Paramount Global (PARA) 2021 Q4 法說會逐字稿

Good afternoon. My name is Anthony DiClemente, Head of Investor Relations. It is my pleasure to welcome you to our Investor Event and Fourth Quarter and Full Year 2021 Earnings Presentation.

下午好。我叫 Anthony DiClemente，投資者關係主管。我很高興歡迎您參加我們的投資者活動以及 2021 年第四季度和全年收益報告。

Before we begin, please note that in addition to our earnings release, we have trending schedules containing supplemental information available on our website. We would like to remind you that certain statements made in today's presentation are forward-looking statements that involve risks and uncertainties. These risks and uncertainties are discussed in more detail in our filings with the SEC.

在我們開始之前，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。我們想提醒您，今天的演示文稿中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。

With that being said, I would like to thank you for taking the time to join us this afternoon. And now sit back, relax and enjoy the show.

話雖如此，我要感謝你今天下午抽出時間加入我們。現在坐下來，放鬆並享受表演。

(presentation)

（介紹）

Good afternoon from Kaufman Studios, the original New York Home of Paramount Studios. Thank you for joining us, and welcome to our investor event. I've never been more excited about the future of this company than I am today. And during today's program, you will see exactly why because we are on the ascent, and we are reaching for new heights.

下午好，考夫曼工作室是派拉蒙工作室最初的紐約之家。感謝您加入我們，歡迎參加我們的投資者活動。我從來沒有像今天這樣對這家公司的未來感到更加興奮。在今天的節目中，你會明白為什麼，因為我們正在上升，我們正在達到新的高度。

Today, we will show you that with the power of our people, the power of our content and the power of our platforms, we are built to grow, to drive shareholder value and to lead our industry forward.

今天，我們將向您展示，憑藉我們員工的力量、內容的力量和平台的力量，我們的目標是成長、推動股東價值並引領我們的行業向前發展。

2 years after we brought together Viacom and CBS and 1 year since we last convened, we are keeping our promises. We are consistently outperforming our goals ahead of schedule from growth in our subscriber base to growth in brand recognition and growth in operating revenue. We are doing it all faster than anyone expected, and we are delivering win after win after win.

在我們將維亞康姆和 CBS 召集在一起 2 年後，距離我們上次召開會議已有 1 年，我們信守承諾。從用戶群的增長到品牌認知度的增長和營業收入的增長，我們一直在提前超越我們的目標。我們做這一切的速度比任何人預期的都要快，我們正在贏得一場又一場的勝利。

This does not happen by accident. We are winning with one team loaded with talent, creativity and expertise and one integrated company that is greater than the sum of its parts. We are winning with hits that connect with audiences across all demographics and in markets around the world. And we are winning with our unique differentiated streaming services, in free, pay and premium.

這不是偶然發生的。我們憑藉一支充滿才華、創造力和專業知識的團隊以及一家大於其各部分之和的綜合公司而獲勝。我們通過與全球所有人口統計和市場的觀眾建立聯繫的熱門歌曲贏得了勝利。我們憑藉獨特的差異化流媒體服務贏得了勝利，包括免費、付費和高級服務。

And of course, I have to give a call out to Paramount+, which, in less than a year, has established itself as a leading brand in the industry. Our strategy has always been to harness the strength of our traditional business to build something new with our world-class content fueling our growth.

當然，我必須呼籲派拉蒙+，在不到一年的時間裡，它已經確立了自己作為行業領先品牌的地位。我們的戰略始終是利用我們傳統業務的優勢，用我們的世界級內容構建新的東西，推動我們的增長。

This is what sets us apart as a company and positions us to succeed. We are making the right investments in the right content in the right places. And we are confident based on our track record of successes over the past 2 years that we can deliver the return on investment that you expect and deserve.

這就是我們作為一家公司與眾不同的地方，也是我們走向成功的地方。我們正在正確的地方對正確的內容進行正確的投資。基於過去 2 年的成功記錄，我們有信心能夠提供您期望和應得的投資回報。

We have set in motion a virtuous cycle. Our legacy business powers our transformation, and our transformation enhances and expands our legacy. We have so much to be proud of, so much to be optimistic about, and we are just getting started.

我們已經啟動了一個良性循環。我們的傳統業務為我們的轉型提供動力，我們的轉型增強和擴展了我們的傳統。我們有很多值得驕傲的地方，有很多值得樂觀的地方，而我們才剛剛開始。

The opportunity we see ahead across our brands is my dad's vision come to life: one powerful company that creates content that keeps audiences wanting more. And Paramount was always at the core of this vision. For more than 100 years, Paramount Studios has been known for cinematic excellence.

我們在品牌中看到的機會是我父親的願景變成現實：一家強大的公司，創造內容讓觀眾想要更多。派拉蒙始終是這一願景的核心。 100 多年來，派拉蒙影業一直以卓越的電影而聞名。

But Paramount is also an idea, a promise to be the best. It is the idea that inspired us to bring together the best in entertainment across CBS, BET, MTV, Nickelodeon, Showtime and more. And it is the idea that inspired our businesses and our brands to define and redefine entertainment again and again for generation after generation.

但派拉蒙也是一個想法，一個成為最好的承諾。正是這個想法激發了我們將 CBS、BET、MTV、Nickelodeon、Showtime 等最好的娛樂節目匯集在一起。正是這一理念啟發了我們的企業和品牌，一代又一代地一次又一次地定義和重新定義娛樂。

Indeed, Paramount has always represented brilliant storytelling for audiences around the globe on the big screen, the small screen and every device in between. It is what we are, it is who we are, and it is who we are destined to be.

事實上，派拉蒙一直在為全球觀眾在大屏幕、小屏幕和介於兩者之間的所有設備上呈現精彩的故事講述。這就是我們，這就是我們，這就是我們注定要成為的人。

And that is why today, we are thrilled to announce that ViacomCBS has become Paramount Global or simply Paramount. This afternoon, we invite you to take a closer look at how far we have come, where we are going and most importantly, how we plan to get there.

這就是為什麼今天，我們很高興地宣布 ViacomCBS 已成為 Paramount Global 或簡稱為 Paramount。今天下午，我們邀請您仔細看看我們已經走了多遠，我們要去哪裡，最重要的是，我們計劃如何到達那裡。

We want you to take note of the extraordinary progress we have made over the past 2 years and all the momentum we have gathered. And know that there is no higher priority for us and no higher priority for me than unlocking and maximizing value for all of our shareholders. As I said, I have never had more reasons to be excited about the future of this company, Paramount.

我們希望您注意到我們在過去 2 年中取得的非凡進展以及我們聚集的所有勢頭。並且要知道，對我們來說，沒有比為所有股東解鎖和最大化價值更高的優先級，對我來說也沒有更高的優先級。正如我所說，我從未有更多理由對派拉蒙這家公司的未來感到興奮。

And now I am proud to introduce our President and CEO, Bob Bakish.

現在我很自豪地介紹我們的總裁兼首席執行官 Bob Bakish。

I'm as excited as you are to talk about this company we lead, this company we love, Paramount. The iconic peak of Paramount represents our history as pioneers of the golden age of Hollywood.

我和你一樣興奮地談論我們領導的這家公司，這家我們熱愛的公司，派拉蒙。派拉蒙的標誌性高峰代表了我們作為好萊塢黃金時代先驅的歷史。

Today, as we embrace this powerful name, we're also pioneers of an exciting new future. And with the momentum we have, Paramount is already reaching new heights.

今天，當我們擁抱這個強大的名字時，我們也是激動人心的新未來的先驅。憑藉我們所擁有的勢頭，派拉蒙已經達到了新的高度。

For more than 2 decades now, I've witnessed the power of Paramount and all it represents. I've seen, for example, the global impact of Paramount scripting films like the Mission Impossible franchise, which sold out time and time again in theaters all around the world.

二十多年來，我見證了派拉蒙的力量及其所代表的一切。例如，我已經看到派拉蒙劇本電影的全球影響力，比如《碟中諜》系列，它在世界各地的影院一次又一次地售罄。

I've seen during my international years how the Paramount Channel quickly became among our biggest branded networks in the markets outside the United States. And I've seen more recently the audience expanding impact of Spike being rebranded as the Paramount Network in the U.S., thanks to movies and mega hits like Yellowstone and more.

在我的國際生涯中，我見證了派拉蒙頻道如何迅速成為我們在美國以外市場上最大的品牌網絡之一。最近，我看到斯派克在美國更名為派拉蒙網絡的影響力不斷擴大，這要歸功於電影和黃石等大型熱門影片等。

And now I think we all see more and more every day the incredible momentum of Paramount+, our flagship streaming service. Our momentum is building. And as it grows, as we take Paramount+ and our other streaming businesses to the next level, the size of the opportunity we see ahead is matched only by the scale of our ambition to seize it.

現在，我認為我們每天都越來越多地看到我們的旗艦流媒體服務 Paramount+ 令人難以置信的勢頭。我們的勢頭正在增強。隨著它的發展，隨著我們將派拉蒙+和我們的其他流媒體業務提升到一個新的水平，我們看到的未來機會的規模只有與我們抓住它的雄心壯志相匹配。

We can't talk about our momentum without talking about streaming. Just look at the facts. On our paid streaming platforms, we just wrapped our best quarter ever for new subscribers. In fact, our company added 9.4 million new streaming subscribers in Q4 alone, 80% of them on Paramount+.

如果不談論流媒體，我們就不能談論我們的勢頭。只看事實。在我們的付費流媒體平台上，我們剛剛為新訂戶完成了有史以來最好的季度。事實上，我們公司僅在第四季度就新增了 940 萬流媒體訂閱用戶，其中 80% 來自派拉蒙+。

And on Pluto TV, our free ad-supported streaming television platform, we delivered out-of-this-world results as well. Pluto gained a record 10 million monthly active users in Q4, spreading its reach to an audience of nearly 65 million monthly actives. And for full year 2021, it generated over $1 billion in revenue, almost 5x what it delivered just 2 years ago.

在我們的免費廣告支持的流媒體電視平台 Pluto TV 上，我們也提供了超乎想像的結果。 Pluto 在第四季度獲得了創紀錄的 1000 萬月活躍用戶，將其覆蓋範圍擴大到了近 6500 萬月活躍用戶。到 2021 年全年，它創造了超過 10 億美元的收入，幾乎是 2 年前的 5 倍。

When it comes to realizing our streaming goals, we're moving fast and gaining even more speed. Already, we are 1 full year ahead of schedule, posting subscriber results we didn't expect to see until next January. And by the end of 2022, we're on track to hit our 2024 subscriber goal, 2 full years ahead of schedule.

在實現我們的流媒體目標時，我們正在快速前進並獲得更快的速度。我們已經比計劃提前了整整一年，發布了我們預計要到明年 1 月才能看到的訂閱者結果。到 2022 年底，我們有望提前 2 年實現 2024 年的訂戶目標。

This momentum has us leading the industry on multiple fronts. In Q4, we had the fastest subscriber growth in streaming. And Pluto TV continued to lead its category, both in MAUs and revenue. Furthermore, Paramount+ was named the fastest-growing brand of 2021 not just in streaming, mind you, but in any industry.

這種勢頭使我們在多個方面引領行業。在第四季度，我們的流媒體用戶增長最快。 Pluto TV 在 MAU 和收入方面繼續領先其類別。此外，請注意，派拉蒙+ 被評為 2021 年增長最快的品牌，不僅在流媒體領域，而且在任何行業。

And it's not just streaming where we see this momentum. We're firing on all cylinders with #1 hits across theatrical, broadcast, cable and streaming. In Q4 alone, we had the top 4 entertainment programs on all of television with CBS' NCIS, the Equalizer and FBI and Paramount Network's Yellowstone.

