題。

Our next question comes from Rich Greenfield of LightShed Partners.

我們的下一個問題來自 LightShed Partners 的 Rich Greenfield。

I'm going to ask a couple of questions. I don't get to ask many questions on conference calls. So Bob, I think you made a pretty active decision last year to move Halo from Showtime over to Paramount+, which I think has done pretty well the way you've talked about Halo. It does seem though when you look at sort of Showtime losing subscribers this quarter, I presume, it sort of just raises the question of like, why is it important for Paramount to own Showtime?

我要問幾個問題。我不會在電話會議上問很多問題。所以 Bob，我認為你去年做出了一個非常積極的決定，將 Halo 從 Showtime 轉移到 Paramount+，我認為這在你談論 Halo 的方式上做得很好。看起來，當你看到本季度 Showtime 的訂閱用戶流失時，我想，這似乎只是提出了這樣的問題，為什麼派拉蒙擁有 Showtime 很重要？

It seems like it's a pretty obvious asset either to be incorporated into Paramount+ but it also has real obviously, strategic value like you could spin it off, you could probably merge it with someone like Starz. Like it just seems like there is a -- it's confusing in terms of you have to figure out where to put content internally. So if you could just help us think through the strategic logic of keeping Showtime as a separate brand inside of Paramount that would be great.

似乎它是一項非常明顯的資產，要么被納入派拉蒙+，但它顯然也具有真正的戰略價值，就像你可以將它剝離，你可能可以將它與 Starz 這樣的人合併。就像似乎有一個 - 就您必須弄清楚在內部放置內容的位置而言，這是令人困惑的。因此，如果您能幫助我們思考將 Showtime 作為派拉蒙內部獨立品牌的戰略邏輯，那就太好了。

And then 2 more just a housekeeping point. The ARPU of Paramount+ globally is like [539]. That includes ads and subscription. When you look at sort of the strength of the connected TV ad market overall over the last year, just curious like where are you in terms of ad ARPU? Is there anything you could sort of highlight? And what is dragging down that overall ARPU, which looks like it's down a few percent year-over-year. What's weighing on that? Is that international? Is that distribution deals like team is? Like just help us understand why the ARPU isn't a lot higher than 539 would be great.

然後還有2個只是一個管家點。派拉蒙+在全球範圍內的 ARPU 類似於 [539]。這包括廣告和訂閱。當您查看去年整體聯網電視廣告市場的實力時，只是好奇您在廣告 ARPU 方面處於什麼位置？有什麼可以強調的嗎？是什麼拖累了整體 ARPU，看起來它同比下降了幾個百分點。這有什麼講究？是國際的嗎？是像團隊這樣的分銷交易嗎？就像只是幫助我們理解為什麼 ARPU 不高於 539 會很棒。

Yes. Sure, Rich. I'll take the first one, and then I'll -- then Naveen will take the ARPU question. So on a total company basis, we -- as you know, we saw -- added 6.3 million subs. Paramount+ added 6.8 million. So de facto, the other category, which is what we report, we report Paramount+ and total, so by definition other, declined about 500,000. That other category includes Showtime, also includes BET Plus and Noggin and some other smaller international streaming services. If you look at that category of other, yes, it declined 500,000 in the quarter, but it added 5 million subs last year. So it's not inconsequential to the success and momentum of our streaming business. And it's not just Showtime.

是的。當然，里奇。我會回答第一個問題，然後我會 - 然後 Naveen 會回答 ARPU 問題。因此，在整個公司的基礎上，我們——如你所知，我們看到——增加了 630 萬訂閱者。派拉蒙+增加了680萬。所以事實上，我們報告的另一個類別，我們報告派拉蒙+和總數，所以根據定義，其他，下降了大約 500,000。其他類別包括 Showtime，還包括 BET Plus 和 Noggin 以及其他一些較小的國際流媒體服務。如果你看一下其他類別，是的，它在本季度減少了 500,000 個，但去年增加了 500 萬個訂閱者。因此，這對我們流媒體業務的成功和發展勢頭而言並非無關緊要。這不僅僅是 Showtime。

If you look at Q1, a couple of those services were impacted by timing of programming availability. So that was a factor. But big picture, we view a combination of a broad service, in this case, Paramount+, plus specific services, which target specific consumer segments, things like Noggin, things like Showtime, as additive to going after the largest TAM. And again, our streaming history has proven that they are additive ex Q1. So we continue to believe that's a good strategy. We do make decisions of where to put programming. As you pointed out, last year, we moved Halo from Showtime to Paramount+ because we viewed Paramount+ as the broader platform, and that was a better place for that show. We moved Man Who Fell to Earth the other direction.