我們看到這種勢頭的不僅僅是流媒體。我們正在全力以赴，在戲劇、廣播、有線電視和流媒體中排名第一。僅在第 4 季度，我們就擁有 CBS 的 NCIS、Equalizer 和 FBI 以及派拉蒙網絡的 Yellowstone 的所有電視節目中排名前 4 位的娛樂節目。

And we had #1 shows across countless categories, including the #1 comedy with Young Sheldon; the #1 news program in 60 Minutes; the #1 kid show in Nickelodeon's Paw Patrol; the #1 competition reality show on cable with MTV's The Challenge; the #1 premium show, Showtime's Dexter New Blood. And this quarter, we became the first studio with 2 #1 films at the box office with Scream and Jackass Forever, both of which will debut on Paramount+ in March.

我們在無數類別中都有排名第一的節目，包括與年輕謝爾頓合作的排名第一的喜劇； 60 分鐘內排名第一的新聞節目； Nickelodeon 的 Paw Patrol 中排名第一的兒童節目；與 MTV 的 The Challenge 一起在有線電視上排名第一的競爭真人秀節目；排名第一的優質節目，Showtime 的 Dexter New Blood。本季度，我們憑藉《尖叫》和《永遠的公驢》成為第一家票房排名第一的電影製片廠，這兩部影片都將於 3 月在派拉蒙+ 上首映。

And as we look ahead, powered by our phenomenal Paramount content engine, we see a huge global opportunity in streaming, a much larger potential market that can be captured by television and film alone. We're excited about that opportunity.

展望未來，在我們非凡的派拉蒙內容引擎的支持下，我們看到了流媒體領域的巨大全球機遇，這是一個可以僅由電視和電影佔領的更大的潛在市場。我們對這個機會感到興奮。

And our ability not just to compete but to thrive and thereby, create significant value for both consumers and shareholders. Why? Because we have a differentiated playbook for streaming success, one that leans into our particular strength that we are broad and broad in 4 key ways: across our content, our streaming business model, our mix of platforms and our global reach. This breadth positions us to access a larger accessible market, penetrate it more quickly and do it all efficiently and sustainably. So let's break that down.

我們不僅有能力競爭，而且有能力茁壯成長，從而為消費者和股東創造重要價值。為什麼？因為我們有一個差異化的流媒體成功手冊，它依賴於我們的特殊優勢，即我們在 4 個關鍵方面廣泛而廣泛：我們的內容、我們的流媒體業務模式、我們的平台組合和我們的全球影響力。這種廣度使我們能夠進入一個更大的可訪問市場，更快地滲透它，並以高效和可持續的方式完成這一切。所以讓我們分解一下。

Starting with our binge-worthy, buzzworthy content that's not just rich and deep but broad and varied. On Paramount+, we take the plus seriously. We're home to the most diverse content offering in streaming. That enables us to serve the whole household, every generation from grandparents who were gripped by The Godfather when it premiered in 1972 to preschoolers who are just as excited about PAW Patrol: The Movie in 2022.

從我們值得狂歡、值得關注的內容開始，這些內容不僅豐富而深刻，而且廣泛而多樣。在派拉蒙+，我們認真對待加號。我們擁有最多樣化的流媒體內容。這使我們能夠為整個家庭服務，從 1972 年首映時被《教父》抓住的祖父母到對 2022 年的《爪牙巡邏隊：電影》同樣興奮的學齡前兒童，每一代人。

And we don't just serve the whole household. We serve the whole country. Coast-to-coast, we capture a broad range of households by income and geography. And increasingly, that's a model we're applying all over the world, creating hits in more than a dozen languages. Over the next year, you'll see us building on that foundation, expanding our success across key genre lanes: scripted and unscripted, sports, news and events, kids and family and movies of all kinds.

我們不只是為整個家庭服務。我們為整個國家服務。從東海岸到西海岸，我們按收入和地理位置捕獲了廣泛的家庭。而且，我們越來越多地在世界各地應用這種模式，以十幾種語言創造熱門歌曲。在接下來的一年裡，您將看到我們在此基礎上繼續發展，將我們的成功擴展到關鍵類型領域：有劇本和無劇本、體育、新聞和事件、兒童和家庭以及各種類型的電影。

And speaking of movies, I'm pleased to announce that starting with our 2024 releases, Paramount+ will become the streaming home for all new Paramount movies following their theatrical runs.

說到電影，我很高興地宣布，從 2024 年的上映開始，派拉蒙+ 將成為所有新派拉蒙電影上映後的流媒體平台。

You see a similar breadth in our streaming business model, the second source of our advantage. We're proud of our strength in both pay and free streaming, including leading the U.S. market in free ad-supported streaming television with Pluto TV. We meet consumers where they're at, serving different segments in different ways and reaching a larger total addressable market in the process.

您會在我們的流媒體業務模式中看到類似的廣度，這是我們優勢的第二個來源。我們為我們在付費和免費流媒體方面的實力感到自豪，包括通過 Pluto TV 在免費廣告支持的流媒體電視領域引領美國市場。我們在消費者所在的地方與他們會面，以不同的方式為不同的細分市場提供服務，並在此過程中觸及更大的潛在市場。

And with the benefit of dual revenue streams in both advertising and subscription, we're maximizing the revenue pool.

借助廣告和訂閱的雙重收入來源，我們正在最大化收入池。

Reaching the largest addressable market goes right to the heart of our third advantage, our broad set of platforms, spanning linear television, theatrical and streaming. Some see our legacy in each of these platforms as a hindrance on our streaming path. We see it as exactly the opposite.

進入最大的潛在市場是我們第三個優勢的核心，即我們廣泛的平台，涵蓋線性電視、戲劇和流媒體。有些人將我們在這些平台中的遺產視為我們流媒體路徑的障礙。我們認為恰恰相反。

Paramount's reach, recognition and relationships are core reasons why our streaming strategy is working. Our existing platforms allow us to launch and grow shows and fandoms for streaming. They help us promote and make the most of our content investments across platforms. They increase the range of value-creating commercial partnerships we can build, and they drive our ability to scale quickly for the future. And that's important because the future is global.

派拉蒙的影響力、認可度和關係是我們的流媒體戰略奏效的核心原因。我們現有的平台使我們能夠推出和發展流媒體節目和粉絲群。它們幫助我們推廣和充分利用我們跨平台的內容投資。它們擴大了我們可以建立的創造價值的商業夥伴關係的範圍，並推動了我們為未來快速擴展的能力。這很重要，因為未來是全球性的。

The breadth of our global reach is our fourth source of competitive advantage. Some companies only license outside the United States. We operate. We have been a truly global operating company for decades with teams on the ground in more than 30 markets. And we have the studios, the franchises, the talent and the production capabilities to move global audiences with locally relevant content driven by more than a dozen production hubs around the world.

我們全球影響力的廣度是我們競爭優勢的第四個來源。一些公司只在美國境外獲得許可。我們經營。幾十年來，我們一直是一家真正的全球運營公司，團隊遍布 30 多個市場。我們擁有工作室、特許經營權、人才和製作能力，可以通過全球十幾個製作中心驅動的本地相關內容來吸引全球觀眾。

We're poised to replicate this success to an even bigger, bolder effect in streaming. Now we know being broad isn't an end in itself. What matters is that being broad as a means of capturing significant financial benefits. It's a means of maximizing our streaming revenue and accelerating its growth. It's a means of leveraging investment more effectively and running operations more efficiently. It's a means of moving further faster than ever before and turning streaming into a sustainable business for the future.

我們準備將這一成功複製到流媒體中更大、更大膽的效果。現在我們知道，寬泛本身並不是目的。重要的是，廣泛作為獲取重大經濟利益的一種手段。這是最大化我們的流媒體收入並加速其增長的一種手段。這是一種更有效地利用投資和更有效地運營運營的手段。這是一種比以往更快地前進並將流媒體轉變為未來可持續發展業務的手段。

And know this. We are committed to that future, to creating that value. We know the opportunity at hand is massive, and we've got the passion, the ambition and the discipline to deliver.

並且知道這一點。我們致力於那個未來，創造那個價值。我們知道手頭的機會是巨大的，我們有激情、雄心和紀律來交付。

As of today, we're raising our guidance, signaling our conviction that consistent execution of our strategy will deliver performance to match. In fact, we anticipate reaching 100 million subscribers by 2024 compared to the 65 million to 75 million we shared last year. Naveen will expand on this and much more in his presentation. And to set the stage, our colleagues are about to show you exactly how in every way we're raising the bar for ourselves, setting our ambitions higher than ever before.

截至今天，我們正在提高我們的指導，表明我們堅信一致執行我們的戰略將提供與之相匹配的業績。事實上，我們預計到 2024 年將達到 1 億用戶，而去年我們共享的用戶數為 6500 萬至 7500 萬。 Naveen 將在他的演講中對此以及更多內容進行擴展。為了搭建舞台，我們的同事將向您展示我們如何在各個方面為自己提高標準，將我們的雄心設定得比以往任何時候都高。

In closing, let me just say how proud I am of the progress our teams across the company have made. And I'm equally excited about the new heights that lie ahead for Paramount.

最後，我只想說我為我們整個公司的團隊所取得的進步感到多麼自豪。我同樣對派拉蒙未來的新高度感到興奮。

When we spoke to you last year, some of you thought we were on an impossible mission. But today, as you can see, it's not only possible, it's happening.

去年我們與你們交談時，你們中的一些人認為我們正在執行一項不可能完成的任務。但是今天，正如你所看到的，這不僅是可能的，而且正在發生。

Here to share more is someone who knows a thing or 2 about making the impossible possible. Please welcome the one and only Tom Cruise.

在這里分享更多的是知道一兩件事的人關於使不可能成為可能的事情。請歡迎唯一的湯姆克魯斯。

I'm Tom Ryan, President and CEO of streaming. I'll leave the acrobatics to Tom Cruise, but I do want to talk about strategy for the expansion and evolution of Paramount+.

我是流媒體總裁兼首席執行官 Tom Ryan。我將把雜技留給湯姆克魯斯，但我確實想談談派拉蒙+的擴張和發展戰略。

Let's start with our expansion, where we're leveraging our global footprint to bring Paramount+ to new markets with enormous potential. In just 1 year, we launched the service in 25 markets across Latin America, Canada and Australia. And in 2022, we're building on that momentum, expanding to some of the biggest markets in the world. We'll launch in the U.K., South Korea and the Caribbean by this summer. And we'll continue with a focus on Europe, Italy, Germany, France, Switzerland and Austria in the second half of the year.

讓我們從我們的擴張開始，我們正在利用我們的全球足跡將派拉蒙+ 帶入具有巨大潛力的新市場。在短短 1 年內，我們在拉丁美洲、加拿大和澳大利亞的 25 個市場推出了該服務。到 2022 年，我們將在這一勢頭的基礎上再接再厲，將業務擴展到世界上一些最大的市場。我們將於今年夏天在英國、韓國和加勒比地區推出。我們將在下半年繼續關注歐洲、意大利、德國、法國、瑞士和奧地利。

To scale most effectively, we're creating customized go-to-market plans for each region with tailored partnerships, marketing and distribution strategies and even product offerings. We're deploying hard bundles, where we work with a local provider to give their customers immediate access to Paramount+ as well as direct-to-consumer and a la carte distribution or sometimes a hybrid of all 3.

為了最有效地擴展，我們正在為每個地區製定定制的上市計劃，其中包括量身定制的合作夥伴關係、營銷和分銷策略，甚至產品供應。我們正在部署硬捆綁包，我們與當地供應商合作，讓他們的客戶立即訪問派拉蒙+，以及直接面向消費者和點菜分銷，有時甚至是這三者的混合。

We're taking the annual plan we rolled out in the U.S. and expanding it internationally. At the same time, we're creating brand-new offerings like mobile-only plans for markets where value is key and mobile devices dominate streaming consumption.