如果您查看第一季度，其中一些服務受到編程可用性時間的影響。所以這是一個因素。但從大局來看，我們將廣泛的服務（在這種情況下為派拉蒙+）與針對特定消費者群體的特定服務（如 Noggin、Showtime 等）結合起來，作為追求最大 TAM 的補充。再一次，我們的流媒體歷史證明它們在第一季度之前是附加的。所以我們仍然相信這是一個很好的策略。我們確實決定將編程放在哪裡。正如您所指出的，去年，我們將 Halo 從 Showtime 轉移到了 Paramount+，因為我們將 Paramount+ 視為更廣泛的平台，而那是該節目的更好場所。我們將墜落地球的人移到另一個方向。

We thought that was a better place for that show. So we think about these things, but we really look at the constellation of services. The other point I'd make is we are on a path to integrate these much more. Sure, we do a commercial bundle today with Paramount+ and Showtime. But as we've said, in the summer, you're going to be able to get Showtime within Paramount+ as an additional option. And that will set us up because we have the opportunity to do that with other brands as well. So again, serving superfans with a super broad offering, but still offering some a la carte options, we think, is the right strategy. So that's how we're thinking about it, Rich. On the ARPU point, Naveen?

我們認為那是那個節目的更好地方。所以我們會考慮這些事情，但我們真正關注的是服務星座。我要說的另一點是，我們正在進一步整合這些內容。當然，我們今天與 Paramount+ 和 Showtime 進行了商業捆綁。但正如我們所說，在夏天，您將能夠在 Paramount+ 中獲得 Showtime 作為附加選項。這將為我們奠定基礎，因為我們也有機會與其他品牌合作。同樣，我們認為，為超級粉絲提供超廣泛的服務，但仍提供一些點菜選擇，這是正確的策略。我們就是這麼想的，Rich。關於 ARPU 點，Naveen？

Yes. So a couple of things on ARPU. In terms of the year-on-year trends that you were asking about, Rich, that really is a function of the mix between international and domestic. We've obviously grown, or I should say, we've launched in a number of international markets and grown our subscriber base there over the course of the last year. And so that mix is skewing a little more international than it was a year ago. And given that it's the mix that is driving that number, I think it's more helpful to look at the individual components, which is to say look at what happened with domestic ARPU and international ARPU separately.

是的。所以關於ARPU的一些事情。就你所問的同比趨勢而言，Rich，這確實是國際和國內混合的一個函數。我們顯然已經成長，或者我應該說，我們已經在多個國際市場推出，並在過去一年中擴大了我們的用戶群。因此，這種組合比一年前更加國際化。考慮到推動這個數字的是混合因素，我認為查看各個組成部分會更有幫助，也就是說，分別看看國內 ARPU 和國際 ARPU 發生了什麼。

And when you look at it that way, both of those numbers, domestic and international ARPU improved both quarter-over-quarter and year-over-year in Q1. Drivers of each are a little bit different. On the domestic side, that ARPU benefited from the fact we had a lot of folks in free trial state in Q4. And as we said back then, we expect that they would convert and become paid subscribers in Q1, which did happen. And on the international side, ARPU continues to benefit from the fact that the subs we're adding are coming from markets where ARPU tends to be higher than sort of our installed base where we started in some smaller Latin American markets. So that's sort of the trend for Q1.

當你這樣看時，這兩個數字，國內和國際 ARPU 在第一季度環比和同比都有所改善。每個人的驅動程序都有點不同。在國內，ARPU 受益於我們在第四季度有很多人處於免費試用狀態。正如我們當時所說，我們預計他們會在第一季度轉換並成為付費訂閱者，這確實發生了。在國際方面，ARPU 繼續受益於這樣一個事實，即我們正在增加的用戶來自 ARPU 往往高於我們在一些較小的拉丁美洲市場開始的安裝基礎的市場。這就是第一季度的趨勢。

In terms of where we see that going in the future and how big could it get relative to other industry peers, we do think there is upside potential. It's a combination of both growth in ad ARPU as well as continued strength on the subscription piece of it. I would remind you that, as we said last quarter, domestic paid ARPU is around $9, and that actually grew in Q1 relative to Q4 as well. So that gives you some sense of sort of the long-term potential when you look at it separately between domestic and international.

就我們認為未來的發展方向以及相對於其他行業同行的發展潛力而言，我們確實認為存在上行潛力。這是廣告 ARPU 的增長以及訂閱部分的持續增長的結合。我會提醒你，正如我們上個季度所說，國內付費 ARPU 約為 9 美元，並且相對於第四季度，第一季度實際增長。因此，當您在國內和國際之間分開看待它時，這會給您一些長期潛力的感覺。

Thanks, Rich. We will take the next question.

謝謝，里奇。我們將回答下一個問題。

Our next question comes from Benjamin Swinburne of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Benjamin Swinburne。

Two questions. One on the ad market and then one on D2C through the rest of this year. Obviously, a lot of concern around the macro backdrop. Can you guys talk a little bit about what you're seeing in advertising, both as you head into the upfront? And also curious on the fast Pluto front, if there's been any slowdown or anything you're picking up on the advertising side and how we might want to think about that for Q2?

兩個問題。一個在廣告市場上，然後一個在 D2C 上，直到今年剩下的時間。很明顯，很多關注都圍繞著宏觀背景。你們能談談你們在廣告中看到的東西嗎？並且對快速的冥王星前沿感到好奇，如果有任何放緩或您在廣告方面遇到的任何事情，以及我們可能想如何考慮第二季度的問題？

And then you have a lot going on this year in D2C. You got a lot of new market launches, some hard bundle launches, particularly with Sky. Could you just help us think about the rest of the year in terms of cadence, which quarters you think might be bigger than others based on what you know today around your partnerships and anything on the content slate we should be thinking about?

然後你今年在 D2C 中有很多事情要做。你有很多新的市場發布，一些硬捆綁發布，尤其是 Sky。您能否幫助我們從節奏的角度考慮今年餘下的時間，根據您今天對合作夥伴關係的了解以及我們應該考慮的任何內容，您認為哪些季度可能比其他季度更大？

Sure, Ben. A lot in there. Let me try to take it quickly. So on the ad side, look, on an apples-to-apples basis, i.e., if you take -- if you adjust for the Super Bowl comp, Q1 is a solid growth quarter for us. We were up 4% in TV media. That was based on strength in local and international sports too. If you add the D2C business in, again, ex Super Bowl's business grew about 8%. So that's solid. In terms of under the covers, it was a bit mixed. We had strength in a bunch of categories like travel, like movies, like retail. We also saw some weakness in categories like wireless, auto, pharma. And those were driven -- that weakness was really driven by a mix of kind of supply chain, and what I'd call general ramp out of COVID headwinds.

當然，本。裡面很多。讓我試著快速接受。所以在廣告方面，看，在蘋果對蘋果的基礎上，也就是說，如果你考慮 - 如果你調整超級碗比賽，第一季度對我們來說是一個穩健的增長季度。我們在電視媒體方面上漲了 4%。這也是基於當地和國際體育的實力。如果再加上 D2C 業務，前超級碗的業務增長了約 8%。所以這很可靠。就幕後而言，它有點混雜。我們在旅遊、電影、零售等一系列領域都有實力。我們還看到無線、汽車、製藥等類別的一些弱點。那些是被驅動的——這種弱點實際上是由多種供應鏈驅動的，我稱之為擺脫 COVID 逆風的普遍增長。

I would point out that as we look at the market, we see political as a very significant plus in the second half of the market. So that's how we're looking at it. You did mention the upfront. I will say we are super excited about the upfront. As you know, we're coming back to Carnegie Hall in real life, live and in person on May 18. We'll showcase the power of Paramount. We'll show our full range of demographics, the combination of our linear and digital platforms, including, of course, IQ, which gets you 80 million pullups of viewers.