我們正在採用我們在美國推出的年度計劃並將其擴展到國際。與此同時，我們正在為價值是關鍵且移動設備主導流媒體消費的市場創建全新的產品，例如僅限移動設備的計劃。

To do all this, we're leaning on our long-time global presence and a vast network of relationships with partners all over the world. Last year, we doubled down on strategic partnerships, closing deals with T-Mobile in the United States and Sky in Europe, to name just 2 examples.

為了做到這一切，我們依靠我們長期的全球影響力以及與世界各地合作夥伴的龐大關係網絡。去年，我們加強了戰略合作夥伴關係，與美國的 T-Mobile 和歐洲的 Sky 達成了交易，僅舉兩個例子。

Today, we're proud to announce a new partnership, this one in France with Canal+, one of the largest providers in the market. Through this hard bundled partnership, Canal+ subscribers will get access to Paramount+ immediately at launch, allowing us to gain a big foothold and a strong launch pad.

今天，我們很自豪地宣布與 Canal+ 建立新的合作夥伴關係，Canal+ 是市場上最大的供應商之一。通過這種緊密捆綁的合作夥伴關係，Canal+ 訂閱者將在發佈時立即訪問派拉蒙+，使我們能夠獲得巨大的立足點和強大的發射台。

These kinds of partnerships and hyper tailored strategies will help us continue to scale quickly and economically, reinforcing our competitive position. Across our streaming services and Sky Showtime, our innovative joint venture with Comcast that serves territories encompassing 90 million homes primarily in Eastern Europe, we'll be in more than 60 markets by the end of the year with more than 60 partners.

這些類型的合作夥伴關係和高度定制的戰略將幫助我們繼續快速、經濟地擴大規模，鞏固我們的競爭地位。通過我們的流媒體服務和 Sky Showtime，我們與 Comcast 的創新合資企業服務於主要在東歐的 9000 萬戶家庭，到今年年底，我們將與 60 多個合作夥伴進入 60 多個市場。

Beginning in 2023, we'll turn our sights to Asia, Africa and the Middle East, building on our momentum to bring Paramount+ to every region of the world. Our global expansion underscores an important lesson in streaming. The stories we create are only as powerful as the audience they reach.

從 2023 年開始，我們將把目光投向亞洲、非洲和中東，繼續鞏固將派拉蒙+ 帶到世界每個地區的勢頭。我們的全球擴張強調了流媒體的重要教訓。我們創造的故事只有與他們接觸到的觀眾一樣強大。

So in addition to expanding the service to more people, we're also enhancing the service itself. We're constantly asking ourselves, how do we make this experience better, smoother, more personalized? Not just how do we serve users, how do we delight them?

因此，除了將服務擴展到更多人之外，我們還在增強服務本身。我們不斷地問自己，我們如何讓這種體驗更好、更流暢、更個性化？不僅僅是我們如何為用戶服務，我們如何取悅他們？

Just a year in, we've made tremendous strides. We continue to serve a broad diversity of taste through programming that's tailored to the individual and personalized with a distinct editorial voice. Increasingly, viewers are spending more time streaming outside of our top titles and watching a greater variety of series and movies each month.

僅僅一年時間，我們就取得了巨大的進步。我們繼續通過為個人量身定制並具有獨特編輯聲音的個性化節目來服務於廣泛的口味多樣性。越來越多的觀眾每月花更多的時間在我們的熱門影片之外進行流媒體播放，並觀看更多種類的電視劇和電影。

And we're continuing to innovate. We have revamped our brand hubs and introduced collection pages. And we've used innovations from across our platforms to create an even richer experience on Paramount+.

我們正在繼續創新。我們改進了品牌中心並引入了收藏頁面。我們還利用我們各個平台的創新，在 Paramount+ 上創造了更加豐富的體驗。

With Pluto TV, for example, we pioneered lean back linear channels that allow users to simply fall into a show. It's easy entertainment that demands nothing of the viewer because our programming team does the work. And it drives effortless discovery and engagement, bringing the best of our deep catalog to the fore.

以 Pluto TV 為例，我們率先推出了精益線性頻道，讓用戶可以輕鬆地進入節目。這是一種輕鬆的娛樂，不需要觀眾，因為我們的節目團隊負責這項工作。它推動了輕鬆的發現和參與，將我們深度目錄中的精華帶到了前台。

Now we've launched 20 linear franchise and genre channels in the U.S. on Paramount+. So if you love animation or TV classics, you can jump straight in and discover something new. Just a few weeks in, the adoption of linear channels has grown quickly. And the people who use this feature are spending 40% more time on the service than they were before. Simply put, viewers are more easily finding content to love.

現在，我們在 Paramount+ 上在美國推出了 20 個線性特許經營和類型頻道。因此，如果您喜歡動畫或電視經典作品，您可以直接進入並發現新事物。僅僅幾週後，線性渠道的採用就迅速增長。使用此功能的人在服務上花費的時間比以前多 40%。簡而言之，觀眾更容易找到喜歡的內容。

Our goal with these product enhancements is to give people every reason to explore and enjoy the full breadth of our content on Paramount+, to make the experience so engaging, it becomes part of your daily routine.

我們通過這些產品增強功能的目標是讓人們有充分的理由探索和享受我們在 Paramount+ 上的全部內容，讓體驗如此引人入勝，成為您日常生活的一部分。

So let's talk about how we're helping subscribers access even more of our amazing streaming services right there in the Paramount+ app. Our existing bundle of Paramount+ and Showtime has performed very well out of the gate. That's because users can access 2 premium content offerings with streamlined sign-up but viewed in distinct apps.

因此，讓我們談談我們如何幫助訂閱者在 Paramount+ 應用程序中訪問我們更多令人驚嘆的流媒體服務。我們現有的 Paramount+ 和 Showtime 捆綁產品一開始就表現出色。這是因為用戶可以通過簡化的註冊訪問 2 種優質內容產品，但可以在不同的應用程序中查看。

Starting this summer, we're making Showtime even easier to access in one app experience. The Showtime service will still be available separately if that's your preference. But within Paramount+, it will be seamless to sign up for Showtime and easier than ever to discover great shows.

從今年夏天開始，我們將通過一個應用體驗讓 Showtime 更易於訪問。如果您願意，Showtime 服務仍將單獨提供。但在 Paramount+ 中，註冊 Showtime 將是無縫的，並且比以往任何時候都更容易發現精彩的節目。

You'll be able to simply upgrade your Paramount+ subscription to a bundle that includes the Showtime service and then view all that content in a single user experience. And then when you're done watching Mayor of Kingstown, you'll be able to move immediately to the next season of Billions without ever leaving the Paramount+ app. Less than a year after launch, we're expanding into new markets and making our product easier to explore and more seamless to operate. And it's all for one reason: to build a home worthy of our content.

您只需將 Paramount+ 訂閱升級到包含 Showtime 服務的捆綁包，然後在單一用戶體驗中查看所有內容。然後，當您看完《金斯敦市長》時，無需離開派拉蒙+ 應用程序，就可以立即進入下一季的《億萬富翁》。推出後不到一年，我們正在向新市場擴張，使我們的產品更易於探索和無縫操作。這一切都是為了一個原因：建造一個值得我們滿足的家。

To tell you more about our global content strategy, please welcome our Chief Programming Officer, Tanya Giles.

如需詳細了解我們的全球內容戰略，請歡迎我們的首席編程官 Tanya Giles。

Thanks, Tom. It's a good thing you're building a worthy home because our content is unrivaled. On Paramount+, we've got something for everyone. Take a look.

謝謝，湯姆。您正在建造一個有價值的家是一件好事，因為我們的內容是無與倫比的。在派拉蒙+，我們為每個人準備了一些東西。看一看。

(presentation)

（介紹）

That's a mountain of entertainment. In fact, as Bob mentioned, we have the broadest diversity of content of any streaming service out there. We've got movies, kids and family programming, news, sports and events, unscripted TV, adult animation and scripted shows of all types.

那是一座娛樂之山。事實上，正如 Bob 所提到的，我們擁有所有流媒體服務中最廣泛的內容多樣性。我們有電影、兒童和家庭節目、新聞、體育和活動、無腳本電視、成人動畫和各種類型的腳本節目。

Our Q4 growth didn't come from 1 or 2 of these lanes. Every single lane helped deliver those subscribers. Just look at the top 10 acquisition drivers from last year: movies, sports, drama, comedy, kids. These are the titles that draw people to the service.

我們第四季度的增長並非來自這些車道中的一兩條。每一條通道都有助於提供這些訂閱者。看看去年的十大收購驅動因素：電影、體育、戲劇、喜劇、兒童。這些是吸引人們使用該服務的標題。

And when we look at what keeps people engaged, the range gets even broader: reality shows with deep libraries and original series and franchises that give fans more of what they love. As Bob said, our content reaches audiences of all ages, coastal and central, streaming obsessed and streaming curious across the U.S. and around the world.

當我們看看是什麼讓人們保持參與時，範圍會變得更加廣泛：具有深度圖書館和原創系列和特許經營權的真人秀節目，為粉絲提供更多他們喜歡的東西。正如鮑勃所說，我們的內容覆蓋了美國和世界各地所有年齡段的觀眾，包括沿海和中部、流媒體痴迷和流媒體好奇。

We are super serving the whole household from preschoolers to rabid sports fans to news junkies. When more people in a given household watch more shows, those subscriptions only get more valuable. The more profiles an account has and the more titles watched, the higher the retention and the lower the churn. And much of our growth is coming from those hard-to-reach younger audiences, where there's enormous potential.

我們為整個家庭提供超級服務，從學齡前兒童到狂熱的體育迷再到新聞迷。當給定家庭中的更多人觀看更多節目時，這些訂閱只會變得更有價值。帳戶擁有的個人資料越多，觀看的標題越多，留存率越高，流失率越低。我們的大部分增長來自那些難以接觸到的年輕觀眾，他們擁有巨大的潛力。

We serve the whole country, too, with the broadest range of households by income and a geographic spread that covers not just the East and West Coast, but the center of the country where Paramount+ overindexes compared to other streaming services.

我們也為整個國家服務，擁有最廣泛的家庭收入和地理分佈，不僅涵蓋東海岸和西海岸，而且與其他流媒體服務相比，派拉蒙 + 指數過高的國家中心。

Now the breadth of our content is just one piece of the puzzle. Through the breadth of our platforms, we also meet users wherever they're spending their time, whether that's a big theatrical release, linear TV, ad-supporting streaming or social media and use those opportunities to cross-promote and introduce our content to new audiences.

現在，我們內容的廣度只是其中的一部分。通過我們廣泛的平台，我們還可以在用戶花費時間的任何地方與他們會面，無論是大型影院上映、線性電視、支持廣告的流媒體還是社交媒體，並利用這些機會交叉推廣並將我們的內容介紹給新的觀眾。

1883, for example, is a runaway hit and not just because it's totally gripping entertainment. We put the full power of our company behind it. We started with Yellowstone, one of the most popular series of all time. To capitalize on its built-in fan base, we leveraged our platforms linear and streaming, free and pay, sampling 1883 on Pluto TV and Paramount Network right after Yellowstone, the same day we released it on Paramount+.