我要指出的是，當我們觀察市場時，我們認為政治是市場下半年的一個非常重要的優勢。這就是我們的看法。你確實提到了前期。我會說我們對前期感到非常興奮。如您所知，我們將在 5 月 18 日以現實生活、現場和親自回到卡內基音樂廳。我們將展示派拉蒙的力量。我們將展示我們全方位的人口統計數據，我們的線性平台和數字平台的組合，當然包括 IQ，它可以為您帶來 8000 萬觀眾。

We'll show you advanced advertising solutions, including the use of 3 alternate measurement currencies to get some optionality in the marketplace. Obviously, we'll bring our best-in-class ad creative and integration. And it's going to be built off, it is built off just a truly incredible content lineup, entertainment, sports, tent poles, you name it. So we're very excited going into this upfront. Naveen, you want to touch on Pluto, and then I'll come back to the international point.

我們將向您展示高級廣告解決方案，包括使用 3 種替代衡量貨幣來獲得市場的一些選擇權。顯然，我們將帶來一流的廣告創意和集成。而且它將建立在一個真正令人難以置信的內容陣容之上，娛樂，體育，帳篷桿，你說的。因此，我們很高興能提前進行這項工作。 Naveen，你想談談冥王星，然後我會回到國際點。

Yes, sure. Look, in terms of Pluto, there was a little bit of softness in Q1, but similar to Bob's comments, I think that was driven entirely by market dynamics and categories that are impacted by supply chain or, in some cases, comping against categories that had a real COVID bump in the prior year period. And I wouldn't lose sight of the fact that Pluto revenue still grew more than 50% off $1 billion base, which, by the way, is despite some changes that we made to reduce ad load in order to continue to improve and evolve our user experience, which, I think, will benefit long-term engagement in monetization.

是的，當然。看，就冥王星而言，第一季度有一點疲軟，但與 Bob 的評論類似，我認為這完全是由市場動態和受供應鏈影響的類別驅動的，或者在某些情況下，與在上一年期間發生了真正的 COVID 衝擊。而且我不會忽視這樣一個事實，即 Pluto 的收入在 10 億美元的基礎上仍然增長了 50% 以上，順便說一下，儘管我們為減少廣告負載做出了一些改變，以繼續改進和發展我們的用戶體驗，我認為這將有利於長期參與貨幣化。

That all translated to compelling ARPU trends in the quarter. I mentioned domestic ARPU being up more than 20%, international ARPU growing at an even faster clip than that. And so looking forward, we think the strong user engagement -- strong user growth and engagement trends probably will continue to drive monetization. There will be some impact from the overall ad market based on some of the dynamics that Bob described there. But big picture, Pluto is a business where the combination of structural growth and our significant leadership position allow us to offset some of those cyclical headwinds by a very, very significant margin.

這一切都轉化為本季度引人注目的 ARPU 趨勢。我提到國內 ARPU 增長超過 20%，國際 ARPU 的增長速度甚至更快。因此，展望未來，我們認為強大的用戶參與度——強勁的用戶增長和參與度趨勢可能會繼續推動貨幣化。基於 Bob 在那裡描述的一些動態，整個廣告市場將會產生一些影響。但從總體上看，冥王星是一個結構性增長和我們重要的領導地位相結合的企業，使我們能夠以非常非常大的優勢抵消一些週期性逆風。

Yes. And then real quick, yes, the back half of the year is busy in D2C. Obviously, we've got a great content slate coming, very excited about that. The real volume of activity arguably in a change versus prior year basis is international launches. U.K. and South Korea in June, then we roll to Italy, Germany, Austria, Switzerland, France through the remainder of the year. All of that enabled by obviously, our streaming platform and content lineup, but very importantly, our local teams on the ground, building on relationships we have, including hard bundle relationships. So tremendous amount of activity as we scale Paramount+ very quickly. It's going to be an exciting year.

是的。然後真的很快，是的，今年下半年在 D2C 中很忙。顯然，我們有一個很棒的內容即將到來，對此非常興奮。可以說，與上一年相比，真正的活動量是國際發布。 6 月前往英國和韓國，然後在今年剩餘時間前往意大利、德國、奧地利、瑞士、法國。所有這一切顯然是由我們的流媒體平台和內容陣容實現的，但非常重要的是，我們在當地的團隊，建立在我們擁有的關係之上，包括硬捆綁關係。當我們非常迅速地擴展 Paramount+ 時，活動量如此之大。這將是令人興奮的一年。

Great. We'll take our next question.

偉大的。我們將回答下一個問題。

Our next question comes from Phil Cusick of JPMorgan.

我們的下一個問題來自摩根大通的 Phil Cusick。

Thank you. One follow-up on streaming and one on theatrical. First, AVOD and ad light model seem to becoming the norm rather than the exception. Does that change your view on your differentiation around Paramount+ and Pluto?

謝謝你。一項關於流媒體的後續行動，一項關於戲劇的後續行動。首先，AVOD 和廣告燈模式似乎成為常態而非例外。這是否會改變您對 Paramount+ 和 Pluto 差異化的看法？

And then second, can you comment on the state of the box office. You had 2 or 3 strong releases recently. Where do you see appetite for theater growing today in the U.S. and globally versus 2019? And do you think tent pole movies can do a large percentage of the 2019 potential at this point?

其次，你能評論一下票房的狀況嗎？你最近有 2 或 3 個強大的版本。與 2019 年相比，您認為當今美國和全球對劇院的需求在哪裡增長？你認為帳篷桿電影在這一點上能發揮 2019 年的很大一部分潛力嗎？

Yes. Sure. So I guess in reverse order because the first one is quicker. So box office, we feel very good about it. We just got some research that on the domestic side, consumer [comfort] is at 87%. That is the highest level since the pandemic began. And we've released a number of films, all of which are #1 to date. The third one, Lost City, was a real canary in the coal mine in a good way because that was an older female audience that came to the theater. The first 2 were younger male audiences, which we were less worried about showing up.

是的。當然。所以我猜是相反的順序，因為第一個更快。所以票房，我們感覺很好。我們剛剛得到一些研究，在國內，消費者 [舒適度] 為 87%。這是自大流行開始以來的最高水平。我們已經發行了許多電影，所有這些都是迄今為止排名第一的電影。第三部《迷失之城》是煤礦裡的一隻真正的金絲雀，因為那是一群年長的女性觀眾來到劇院。前兩位是年輕的男性觀眾，我們不太擔心會出現。

And of course, Sonic, our fourth one, did very well. That's a broader family audience. So we like what we're seeing. Our sense now is box office for 2022 will probably be down about 20% versus 2019, which we think is pretty good. So we feel good about it, and we're super excited going into Memorial Day weekend with Top Gun: Maverick. We're actually going to the San Diego Premier on Wednesday night. We think that's going to be awesome. We showed it at CinemaCon in Vegas to the theater owners.

當然，我們的第四個索尼克也做得很好。那是更廣泛的家庭觀眾。所以我們喜歡我們所看到的。我們現在的感覺是，2022 年的票房可能會比 2019 年下降約 20%，我們認為這相當不錯。所以我們對此感覺很好，我們非常興奮能與壯志凌雲一起進入陣亡將士紀念日週末：Maverick。我們實際上是在周三晚上去聖地亞哥總理府。我們認為這會很棒。我們在維加斯的 CinemaCon 上向影院業主展示了它。

And literally, I've never read tweets like that. People were just incredibly gushing about it. The perfect tent pole was one of the comments I saw. So we're feeling good about theatrical. We're very happy to be in the business. We think it's a good standalone business and clearly drives streaming.