例如，《1883》大獲成功，不僅僅是因為它完全是扣人心弦的娛樂節目。我們將公司的全部力量投入其中。我們從黃石公園開始，這是有史以來最受歡迎的系列之一。為了利用其內置的粉絲群，我們利用我們的平台線性和流媒體，免費和付費，在黃石之後立即在 Pluto TV 和派拉蒙網絡上對 1883 進行採樣，同一天我們在派拉蒙 + 上發布它。

And that wasn't just any day but Sunday when NFL fans were deeply engaged on the service. Thanks to all this and a powerful strategic marketing campaign that leads heavily on our in-house assets and capabilities, 1883 has been gaining enormous momentum week after week. It's now Paramount+'s biggest hit ever.

這不僅是任何一天，而且是周日，NFL 的球迷們深深地參與了這項服務。多虧了這一切，再加上強大的戰略營銷活動，我們的內部資產和能力在很大程度上發揮了作用，1883 一周又一周地獲得了巨大的動力。它現在是派拉蒙+有史以來最大的成功。

And I am so excited for the next chapter of this Dutton family drama coming later this year. And this is just the beginning. There's so much more as you'll hear later about in the show from our creator himself, Taylor Sheridan.

我對今年晚些時候即將上映的達頓家庭劇的下一章感到非常興奮。而這僅僅是個開始。您稍後會在節目中從我們的創作者 Taylor Sheridan 那裡聽到更多內容。

1883 is only one example of a programming strategy that leverages the quality and breadth of our content and platforms. And it's working. The number of title stream per user has seen huge growth quarter-after-quarter and year-over-year. And users who stream original content are exploring even more than their peers.

1883 只是利用我們內容和平台的質量和廣度的編程策略的一個例子。它正在工作。每個用戶的標題流數量環比和同比都出現了巨大的增長。流式傳輸原創內容的用戶比同齡人探索得更多。

Now even though we're proud of where we are, we are not standing still. And you'll now hear from our content leaders as we look to the future of our programming strategy, we are doubling down on our differentiators.

現在，即使我們為自己所處的位置感到自豪，我們也不會停滯不前。現在，當我們展望節目戰略的未來時，您會聽到我們內容負責人的來信，我們正在加倍努力實現差異化。

First, we are taking our broad content offering and deepening it with more content across key lanes, building especially on our treasure trove of IP to create lasting hit franchises. Second, we are continuing to bring viewers from show to show, linear to streaming and back again across our broad set of platforms. And finally, we are leveraging our global reach, which has long been a defining feature of our company to serve international markets, feed our entire global content pipeline and scale Paramount+ in the process.

首先，我們正在利用我們廣泛的內容產品，並通過更多關鍵渠道的內容來深化它，特別是在我們的 IP 寶庫上建立持久的熱門特許經營權。其次，我們將繼續將觀眾從一個節目帶到另一個節目，從線性到流媒體，然後在我們廣泛的平台上再次返回。最後，我們正在利用我們的全球影響力，長期以來，這一直是我們公司服務國際市場的一個決定性特徵，為我們的整個全球內容管道提供服務，並在此過程中擴展 Paramount+。

Before we dive into each content lane, I want to show you just what's possible with stunning creative talent and the right strategy behind it. It's an iconic franchise with vibrant characters and gripping story lines coming exclusively to Paramount+ in just a few weeks: Halo. In fact, we are so excited about season 1. I'm thrilled to announce we are greenlighting season 2.

在我們深入每個內容通道之前，我想向您展示驚人的創意人才和背後的正確策略的可能性。這是一個標誌性的特許經營權，充滿活力的角色和引人入勝的故事情節將在幾週內獨家登陸派拉蒙+：光環。事實上，我們對第 1 季感到非常興奮。我很高興地宣布我們正在為第 2 季開綠燈。

To tell you more, please welcome the Master Chief himself, Pablo Schreiber.

要告訴您更多信息，請歡迎士官長本人，Pablo Schreiber。

Thanks, Tanya. My name is Pablo Schreiber, and I play the iconic super soldier, Master Chief John-117. It has been literally a dream come true to put on chief's helmet, Mjolnir armor and take the fight to the Covenant.

謝謝，坦尼婭。我的名字是 Pablo Schreiber，我扮演標誌性的超級士兵，士官長 John-117。戴上酋長的頭盔和雷神之鎚盔甲，向星盟發起戰鬥，簡直是夢想成真。

Bringing this series to life has been a labor of love for so many of us for so long. And I'm so excited to show you the results in just a few weeks. Whether you're a sci-fi geek or a diehard fan of the Halo franchise or if you just love great television, boy, do we have something for you.

長期以來，將這個系列帶入生活一直是我們許多人的愛心勞動。我很高興能在短短幾週內向您展示結果。無論您是科幻極客還是 Halo 系列的鐵桿粉絲，或者您只是喜歡精彩的電視節目，男孩，我們有什麼適合您的嗎？

Well, actually, we do have something for you. Please enjoy a sneak peek of the Halo universe like you've never seen it before. Let's finish this fight.

好吧，實際上，我們確實為您準備了一些東西。請享受您從未見過的 Halo 宇宙的先睹為快。讓我們結束這場戰鬥。

(presentation)

（介紹）

Good afternoon, everyone. I'm Brian Robbins, Chief Content Officer, Movies and Kids and Family for Paramount+. Paramount Pictures films and Nickelodeon's kids and family content are crucial to our streaming strategy.

大家下午好。我是派拉蒙+電影和兒童及家庭部首席內容官 Brian Robbins。派拉蒙影業的電影和尼克國際兒童頻道的兒童和家庭內容對我們的流媒體戰略至關重要。

Last year, Paramount Pictures achieved new milestones for Paramount+, including A Quiet Place Part II, which in addition to being a box-office success was the #1 film acquisition driver on the platform and a day and date release of PAW Patrol: The Movie, the most streamed movie title on Paramount+ ever.

去年，派拉蒙影業為 Paramount+ 實現了新的里程碑，其中包括《寂靜之地第二部分》，除了票房成功之外，它還是該平台上排名第一的電影收購驅動因素，以及《爪牙巡邏隊：電影》的日期和日期發布，有史以來在 Paramount+ 上播放次數最多的電影片名。

And what we have in store this year is one of Paramount Pictures' best theatrical slates ever. Let's have a look.

而我們今年所擁有的是派拉蒙影業有史以來最好的戲劇片之一。我們來看一下。

(presentation)

（介紹）

The star power you just saw, Tom Cruise, Sandra Bullock, Brad Pitt, Margot Robbie, Idris Elba and Jim Carrey, they are guaranteed to have audiences lining up to see these films in theaters. And then these films will make their way to Paramount+ as the home for the biggest must-see motion pictures.

你剛剛看到的明星力量，湯姆克魯斯、桑德拉布洛克、布拉德皮特、瑪格特羅比、伊德里斯艾爾巴和金凱瑞，他們保證讓觀眾在影院排隊觀看這些電影。然後這些電影將進入派拉蒙+，成為最大的必看電影的所在地。

But in streaming, a film must plug into a greater strategy. It's not enough on its own. Consumers expect quality and quantity. They expect world building and innovation and storytelling.

但在流媒體中，一部電影必須融入更大的戰略。光靠自己是不夠的。消費者期望質量和數量。他們期待世界建設、創新和講故事。

Paramount Pictures, which is armed with so many beloved franchises recognized around the world will deliver on all this. And the home for all of our fantastic films will be Paramount+.

派拉蒙影業公司擁有眾多全球公認的深受喜愛的特許經營權，將實現這一切。我們所有精彩電影的歸宿都將是派拉蒙+。

Take the Transformers franchise from us and our partners at Hasbro. It has grossed $5 billion globally from films alone and a multiple of that at retail. And we are excited that the next chapter begins with the release of the seventh Transformers, Rise of the Beast in 2023, where we're tapping into 2 incredible talents Director Stephen Caple Jr. and star Anthony Ramos. This film will be the first of 3 installments.

從我們和孩之寶的合作夥伴那裡獲得變形金剛特許經營權。它在全球僅通過電影就獲得了 50 億美元的票房收入，其中零售票房收入翻了數倍。我們很高興下一章將從 2023 年第七部變形金剛《野獸崛起》的發布開始，我們將在其中挖掘 2 位令人難以置信的天才導演小斯蒂芬·卡普爾和明星安東尼·拉莫斯。這部電影將是三部曲中的第一部。

But before all that, coming this fall, we will be releasing a new animated series for kids and families from Nickelodeon that offers a fresh take on the iconic brand. And in 2024, we'll extend the franchise further with a CG-animated Transformers theatrical film with built-in awareness and existing fandoms.

但在此之前，今年秋天，我們將發布來自 Nickelodeon 的面向兒童和家庭的新動畫系列，為這個標誌性品牌提供全新的視角。並且在 2024 年，我們將通過一部 CG 動畫變形金剛戲劇電影進一步擴展特許經營權，該電影具有內置意識和現有的粉絲群。

We are replicating this success with Sonic the Hedgehog, a beloved global hero for over 30 years now, which recently became a part of the iconic film franchises in the Paramount family. And on April 8, the highly anticipated sequel to Sonic will premiere in theaters. And we are excited to announce today that Paramount and Sega are developing the first-ever original Sonic series for Paramount+ next year. This live action series will feature the character Knuckles voiced by Idris Elba. Paramount and Sega raw also developing a third Sonic theatrical film.

我們正在與 Sonic the Hedgehog 複製這一成功，它是 30 多年來深受喜愛的全球英雄，最近成為派拉蒙家族標誌性電影系列的一部分。 4 月 8 日，備受期待的索尼克續集將在影院首映。今天我們很高興地宣布，派拉蒙和世嘉正在為明年的派拉蒙+開發首個原創索尼克系列。這部真人秀系列將以伊德瑞斯·艾爾巴 (Idris Elba) 配音的 Knuckles 角色為主角。派拉蒙和世嘉 raw 也在開發第三部索尼克戲劇電影。

And all of this content will make Paramount+ the home for this incredibly popular franchise. And in our canon of homegrown franchises is A Quiet Place with 2 major hit movies earning $650 million in global box office. The suspense of A Quiet Place goes way beyond just the Abbott family, and we are excited to show you just how deep the horror gets. And here's my friend, John Krasinski, to tell you more about that.

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的家。在我們的本土特許經營經典中，《寂靜之地》擁有 2 部熱門電影，全球票房收入達 6.5 億美元。 《寂靜之地》的懸念遠遠超出了雅培一家，我們很高興向您展示恐怖的深度。我的朋友 John Krasinski 會告訴你更多有關這方面的信息。

(presentation)

（介紹）

Thank you, John. Talent like John are brands in themselves with massive loyal fan bases who will follow them from theaters to Paramount+. And over the next 24 months, that's what you're going to see from blockbusters like Top Gun, Lost City, Dungeons & Dragons and Mission Impossible, to Babylon from Academy Award-winning Director Damien Chazelle, starring Brad Pitt and Margot Robbie, to the recently announced collaboration from creative visionaries Matt Stone and Trey Parker, the masterminds behind South Park and music superstar Kendrick Lamar.

謝謝你，約翰。像約翰這樣的人才本身就是擁有大量忠實粉絲群的品牌，他們將追隨他們從劇院到派拉蒙+。在接下來的 24 個月裡，這就是你將看到的，從《壯志凌雲》、《失落之城》、《龍與地下城》和《碟中諜》等大片，到由布拉德·皮特和瑪格特·羅比主演的奧斯卡獲獎導演達米安·查澤爾的《巴比倫》，再到最近宣布由創意遠見者馬特·斯通和特雷·帕克合作，他們是南方公園和音樂巨星肯德里克·拉馬爾的幕後策劃者。

And all of these will make their way to Paramount+. And as Bob said, we're thrilled that starting with our 2024 releases, Paramount+ will become the home for all Paramount theatrical movies.

所有這些都將進入派拉蒙+。正如鮑勃所說，我們很高興從 2024 年開始，派拉蒙+ 將成為派拉蒙所有院線電影的所在地。

Now just as Paramount Pictures has established itself as the premier studio brand for generations of audiences, Nickelodeon is kids and family with the most brand loyal audience on the planet. And because with streaming, once families subscribe, they stay subscribed.

現在，正如派拉蒙影業已將自己確立為一代代觀眾的首要製片廠品牌一樣，尼克國際兒童頻道是地球上擁有最忠實品牌觀眾的孩子和家庭。而且因為有了流媒體，一旦家庭訂閱，他們就會保持訂閱狀態。

Viewers who come in for kids and family content reduce churn by double digits, creating even stronger long-term value. And with 25 million U.S. homes with kids 2 to 11 and millions more globally and Paramount+ being one of the top providers of kids content, well, from where we sit, the upside is enormous.

觀看兒童和家庭內容的觀眾將流失率降低了兩位數，創造了更強大的長期價值。美國有 2500 萬戶家庭擁有 2 到 11 歲的孩子，全球還有數百萬戶，而且派拉蒙+ 是兒童內容的頂級供應商之一，好吧，從我們所處的位置來看，好處是巨大的。

Start with the SpongeBob universe. It's the #1 most streamed property on the platform with 13 seasons and 2 brand new spin-off shows, Kamp Koral and Patrick Star. Plus we are announcing today 3 new character-driven movies exclusively for Paramount+ and a big theatrical tentpole in the works.

從海綿寶寶宇宙開始。它是平台上流媒體播放量排名第一的資產，共有 13 個季節和 2 個全新的衍生節目，Kamp Koral 和 Patrick Star。此外，我們今天還宣布了 3 部全新的角色驅動電影，專為派拉蒙 + 打造，以及正在籌備中的大型劇場版。

We will also usher in a new era of Turtlemania for 2023 with the theatrical release of a new Teenage Mutant Ninja Turtles movie from Seth Rogen, who's taking the property back to its original DNA of comedy and action. And we will fast follow this series with a villain-driven Turtles film exclusively for Paramount+.

我們還將在 2023 年迎來 Turtlemania 的新時代，塞斯·羅根 (Seth Rogen) 將在影院上映一部新的忍者神龜變種人電影，他將把該物業帶回其喜劇和動作的原始 DNA。我們將快速跟進這個系列，為派拉蒙+獨家製作反派驅動的海龜電影。

And as we build up our homegrown franchises, we're also bringing new ones into the fold. This fall, I am excited for Monster High, where we will reintroduce these classic monsters to a whole new generation of kids with a live action musical movie and a new animated series and also a hot toy line from our partners at Mattel.

在我們建立本土特許經營權的同時，我們也在引入新的特許經營權。今年秋天，我為 Monster High 感到興奮，我們將通過真人音樂電影和新的動畫系列以及美泰合作夥伴的熱門玩具系列，將這些經典怪物重新介紹給全新一代的孩子。

And later this month, we have the Paramount+ debut of Big Me, the first adaptation of the best-selling book series known and read by almost any fourth grader you will find. Check it out.

本月晚些時候，我們將推出 Big Me 的 Paramount+ 首次亮相，這是幾乎所有四年級學生都知道和閱讀的暢銷書系列的第一部改編版。看看這個。

(presentation)

（介紹）

And now when it comes to preschool, it doesn't get any bigger than PAW Patrol. So in the wake of PAW Patrol: The Movie's success on Paramount+, we've greenlit the sequel, The Mighty Movie for theaters in 2023. And we're pairing it with the first-ever spin-off TV series of PAW for Nickelodeon and Paramount+.

現在說到學前班，它沒有比 PAW Patrol 更大的了。因此，隨著《爪牙巡邏隊：電影》在派拉蒙+ 上的成功，我們為 2023 年上映的續集《強大的電影》開綠燈。我們將把它與尼克國際兒童頻道和《爪牙》的第一部衍生電視劇配對。派拉蒙+。

And the success in one preschool franchise has crescendo effects across the whole portfolio, which will also include these Paramount+ titles: a movie from Blue's Clues, Blue's Big City Adventure, bowing this year. And in 2023, a full-length Baby Shark movie based on the most viewed YouTube video of all time and our high-rated Nick series.

一個幼兒園特許經營權的成功對整個投資組合產生了漸強的影響，其中還將包括這些 Paramount+ 影片：來自 Blue's Clues 的電影，Blue's Big City Adventure，今年鞠躬。 2023 年，一部完整的鯊魚寶寶電影基於有史以來觀看次數最多的 YouTube 視頻和我們的高收視率尼克系列。

And we're announcing today the return of Dora the Explorer with a new animated series for preschoolers and a live action series in the same spirit as the recent theatrical for older kids. So with all this great content lined up, we are in the best position...

我們今天宣布愛探險的朵拉回歸，為學齡前兒童推出新的動畫系列和真人系列，其精神與最近為大孩子製作的戲劇相同。因此，有了所有這些精彩的內容，我們處於最佳位置......

Hey, Brian.

嘿，布賴恩。

Hey, Miranda. This is a total surprise and completely unrehearsed.

嘿，米蘭達。這是一個完全的驚喜，完全沒有排練。

Totally unrehearsed. I am actually close by though, shooting season 2 of iCarly. So I just thought I'd pop over to make sure we get a good plug in here for our show. And to remind everyone how big it was last summer.

完全沒排練。不過，我實際上就在附近，正在拍攝 iCarly 的第 2 季。所以我只是想我會過來確保我們在這里為我們的節目找到一個好的插件。並提醒大家去年夏天有多大。

100%. I mean, iCarly was the top comedy acquisition driver on Paramount+ last year. It drove billions of impressions on social media, thanks to you. And like you said, you are taping the new season right now that's going to premier later this year.

100%。我的意思是，iCarly 是去年派拉蒙+ 的頂級喜劇收購推動者。多虧了你，它在社交媒體上帶來了數十億的印象。就像你說的，你現在正在錄製新一季，它將在今年晚些時候首映。

Yes. It's been such a great homecoming for all of us, and we're just so grateful to all the fans of the show. And I've even sort of enjoyed being a meme again. Anyway, thanks for the plug. I've got to get back to set. We're doing this whole unresolved issues thing between Carly and Freddie. Thanks for indulging me, and thanks again to everyone Thanks, Brian.

是的。這對我們所有人來說都是一次很棒的回歸，我們非常感謝該節目的所有粉絲。我什至有點喜歡再次成為模因。無論如何，謝謝你的插件。我必須回去設置。我們正在 Carly 和 Freddie 之間做這整個未解決的問題。謝謝你放縱我，再次感謝大家謝謝，布賴恩。

Thanks for coming by. That was awesome. Thank you, Miranda. Not only was iCarly a huge hit in its own right, but it also opened the door for Paramount+ to program more young adult content, another huge opportunity for us.

謝謝你的光臨。這太棒了。謝謝你，米蘭達。 iCarly 不僅本身就獲得了巨大的成功，而且它還為 Paramount+ 編寫更多年輕成人內容打開了大門，這對我們來說是另一個巨大的機會。

The incredibly influential YA audience of 100 million 13- to 34-year-olds drives $3 trillion in spending power. They are huge consumers of content with an average of 5 SVOD subscriptions each, and they dominate social. And their endorsement is the most effective marketing campaign you can ever imagine.

1 億 13 至 34 歲的青少年極具影響力的 YA 觀眾推動了 3 萬億美元的消費能力。他們是內容的巨大消費者，平均每人訂閱 5 次 SVOD，並且他們在社交方面佔據主導地位。他們的支持是你能想像到的最有效的營銷活動。

So for them, we're launching a full slate of YA-targeted films and series, powered in part by Awesomeness, the studio behind the recent YA hits To All the Boys, PEN15 and The Perfect Date. And our films include the recently released the In Between, starting YA icon Joey King from The Kissing Booth, and upcoming films like Honor Society, a high school comedy that's a cross between Election and Mean Girls starting Angourie Rice from Mayor of Easttown and Gaten Matarazzo from Stranger Things.

因此，對於他們來說，我們將推出一系列以 YA 為目標的電影和系列，部分由 Awesomeness 提供支持，該工作室是最近 YA 熱門歌曲 To All the Boys、PEN15 和 The Perfect Date 背後的工作室。我們的電影包括最近上映的《In Between》，從 The Kissing Booth 開始 YA 偶像 Joey King，以及即將上映的電影，比如《榮譽社會》，這是一部混合了選舉和卑鄙女孩的高中喜劇，從 Easttown 市長和 Gaten Matarazzo 開始來自陌生事物。

And also Hush Hush based on the New York Times best-selling book series, Fantasy Football from LeBron James Spring Hill Company, starting Marsai Martin, and the return of MTV's Teen Wolf with a new movie featuring the original cast that will set up a new werewolf series called Wolfpack based on the acclaimed books by Edo van Belkom.

還有 Hush Hush 改編自紐約時報暢銷書系列，LeBron James Spring Hill Company 的 Fantasy Football，Marsai Martin 的首發，以及 MTV 的 Teen Wolf 的回歸，一部由原演員組成的新電影將建立一個新的狼人系列名為 Wolfpack，改編自 Edo van Belkom 的著名書籍。

So all of this. This is just what I can squeeze in my allotted time. There's so much more, so much more content, creativity and innovations coming. And pulling it all together, Paramount's legendary list of beloved IP and the high-profile star power throughout our ecosystem and the generation-defining hits first by Nickelodeon all make Paramount+ the home to the biggest, most iconic franchises, serving everyone from preschoolers to boomers and generations X, Y and Z.

所以這一切。這正是我在分配的時間內可以擠出的。還有更多、更多的內容、創造力和創新即將到來。綜上所述，派拉蒙廣受喜愛的 IP 傳奇名單和整個生態系統中備受矚目的明星力量，以及尼克國際兒童頻道首創的定義世代的熱門歌曲，都使派拉蒙+ 成為最大、最具標誌性的特許經營權的所在地，服務於從學齡前兒童到嬰兒潮一代的所有人以及 X、Y 和 Z 代。

So if you're a fan of any of these, then you must have Paramount+. And what's more, these titles will live across films and series and consumer products, fueling global fandoms and driving subscriptions, engagement and retention.

因此，如果您是其中任何一個的粉絲，那麼您必須擁有派拉蒙+。更重要的是，這些作品將出現在電影、連續劇和消費產品中，推動全球影迷，推動訂閱、參與和保留。

And when it comes to global fandoms, there is nothing like Star Trek fandom. And here to talk about what's next in that universe is J.J. Abrams.

說到全球影迷，沒有什麼能比得上《星際迷航》的影迷。在這裡談論那個宇宙的下一個是J.J.艾布拉姆斯。

(presentation)

（介紹）

Star Trek has always looked to the future. But this year, we'll head to the enterprises passed and the new prequel series, Star Trek Strange New Worlds with me as Captain Pike. We'll explore unexpected places throughout the galaxy on adventures that get right to the heart of what makes Star Trek so great. Take a look.

星際迷航一直展望未來。但今年，我們將前往已過的企業和新的前傳系列，星際迷航奇異新世界和我作為派克船長。我們將在整個銀河系中探索意想不到的地方，進行冒險，深入了解《星際迷航》如此偉大的核心。看一看。

(presentation)

（介紹）

I'm George Cheeks, Chief Content Officer for News and Sports on Paramount+. And this is the legendary San Siro, the home of Inter Milan and AC Milan, and the setting for many thrilling UEFA Champions League and [Seria] matches. You can watch them all on Paramount+.