從字面上看，我從來沒有讀過這樣的推文。人們只是難以置信地滔滔不絕地談論它。完美的帳篷桿是我看到的評論之一。所以我們對戲劇感覺很好。我們很高興能從事這項業務。我們認為這是一個很好的獨立業務，並且明顯推動了流媒體。

To your first question on streaming and advertising, look, we were early to that game. We led it because we believed in it when other people didn't. And we still believe, and we are a leader, and we are differentiated. This is not an easy business to replicate. It starts with an integrated strategy that spans free and pay streaming and leadership in free for sure and growing on the pay side, including, obviously, Paramount+ Essential. It also extends to multi-platform. Advertising goes across broadcast, cable and streaming, and we have leadership positions in broadcast and cable, too, and it's nontrivial to stitch all that together.

關於你關於流媒體和廣告的第一個問題，看，我們很早就參與了那個遊戲。我們領導它是因為我們相信它，而其他人不相信它。我們仍然相信，我們是領導者，我們與眾不同。這不是一項容易複製的業務。它從一個綜合戰略開始，該戰略涵蓋免費和付費流媒體和免費的領導地位，並在付費方面不斷增長，顯然包括派拉蒙+基本。它還擴展到多平台。廣告涉及廣播、有線電視和流媒體，我們在廣播和有線電視方面也處於領先地位，將所有這些結合在一起並非易事。

Add to that content, which is both libraries, primarily libraries on the free side with Pluto and originals, you heard some of the stats Paramount Global libraries power our streaming platforms, and again, very difficult to replicate. And then on the platform side, Pluto is a pretty advanced connected TV platform, and we continue to -- to add features, including ad tech features to it, like dynamic ad management, ad load management. So that's differentiated. Marketing, Naveen talked about it, the power of our cross-platform management marketing and the cost effectiveness of that.

添加到內容中，這兩個庫，主要是 Pluto 和原始庫的免費方面，您聽說派拉蒙全球庫的一些統計數據為我們的流媒體平台提供了動力，同樣，很難復制。然後在平台方面，Pluto 是一個非常先進的聯網電視平台，我們將繼續添加功能，包括廣告技術功能，如動態廣告管理、廣告負載管理。所以這是有區別的。營銷，Naveen 談到了它，我們跨平台管理營銷的力量和成本效益。

And then lastly, international as we're rolling it out, whether it's the hard bundle model, which we talked about, or what we're doing this month with NENT where we're rolling out this local model, where we bring platform and big libraries and they bring local content and local ad monetization. So yes, we reviewed all the discussion on advertising as a validation of our strategy, but we are the leader, and we have real assets here, and we will continue to push ahead and lead this market.

最後，我們正在推出國際化，無論是我們談到的硬捆綁模型，還是我們本月與 NENT 一起做的事情，我們正在推出這個本地模型，我們帶來平台和大型圖書館，它們帶來本地內容和本地廣告貨幣化。所以是的，我們審查了所有關於廣告的討論，作為對我們戰略的驗證，但我們是領導者，我們在這裡擁有真正的資產，我們將繼續推進並領導這個市場。

Great. Next question, please?

偉大的。請問下一個問題？

Our next question comes from Jessica Reif Ehrlich of BofA Securities.

我們的下一個問題來自美國銀行證券的 Jessica Reif Ehrlich。

I have 2 questions. First, going back to India, which was news today. There's been tons of press coverage on Reliance bidding for IPO, I think that comes up next month. Would that be part of Paramount+? It's critical content, but obviously, it would be super expensive.

我有 2 個問題。首先，回到印度，這是今天的新聞。有大量關於 Reliance 競購 IPO 的新聞報導，我認為下個月就會出現。那會是派拉蒙+的一部分嗎？這是關鍵內容，但顯然，它會非常昂貴。

And then the second question is, you talked about the multi-platform advantage, which clearly benefits advertising, but I'm wondering if you could just talk a little bit about how that impacts your conversations with distributors as you move content between platforms? And given the kind of, I don't know, step-up in sub losses this past quarter. So if you could just talk about that impact, that would be great.