我是派拉蒙+新聞和體育部首席內容官 George Cheeks。這就是傳奇的圣西羅，國際米蘭和 AC 米蘭的主場，許多激動人心的歐洲冠軍聯賽和 [Seria] 比賽的舉辦地。您可以在 Paramount+ 上觀看所有內容。

We have many of the biggest franchises in live sports. It's a true differentiator for the service. Now to talk about that, let's hear from 2 voices of the most popular sport on Paramount+. From our inside the NFL studio in New York, an all-time NFL great Julian Edelman, and from our Champions League studio, the incredible host of the UEFA Champions League on CBS Sports, Kate Abdo. Who better to talk about the success of football on Paramount+ than one of the faces of our critically acclaimed coverage? Take it away.

我們擁有許多最大的現場體育特許經營權。這是服務的真正差異化因素。現在談談這個，讓我們聽聽派拉蒙+上最受歡迎的運動的 2 個聲音。從我們位於紐約的 NFL 工作室內部，一位歷史悠久的 NFL 偉大人物朱利安·埃德爾曼，以及來自我們的冠軍聯賽工作室，在 CBS 體育頻道舉辦的歐洲冠軍聯賽令人難以置信的主持人凱特·阿布多。誰能比我們廣受好評的報導中的一張面孔更能在派拉蒙+上談論足球的成功呢？把它拿開。

Thanks, George. Is something funny, Kate?

謝謝，喬治。有什麼好笑的嗎，凱特？

Yes. He said football.

是的。他說足球。

Yes. I know he said football, the frozen tundra, the running shoes.

是的。我知道他說的是足球、冰凍的苔原、跑鞋。

I think George is actually talking about the football that you play with your feet.

我認為喬治實際上是在談論你用腳踢的足球。

Maybe. But if you've been watching Paramount+, then you would have seen the greatest ever play the game of football. The GOAT. I would know. I played with him.

也許。但是，如果您一直在看派拉蒙+，那麼您會看到有史以來最偉大的足球比賽。山羊。我知道。我和他一起玩。

You played with Lionel Messi?

你和萊昂內爾·梅西一起踢過球嗎？

Cute, Kate. No, Tom Brady. And with Paramount+, you'll get to watch the next generation of football's brightest stars: Patrick Mahomes, Josh Allen, King Henry.

可愛，凱特。不，湯姆布雷迪。通過派拉蒙+，您將看到下一代足球最耀眼的明星：帕特里克·馬霍姆斯、喬什·艾倫、亨利國王。

Yes, yes. Okay, that's nice, but our stars only need one name. Ronaldo, Neymar.

是的是的。好的，這很好，但我們的明星只需要一個名字。羅納爾多，內馬爾。

Cowboys, the Bears, the Raiders.

牛仔隊，熊隊，突襲者隊。

Liverpool, Real Madrid, Munich.

利物浦、皇馬、慕尼黑。

Bill Belichick.

比爾·貝利奇克。

Old Traffic.

老交通。

Old Traffic. What is that? Stadium?

老交通。那是什麼？體育場？

Yes, Jules, it's a stadium. And the reason you and I are here is to remind everybody that football, yours and mine, is bringing in record audiences for Paramount+. And that is a good thing for everybody.

是的，朱爾斯，這是一個體育場。你和我在這裡的原因是要提醒大家，你和我的足球正在為派拉蒙+帶來創紀錄的觀眾。這對每個人來說都是一件好事。

Agreed. Don't you mean soccer?

同意。你不是說足球嗎？

It's football, Jules. Anyway, I think it's time to take a look at all of the sports that Paramount+ has to offer from the Masters to the men's final 4 from college football to the PGA Tour and from the NFL to Champions League football.

這是足球，朱爾斯。不管怎樣，我認為是時候看看派拉蒙+提供的所有運動項目了，從美國大師賽到男子四強賽，從大學橄欖球到美巡賽，從 NFL 到冠軍聯賽。

I think you mean soccer, right?

我想你的意思是足球，對吧？

Stop it, Jules. Roll the tape.

別了，朱爾斯。捲起膠帶。

(presentation)

（介紹）

Like Kate and Julian said, whether we're talking about football or football, Paramount+ is winning because we have something nobody else does: a sports ecosystem where Paramount+ and CBS Sports work together to drive subscriptions and engagement. We have television's most valuable property, the NFL, and it's performing better than ever for us.

正如 Kate 和 Julian 所說，無論我們談論足球還是足球，Paramount+ 都在獲勝，因為我們擁有其他人無法做到的東西：Paramount+ 和 CBS Sports 共同推動訂閱和參與的體育生態系統。我們擁有電視最有價值的資產，NFL，它對我們的表現比以往任何時候都好。

Take our Thanksgiving Day game. More than 40 million fans tuned in, making it the most watched regular season game in 31 years and the most streamed regular season game ever on Paramount+. This record-breaking momentum continued into the playoffs with our most streamed non-Super Bowl weekends ever.

以我們的感恩節遊戲為例。超過 4000 萬粉絲收看，使其成為 31 年來收視率最高的常規賽比賽，也是派拉蒙+ 上觀看次數最多的常規賽比賽。這種破紀錄的勢頭一直延續到季后賽，這是我們有史以來播放量最大的非超級碗週末。

Now in the span of just one football season, the NFL on Paramount+ has increased by 88% in active subscribers and by 67% in minutes streamed, and there's so much more to come. Thanks to our historic multi-platform deal that extends our relationship with the NFL through 2033. We're also America's home to the world's most popular sports and look at the sheer tonnage of our exclusive rights in soccer.

現在，在僅僅一個足球賽季的跨度內，Paramount+ 上的 NFL 的活躍訂閱人數增加了 88%，流媒體播放的分鐘數增加了 67%，而且還有更多。感謝我們歷史性的多平台協議，將我們與 NFL 的關係延長至 2033 年。我們也是美國擁有世界上最受歡迎的體育項目的所在地，我們在足球方面的獨家權利的絕對數量。

The '21/'22 UEFA Champions League season alone continues to deliver record-breaking audiences for Paramount+. And we're expanding our coverage internationally. Paramount+ recently landed English Premier League rights for Mexico and Central America.

僅 21/22 賽季歐洲冠軍聯賽就繼續為派拉蒙+ 帶來創紀錄的觀眾。我們正在擴大我們的國際覆蓋範圍。派拉蒙+最近獲得了墨西哥和中美洲的英超聯賽版權。

In Chile, Paramount+ will stream the Chilean national football team qualifying matches for the 2026 FIFA World Cup. And Paramount+ and Network 10 will present the top Australian leagues and the Australian national team matches in territory.

在智利，派拉蒙+將直播智利國家足球隊參加 2026 年國際足聯世界杯的預選賽。派拉蒙+ 和 Network 10 將呈現澳大利亞頂級聯賽和澳大利亞國家隊在領土上的比賽。

Paramount+ also is the home of the full CBS News portfolio. This includes our recently rebranded 24/7 streaming news service that will feature new original programs from CBS' top on air news talent, a slate of upcoming docu series from leading journalists and filmmakers as well as on-demand access to the network's iconic news franchises.

派拉蒙+ 也是完整的 CBS 新聞組合的所在地。這包括我們最近更名的 24/7 流媒體新聞服務，該服務將提供來自 CBS 頂級空中新聞人才的新原創節目、來自領先記者和電影製作人的一系列即將推出的紀錄片系列，以及對網絡標誌性新聞專營權的按需訪問.

Now as Bob said, one of our key differentiators is our broad collection of businesses from television to theatrical, working together to drive global streaming. Our company has the world's biggest broadcast footprint with powerhouse networks around the world, including the top-rated broadcaster in Argentina, Telefe; the top network in Chile, Chile Vision; Channel 5 in the U.K.; and Australia's Network 10. Each network offers up a powerful owned marketing platform with massive reach to fuel the growth of Paramount+.

現在，正如 Bob 所說，我們的主要區別之一是我們從電視到戲劇的廣泛業務集合，共同推動全球流媒體。我們公司擁有世界上最大的廣播足跡，在世界各地擁有強大的網絡，包括阿根廷頂級廣播公司 Telefe；智利頂級網絡，Chile Vision；英國第 5 頻道；和澳大利亞的網絡 10. 每個網絡都提供了一個強大的自有營銷平台，具有廣泛的影響力，以推動 Paramount+ 的增長。

On CBS, for example, we promote Paramount+ in every hour of network programming. Last year, it added up to 4 billion on-air impressions and 1,500 spots across CBS. And our networks continue to produce hit after hit, hits that find new audiences on Paramount+ all over the world.

例如，在 CBS 上，我們在每個小時的網絡節目中宣傳派拉蒙+。去年，它在 CBS 上增加了 40 億次播出印象和 1,500 個插播。我們的網絡繼續製作熱門歌曲，這些熱門歌曲在世界各地的派拉蒙+上找到了新的觀眾。

One of Network 10's most successful Australian drama series, Five Bedrooms, moved to Paramount+. Five bedrooms is now one of the biggest shows on the service, helping to drive early subscription growth in Australia, where we vastly exceeded our subscriber estimates.

Network 10 最成功的澳大利亞電視劇之一《五間臥室》搬到了派拉蒙+。五間臥室現在是該服務上最大的節目之一，有助於推動澳大利亞的早期訂閱增長，我們大大超出了我們的訂閱者估計。

In Latin America, our teams also are turning local broadcast hits into Paramount+ originals like the megahit MasterChef on Telefe, spinning off into a Hands-off Chef on Paramount Plus. Two CBS series Evil and SEAL Team became Paramount+ Originals last year and quickly became 2 of the most watched original series on the service in the U.S. They both have been renewed for another season. And today, we're excited to announce plans for a SEAL Team movie event exclusively for Paramount+.

在拉丁美洲，我們的團隊還將本地廣播熱播轉化為 Paramount+ 原創作品，例如 Telefe 上的超級大廚 MasterChef，並在 Paramount Plus 上轉變成不干涉廚師。去年，CBS 的兩個系列 Evil 和 SEAL Team 成為了派拉蒙+原創，並迅速成為美國收視率最高的原創系列中的兩個。它們都已經續訂了一個賽季。今天，我們很高興地宣佈為 Paramount+ 獨家舉辦海豹突擊隊電影活動的計劃。

Now we continue to add CBS hits on Paramount+ from dramas like FBI, which has vaulted into one of the service's top shows to comedies like Ghosts, which is the #1 new comedy on broadcast and the #1 comedy series on Paramount+ from primetime entertainment to news to NFL on CBS.

現在，我們繼續在派拉蒙 + 上添加 CBS 的熱門歌曲，從像 FBI 這樣的電視劇中脫穎而出，它已成為該服務的頂級節目之一，如《鬼魂》等喜劇，這是廣播中排名第一的新喜劇和派拉蒙 + 從黃金時段娛樂到排名第一的喜劇系列CBS 上 NFL 的新聞。

Bottom line, different audiences watch premium content in different ways. We can draw the biggest broadcast audiences and engage a unique and additive audience on streaming as we continue to grow Paramount+ and build more franchises. And CBS will take our globally popular franchises and turn them into local Paramount+ originals.

歸根結底，不同的觀眾以不同的方式觀看優質內容。隨著我們繼續發展派拉蒙+並建立更多特許經營權，我們可以吸引最大的廣播觀眾並在流媒體上吸引獨特的附加觀眾。 CBS 將把我們在全球廣受歡迎的特許經營權轉變為當地的派拉蒙+原創作品。

Today, we're announcing NCIS Sydney, a uniquely Australian spin on the hit U.S. show coming next year to Paramount+ in Australia. The new series will be filmed in one of the world's most scenic harbor cities. It will feature local stories and local creative talent, including Shane Brennan, creator of NCIS LA, who's an Australian himself. It all adds up to the very best in live sports, breaking news, key entertainment franchises and broadcast networks driving Paramount+ with audiences all around the world.

今天，我們宣布推出《海軍罪案調查處悉尼》（NCIS Sydney），這是一部澳大利亞獨特的美國熱門劇集，將於明年在澳大利亞派拉蒙（Paramount+）上映。新系列將在世界上風景最優美的海港城市之一拍攝。它將以當地故事和當地創意人才為特色，其中包括 NCIS LA 的創作者 Shane Brennan，他本人就是澳大利亞人。這一切都體現了體育直播、突發新聞、主要娛樂特許經營權和廣播網絡方面的最佳表現，推動 Paramount+ 在世界各地獲得觀眾。

Now I'd like to pass it over to my colleague and friend, Chris McCarthy.

現在我想把它轉給我的同事和朋友克里斯·麥卡錫。

Thanks, George, and hi, everyone. I'm Chris McCarthy, the Chief Content Officer for Adult Animation and Reality Programming for Paramount+. And I'm excited to be here today to talk to you about both genres as well as the global power of IP.

謝謝，喬治，大家好。我是 Chris McCarthy，Paramount+ 成人動畫和真人秀節目的首席內容官。我很高興今天能在這裡與您討論這兩種類型以及 IP 的全球影響力。

Adult animation and reality content share a lot in common. Larger-than-life characters, outrageous situations and laugh-out-loud moments that resonate. They show exaggerated truths that we can all relate to. And that's why they're so incredibly popular all over the world. And they both hold a special place for us.

成人動畫和現實內容有很多共同點。具有傳奇色彩的人物、令人髮指的情況和能引起共鳴的大笑時刻。它們顯示了我們都可以理解的誇大事實。這就是為什麼它們在全世界如此受歡迎的原因。他們都為我們佔有特殊的位置。

We're credited with creating reality TV with the launch of the Real World and with South Park and Beavis and Butt-head, we help to bring adult animation into the mainstream and around the world over 25 years ago. And to this day, we are global leaders in both. And as we accelerate our expansion with Paramount+ globally, we're doubling down.

隨著《現實世界》的推出，我們因製作真人秀而備受讚譽，並憑藉《南方公園》、《比維斯》和《屁股頭》，在 25 多年前幫助將成人動畫帶入了世界主流。直到今天，我們都是這兩個領域的全球領導者。隨著我們在全球加速派拉蒙+的擴張，我們正在加倍努力。

Let me give you an example. Jersey Shore was an instant phenomenon when we launched it in the U.S. So we franchised it with local cast all over the world. With Acapulco Shore and Rio Shore, we used them to launch Paramount+ in Mexico and Brazil, and they quickly became the #1 series in those markets. And I'm excited to announce today that we're renewing both of those series. And to further accelerate our launches globally, we're adding 7 new Shores around the world.

讓我給你舉個例子。當我們在美國推出《澤西海岸》時，它立即引起了轟動。因此，我們在世界各地聘請當地演員進行特許經營。在阿卡普爾科海岸和里約海岸，我們用它們在墨西哥和巴西推出了派拉蒙+，它們很快成為這些市場的第一名。今天我很高興地宣布，我們正在更新這兩個系列。為了進一步加快我們在全球的發布速度，我們將在全球新增 7 個 Shores。

You see this is one of our global competitive advantages, globally known reality IP with local cast executions. It allows us to customize our offering in new markets with incredible efficiency. Now that's what I call a Shore thing.

你看這是我們的全球競爭優勢之一，全球知名的現實 IP 與本地演員執行。它使我們能夠以令人難以置信的效率在新市場定制我們的產品。現在，這就是我所說的 Shore 事物。

That takes me to The Challenge. The IP that created reality competition is now about to create a new reality first. Behind me is the location in Argentina, where we're shooting the first-ever globally connected competition series. And because it takes place in one location, we're creating 5 series for nearly 2/3 of the cost.

這把我帶到了挑戰。創造現實競賽的IP，現在要先創造一個新的現實。我身後是阿根廷的拍攝地，我們正在那裡拍攝有史以來第一個全球聯網的競賽系列。而且因為它發生在一個地點，我們以近 2/3 的成本製作了 5 個系列。

Take a look at The Challenge War the Worlds.

看看世界挑戰戰。

(presentation)

（介紹）

And that's just the beginning. Take a look at the scope and scale of what we have going on. It truly puts us in a leadership position.

而這僅僅是開始。看看我們正在做的事情的範圍和規模。它確實使我們處於領先地位。

Now let's talk about the power of adult animation. South Park and Beavis and Butt-Head are some of the most beloved and universally recognized IPs in the world. Last year, South Park was the #1 adult animated series in the U.S. And around the world, over 50 billion minutes of the show was consumed, which means at any given time, more than 100,000 people are watching South Park.

現在讓我們談談成人動畫的力量。 South Park、Beavis 和 Butt-Head 是世界上最受喜愛和普遍認可的 IP。去年，《南方公園》是美國排名第一的成人動畫系列。在全球範圍內，該節目的播放時間超過 500 億分鐘，這意味著在任何特定時間，都有超過 100,000 人在觀看《南方公園》。

And I'm thrilled to say, as we celebrate the 25th anniversary, the series is coming home. It all started last year as we launched 2 new streaming movies on Paramount+, which were top performers in the U.S. and #1 in our international markets.

我很高興地說，在我們慶祝 25 週年之際，該系列即將回歸。這一切都始於去年，我們在 Paramount+ 上推出了 2 部新的流媒體電影，它們在美國表現最好，在我們的國際市場上排名第一。

Now we'll build on that momentum with 2 new South Park movies every year for the next 6 years. And I've been excited to announce here for the first time ever that Paramount+ International will become the exclusive home to the full South Park library of 310 episodes as we launch the series this year. Plus starting in 2024, new episodes of the South Park series will have their U.S. and international streaming premiers on Paramount+ followed by the full catalog coming home to the U.S. in 2025, making Paramount+ the global exclusive SVOD home to South Park.

現在，我們將在接下來的 6 年中每年推出 2 部新的南方公園電影，以此來鞏固這一勢頭。我很高興地在這里首次宣布，隨著我們今年推出該系列，派拉蒙國際將成為 310 集完整南方公園圖書館的獨家所在地。此外，從 2024 年開始，南方公園系列的新劇集將在 Paramount+ 上進行美國和國際流媒體首播，隨後在 2025 年將完整目錄返回美國，使 Paramount+ 成為南方公園全球獨家 SVOD 的所在地。

Now we're also welcoming home Beavis and Butt-Head this July with a brand-new movie set 20 years into the future, which is sure to reignite the franchise for old and new fans alike. And we'll build on that momentum with a new series set in the present day.

現在，我們也將在今年 7 月迎來 Beavis 和 Butt-Head 的回歸，這部全新的電影設定在 20 年後，這肯定會重新點燃新老粉絲的專營權。我們將在這一勢頭的基礎上，在今天推出一個新系列。

Those are just a few of the great animated projects we have coming as we continue to build out our global IP to power Paramount+'s expansion. Now speaking of the power of IP, to attract and capture millions of fans last year, Yellowstone became a phenomenon, not just in the U.S. where it's #1 on linear, but also internationally where Paramount+ is its SVOD home.

這些只是我們即將推出的一些偉大的動畫項目，因為我們將繼續構建我們的全球 IP 以推動 Paramount+ 的擴張。現在談到 IP 的力量，去年為了吸引和吸引數百萬粉絲，黃石成為一種現象，不僅在美國線性排名第一，而且在國際上，派拉蒙 + 是其 SVOD 大本營。

To build on that momentum, we franchised the series in real time, starting with the origin story, 1883. It just launched in December, and it became an instant global hit. In fact, as you heard earlier from Tanya, it's Paramount+'s biggest hit ever. Clearly, we're only at the beginning of unleashing the full potential of this IP.

為了鞏固這一勢頭，我們實時特許該系列，從起源故事 1883 開始。它剛剛於 12 月推出，並立即成為全球熱門。事實上，正如您之前從 Tanya 那裡聽到的，這是 Paramount+ 有史以來最大的成功。顯然，我們才剛剛開始釋放這個 IP 的全部潛力。

And here to tell you more about that is our creative partner, Taylor Sheridan?

在這裡告訴你更多關於那是我們的創意合作夥伴，泰勒謝里丹？

Okay. How do we reinvent the wheel again? What's the next thing we want to do? We're in an interesting time in scripted drama in TV because everyone is attempting to find this new way in to tell a story, and I've done it with all my shows where I looked at a forgotten part of the American experience.

好的。我們如何重新發明輪子？我們接下來想做的事情是什麼？我們正處於電視劇本戲劇的有趣時期，因為每個人都試圖找到這種講述故事的新方式，而我在所有節目中都做到了這一點，在那裡我看到了美國經歷中被遺忘的部分。

Taylor is an extraordinary writer.

泰勒是一位非凡的作家。

I love Taylor's writing. There's an intensity to it. There's an urgency to it.

我喜歡泰勒的作品。它有一種強度。它有緊迫感。

We have a lot of trust in and love for each other as artists. So a lot of good things going to happen from there.

作為藝術家，我們彼此之間有很多信任和愛。所以很多好事都會從那裡發生。

With Yellowstone, I had built out this back story of where the Dutton family came from. And with 1932, I chose that moment in time to peek back in because you're seeing the children we've met in 1883 now attempting to raise another generation of Dutton at the time of the Wild West becoming a playground for the elite from the East. And as far as Bass Reeves goes, that's a parallel world, the 1880s, Bass Reeves, who's the first African American marshall west of the Mississippi policing the entire Oklahoma territories.

在黃石公園，我構建了達頓家族來自哪裡的背景故事。在 1932 年，我選擇了那個時刻回顧過去，因為你會看到我們在 1883 年遇到的孩子們現在正試圖在狂野西部成為精英們的遊樂場時培養另一代達頓東方。就巴斯·里夫斯而言，這是一個平行世界，1880 年代，巴斯·里夫斯是密西西比河以西的第一位非裔美國元帥，負責監管整個俄克拉荷馬州的領土。

When I'm casting, I'm seeking the great actors of our generation. And David Oyelowo is a once-a-generation talent.

當我選角時，我正在尋找我們這一代的偉大演員。 David Oyelowo 是一代人的天才。

Look at a character like Bass Reeves, I mean, this is the guy the Lone Ranger was based on who got whitewashed out of history. And I just can't wait to get on that horse and tell this story.

看看像巴斯·里夫斯這樣的角色，我的意思是，這就是《獨行俠》所基於的那個人，他被粉飾了歷史。我迫不及待地想騎上那匹馬講述這個故事。

I want to go get movie stars. An opportunity to work with someone like Stallone, it just follows this model.

我想去找電影明星。與史泰龍這樣的人合作的機會，就是遵循這種模式。

The Tulsa King is a very interesting story. He's a lifetime gangster. He took the fall for his bosses and went the prison for 25 years, kept his mouth shut and now he comes out. Next thing you know, he's in Tulsa. So he has to now start a new life, create a gang because they want him to be an earner. And that's when the fun begins.

塔爾薩國王是一個非常有趣的故事。他是一輩子的黑幫。他為他的老闆墮落，在監獄里呆了 25 年，閉上嘴，現在他出來了。接下來你知道，他在塔爾薩。所以他現在必須開始新的生活，創建一個幫派，因為他們希望他成為一個賺錢的人。這就是樂趣開始的時候。

What I try to do is peek as authentically into a world as I can. Why this is an actual program between the CIA and special forces that truly no one knows about. Nicole Kidman came to this project very early on once I've written the pilot and was so moved by it, she wanted to be involved as a producer.