然後第二個問題是，您談到了多平台優勢，這顯然有利於廣告，但我想知道您是否可以稍微談談當您在平台之間移動內容時這會如何影響您與分銷商的對話？考慮到我不知道上個季度子虧損的增加。因此，如果您可以談論這種影響，那就太好了。

Sure, Jessica. So on the India side, the point you make is why we said what we're doing in India is so capital efficient? So you're right. There's -- cricket's going to trade in the marketplace. And beyond that, I'm not going to say. But, no, our intent is not to put cricket on Paramount+. But remember what I said, it's a hard bundled strategy, which means Paramount+ will travel with other assets, and therefore, we believe there's a real opportunity to benefit from cricket without having to pay for it on Paramount+. So that assumes, of course, that the asset ends up in a certain place. But that's the answer on India. Again, we're tremendously excited about that market, about our partner [Alliance], about Bodhi Tree coming in and benefiting from a leadership position therein.

當然，傑西卡。所以在印度方面，你的意思是為什麼我們說我們在印度所做的事情是如此的資本高效？所以你是對的。有——板球將在市場上交易。除此之外，我不會說。但是，不，我們的意圖不是將板球放在 Paramount+ 上。但請記住我所說的，這是一個硬捆綁策略，這意味著派拉蒙+ 將與其他資產一起旅行，因此，我們相信有一個真正的機會從板球中受益，而無需在派拉蒙+ 上付費。當然，這假設資產最終在某個地方。但這就是印度的答案。同樣，我們對這個市場、我們的合作夥伴 [Alliance] 以及 Bodhi Tree 的進入並從其中的領導地位中受益感到非常興奮。

To your second question on cross platform and content, I'd just say a couple of things. One is, we think about our TV media business every day. We're a leader. Again, CBS #1 network despite the fact that one of our competitors had the Olympics and the Super Bowl. That speaks to the power and strength of our programming slate therein. Likewise, on the cable side, as of Q1, we continue to lead on virtually every demographic on share. So -- and the reason is because we put a lot of great programming on those platforms, a lot of exclusive firsts on those platforms, which we're happy to do because we partner with distributors who are providing those services to consumers.

關於跨平台和內容的第二個問題，我只想說幾件事。一是，我們每天都在思考我們的電視媒體業務。我們是領導者。再一次，CBS #1 網絡，儘管我們的一個競爭對手擁有奧運會和超級碗。這說明了我們在其中的節目單的力量和實力。同樣，在有線電視方面，截至第一季度，我們在幾乎所有人群中的份額繼續領先。所以 - 原因是因為我們在這些平台上放了很多很棒的節目，在這些平台上放了很多獨家首創，我們很高興這樣做，因為我們與向消費者提供這些服務的分銷商合作。

So again, our strategy is for sure to continue to reinforce value there as we simultaneously build our streaming business. And by the way, our distributors are active with us on the streaming side, too. Every MVPD, vMVPD deal we've done certainly in the past year, but really longer than that, I'm pretty sure, includes a streaming component, might include a Pluto component, might include a Paramount+ component, might include both. But it's really working with distributors to both ensure stability and predictability in the linear side, while simultaneously helping them transform their business to the broadband video side.

因此，在我們同時建立流媒體業務的同時，我們的戰略肯定會繼續加強那裡的價值。順便說一句，我們的分銷商在流媒體方面也很活躍。在過去的一年裡，我們確實完成了每筆 MVPD、vMVPD 交易，但我敢肯定，真的比這更長，包括一個流組件，可能包括一個 Pluto 組件，可能包括一個 Paramount+ 組件，可能兩者都包括。但它確實與分銷商合作，以確保線性方面的穩定性和可預測性，同時幫助他們將業務轉變為寬帶視頻方面。

Thanks, Jessica. We have time for one last question.

謝謝，傑西卡。我們有時間回答最後一個問題。

Perfect. Our final question comes from Robert Fishman of MoffettNathanson.

完美的。我們的最後一個問題來自 MoffettNathanson 的 Robert Fishman。

Bob, maybe just following up on Jessica's question. Can you expand on how you plan to specifically use sports as a differentiator across the company's portfolio of linear and DTC? And whether your legacy linear sports contracts might make it harder to renew rights going forward with the proper ROI if cord-cutting does accelerate? And just lastly, if you could touch on Amazon and Apple increasing its investments in sports and how that might affect future negotiations?

鮑勃，也許只是跟進傑西卡的問題。您能否詳細說明您計劃如何在公司的線性和 DTC 產品組合中專門使用體育作為差異化因素？如果斷線確實加速，您的傳統線性體育合同是否可能會使以適當的投資回報率續簽權利變得更加困難？最後，如果你能談談亞馬遜和蘋果增加對體育的投資，這可能會如何影響未來的談判？

Sure. So look, we like sports as a component of our programming strategy across platforms. CBS Sports clear market leader in it. A great portfolio of sports assets, including NFL, including NCAA, including golf, including by extension on Paramount -- mostly on Paramount+, but also a bit on CBS UEFA. That's all obviously U.S. And we have been selectively adding sports properties outside the U.S. We do all this in a very disciplined way, looking at ROIs. Sure, there's some stuff that's traded that we haven't done because we didn't think it was worth the price point. But we very much like it as a component of our strategy.

當然。所以看，我們喜歡將體育作為我們跨平台編程策略的一個組成部分。哥倫比亞廣播公司體育顯然是它的市場領導者。大量的體育資產組合，包括 NFL，包括 NCAA，包括高爾夫，包括派拉蒙的擴展——主要是派拉蒙+，但也有一些在 CBS UEFA 上。這顯然是美國的。我們一直在有選擇地在美國以外的地方增加體育資產。我們以非常有紀律的方式做這一切，著眼於投資回報率。當然，有些東西我們還沒有交易，因為我們認為它不值這個價位。但我們非常喜歡它作為我們戰略的一部分。

It's performing very well in the broadcast market, both on a viewership and an advertiser perspective. And it's clearly, as we -- as I said in my remarks, driving streaming as well. The first quarter benefited once again from sports on Paramount+. So we like it. In terms of negotiations, all negotiations have their challenges, but we were just with an international league last week talking to them about the power of Paramount in the context of our platforms, our production expertise, our monetization capabilities and really showcasing the value of sports to us. And I think it's a compelling package we offer. And I'm very happy playing that plan.

從收視率和廣告商的角度來看，它在廣播市場上的表現都非常好。正如我在講話中所說，很明顯，我們也在推動流媒體。第一季度再次受益於派拉蒙+的體育節目。所以我們喜歡它。在談判方面，所有談判都有其挑戰，但上週我們剛剛與一個國際聯盟談論派拉蒙在我們的平台、我們的製作專業知識、我們的貨幣化能力以及真正展示體育價值的背景下的力量給我們。我認為這是我們提供的引人注目的一攬子方案。我很高興執行這個計劃。

So it's part of our strategy. It's clearly not our whole strategy, but it's additive.

所以這是我們戰略的一部分。這顯然不是我們的全部策略，但它是附加的。

With that, I just want to close by thanking everyone for joining for our Q1 call, and thank you for your continued support. As I hope you've seen, Paramount's high-growth streaming business, underpinned by real strength in film, broadcast and cable is a powerful combination, and it has clear momentum. So our differentiated strategy, as we said, is creating advantage. We're excited about the road ahead. Until the next time we speak, everyone, stay well.

至此，我只想感謝大家加入我們的第一季度電話會議，並感謝您一直以來的支持。正如我希望你所看到的，派拉蒙的高增長流媒體業務，以電影、廣播和有線電視的真正實力為基礎，是一個強大的組合，而且勢頭明顯。因此，正如我們所說，我們的差異化戰略正在創造優勢。我們對未來的道路感到興奮。直到我們下次說話，大家都保持健康。

Ladies and gentlemen, this concludes today's call. You may now disconnect your lines.

女士們，先生們，今天的電話會議到此結束。您現在可以斷開線路。