我試圖做的是盡可能真實地窺視一個世界。為什麼這是中央情報局和特種部隊之間真正沒人知道的實際計劃。我寫完試播集後，妮可·基德曼很早就加入了這個項目，並被它所感動，她想以製片人的身份參與其中。

We have cast Zoe Saldana, and this is a deep dive in the way with which espionage and the military have blurred. I'd love to explore the richest, most invigorating stories. And I just want to work with those people who I've admired.

我們選擇了佐伊·索爾達娜，這是對間諜活動和軍隊模糊化方式的深入探討。我很想探索最豐富、最令人振奮的故事。我只想和那些我欽佩的人一起工作。

And with Land Man, I developed that for Billy Bob Thorton. He's a crisis manager for an oil company.

在 Land Man 中，我為 Billy Bob Thorton 開發了它。他是一家石油公司的危機經理。

It's about the world of the oil business that we generally don't see. When you see writing that good, it really excites you.

這是關於我們通常看不到的石油行業的世界。當你看到寫得這麼好時，它真的讓你興奮。

I want to continue to make long-form films that we're showing in 1-hour increments. Paramount had the same vision that I did. They're recognizing that what we're creating is special, and they're giving us the resources to do it, and that's a great partner.

我想繼續製作我們以 1 小時為增量放映的長片。派拉蒙和我有同樣的願景。他們認識到我們正在創造的東西是特別的，他們正在為我們提供資源來做到這一點，這是一個很好的合作夥伴。

I'm David Nevins, Chief Content Officer of Scripted Originals for Paramount+. Behind me is a London sound stage where we make the kind of global scripted originals that are helping to power Paramount+. We make shows that resonate across the country and around the world, and we make them in every market for every market.

我是派拉蒙+ Scripted Originals 的首席內容官David Nevins。在我身後是一個倫敦的攝影棚，我們在那裡製作了有助於為 Paramount+ 提供動力的全球腳本原創作品。我們製作的節目在全國和世界範圍內引起共鳴，我們在每個市場為每個市場製作它們。

It's a 2-way street with U.S.-made shows that we're rolling out around the world, and internationally produced shows that we're bringing to the U.S. and markets everywhere. We are creating groundbreaking new IP even as we lean into the franchises that fans love. And we bring the highest level of acting, writing and cinematography, the best of Hollywood to everything we do.

這是一條雙向街道，有美國製作的節目，我們正在世界各地推出，還有國際製作的節目，我們將帶到美國和世界各地的市場。即使我們傾向於粉絲喜愛的特許經營權，我們也在創造開創性的新 IP。我們將最高水平的表演、寫作和電影攝影、好萊塢的精華帶到我們所做的每一件事中。

The result is entertainment that's addictive. It's what entices subscribers and keeps them coming back for more, the kind of shows you can relax with on a Saturday afternoon or just before bedtime and the kind of shows that can fill the call for a suspenseful Friday night at home.

結果是令人上癮的娛樂。這就是吸引訂閱者並讓他們回頭看更多的東西，你可以在周六下午或睡前放鬆的那種節目，以及那種可以滿足週五晚上在家中懸疑的節目的要求。

Take The Offer, one of Hollywood's wildest stories, how the iconic film The Godfather almost didn't happen. It's a riveting limited series starting Miles Teller, Juno Temple, Matthew Good and Giovani Rabisi. Here's a peak.

以好萊塢最瘋狂的故事之一《The Offer》為例，標誌性的電影《教父》幾乎沒有發生。這是一個引人入勝的限量系列，由 Miles Teller、Juno Temple、Matthew Good 和 Giovani Rabisi 開始。這是一個高峰。

(presentation)

（介紹）

Next comes Grease: Rise of the Pink Ladies, a splashy musical prequel to a classic film with proven multigenerational appeal, but updated for today with cutting-edge music and choreography. Have a look at this just produced dancing.

接下來是油脂：粉紅女郎的崛起，這是一部引人入勝的音樂前傳，是一部經典電影的前傳，具有多代人的吸引力，但今天更新了尖端的音樂和舞蹈。看看這個剛剛製作的舞蹈。

(presentation)

（介紹）

And coming later this year, we've got Kiefer Sutherland and an edge-of-your-seat psychological thriller Rabbit Hole. From the creators of The Good Fighting Evil comes the true story of a woman who realizes her father was the infamous real-life happy face serial killer. And titles from the Paramount library ripe for updating, like Fatal Attraction, starting Lizzy Caplan and Joshua Jackson.

今年晚些時候，我們有 Kiefer Sutherland 和一部心理驚悚片 Rabbit Hole。來自 The Good Fighting Evil 的創作者講述了一個女人的真實故事，她意識到她的父親是現實生活中臭名昭著的笑臉連環殺手。派拉蒙圖書館的書名已經成熟，可以更新了，比如致命的吸引力，從莉齊·卡普蘭和約書亞·傑克遜開始。

For us, it's absolutely essential how well these shows will play internationally because Paramount+ is designed for a global audience. To tell you more about our international production plans, let me throw it over to my London colleague, Maria Kyriacou.

對我們來說，這些節目在國際上的表現絕對重要，因為派拉蒙+ 是為全球觀眾設計的。為了告訴你更多關於我們的國際生產計劃，讓我把它交給我的倫敦同事瑪麗亞·基里亞庫。

Thank you, David. As you've said, Paramount+ is a truly global service in every way. Our production capabilities span more than 20 countries from Argentina to Israel to my home here in London, giving us an incredible advantage.

謝謝你，大衛。正如您所說，Paramount+ 在各個方面都是真正的全球服務。我們的生產能力遍及 20 多個國家，從阿根廷到以色列，再到我在倫敦的家，這給了我們難以置信的優勢。

Here in the U.K., we are thrilled to launch Paramount+ this summer, bringing all our shows and movies to British audiences and bringing the remarkable talent that we have here to a global audience. From a dramatization of the New York Times best-selling novel, A Gentleman in Moscow to a prequel series of the British cult hit Sexy Beast, we're excited about what's in store.

在英國，我們很高興今年夏天推出派拉蒙+，將我們所有的節目和電影帶給英國觀眾，並將我們在這裡擁有的非凡人才帶給全球觀眾。從《紐約時報》暢銷小說《莫斯科的紳士》的戲劇化到英國邪典熱播《性感野獸》的前傳系列，我們對即將上映的內容感到興奮。

As we expand Paramount+ into global markets, my colleagues around the world are creating new content like our first Italian original Miss Fallaci and a thriller from Germany, The Chemistry of Death. And we're expanding our partnerships with international groups, including CJ Entertainment, the South Korean production company behind Parasite, starting with a thought-provoking new drama, Yonder. In fact, we already have more than 50 new international originals planned. Here's a quick look.

隨著我們將派拉蒙+ 擴展到全球市場，我在世界各地的同事正在創造新的內容，例如我們的第一部意大利原創法拉奇小姐和來自德國的驚悚片《死亡的化學》。我們正在擴大與國際集團的合作夥伴關係，包括《寄生蟲》背後的韓國製作公司 CJ 娛樂，從一部發人深省的新劇《遠方》開始。事實上，我們已經計劃推出超過 50 款新的國際原創作品。這是一個快速瀏覽。

(presentation)

（介紹）

As a company, we've also become a leading producer of Spanish language content with Telefe in Argentina and the recent acquisitions of Chilevisión, TeleColombia and Studio Telemexico, we premier over 5,000 hours of content per year. And we use that scale to drive Paramount+ leading into hit shows like Los Enviados and Cecilia, which I can confirm have been picked up for second seasons. And here to tell us about the new romantic comedy At Midnight is the incredibly talented Monica Barbaro.

作為一家公司，我們還通過在阿根廷的 Telefe 成為西班牙語內容的領先製作商，最近收購了 Chilevisión、TeleColombia 和 Studio Telemexico，我們每年提供超過 5,000 小時的內容。我們使用這種規模來推動派拉蒙+ 進入像 Los Enviados 和 Cecilia 這樣的熱門節目，我可以確認它們已經在第二季中被選中。在這裡向我們介紹新的浪漫喜劇《午夜》的是才華橫溢的莫妮卡·巴巴羅。

Thanks, Maria. After playing a fighter pilot by the name of Phoenix in Paramount's highly anticipated Top Gun Maverick with the legendary Tom Cruise, I'm thrilled to stay with the family. At this very moment, I'm in Mexico shooting a beautiful new film with Diego Boneta called At Midnight, which tells the story of Sophie and Alejandro, 2 ambitious people who meet at the right place but the wrong time.

謝謝，瑪麗亞。在派拉蒙備受期待的《壯志凌雲》中與傳奇人物湯姆克魯斯一起扮演一名名叫菲尼克斯的戰鬥機飛行員後，我很高興能和家人在一起。此時此刻，我正在墨西哥與 Diego Boneta 拍攝一部美麗的新電影，名為 At Midnight，它講述了 Sophie 和 Alejandro 這兩個雄心勃勃的人在正確的地方但在錯誤的時間相遇的故事。

I play a career-driven movie star with a seemingly glamorous life. And my world collides with Alejandro, who until now has lived his life according to a thought-out predictable plan. It's been an incredible shoot so far, and we can't wait to share with you the magic we've gotten to experience on set every day.

我扮演一個看似光鮮亮麗的職業電影明星。我的世界與亞歷杭德羅相撞，他直到現在都按照深思熟慮的可預測計劃過著自己的生活。到目前為止，這是一次令人難以置信的拍攝，我們迫不及待地想與您分享我們每天在片場所體驗到的魔力。

Thanks, Monica. Simply put, we tell great stories that transcend all countries and cultures. Back over to you, David.

謝謝，莫妮卡。簡而言之，我們講述超越所有國家和文化的精彩故事。回到你身邊，大衛。

Thank you, Maria. As Maria said, the beating heart of what we do is tell great captivating stories, stories that move us, provoke us and make us think, stories that you can't stop talking about. And with hits like Your Honor and Yellow Jackets, not to mention the huge worldwide success of the Dexter revival, Showtime has been a great producer of fear of missing out series that become worldwide sensations, series that dominate the cultural conversation and serve as a cornerstone for our Paramount+ service in markets around the world.

謝謝你，瑪麗亞。正如瑪麗亞所說，我們所做工作的核心是講述精彩的、引人入勝的故事，讓我們感動、激怒並讓我們思考的故事，以及你無法停止談論的故事。憑藉《榮耀戰魂》和《黃夾克》等熱門歌曲，更不用說《德克斯特復興》在全球範圍內的巨大成功，Showtime 一直是一位偉大的製作人，他們害怕錯過成為全球轟動的系列、主導文化對話並充當基石的系列為我們在全球市場提供的 Paramount+ 服務。

And as Tom said earlier, this includes U.S. subscribers who will soon be able to easily access Showtime within Paramount+. Looking ahead, we couldn't be more excited about these global hits in the making. The First Lady, an intimate view inside the lives of Michelle Obama, Betty Ford and Eleanor Roosevelt, starting by Viola Davis, Michelle Pfeiffer and Gillian Anderson. Take a look.

正如湯姆之前所說，這包括美國訂閱者，他們很快就能在 Paramount+ 中輕鬆訪問 Showtime。展望未來，我們對這些正在製作的全球熱門歌曲感到無比興奮。第一夫人，從維奧拉戴維斯、米歇爾菲佛和吉莉安安德森開始，深入了解米歇爾奧巴馬、貝蒂福特和埃莉諾羅斯福的生活。看一看。

(presentation)

（介紹）

From the creators of Billions comes another show from their universe exploring the contours of capitalism. It's Super Pumped: The Battle for Uber. If Billions is about the masters of that universe, Super Pumped is about the entrepreneurs. Here's a preview.

Billions 的創造者帶來了他們宇宙中另一個探索資本主義輪廓的節目。這是超級抽水：優步之戰。如果 Billions 是關於那個宇宙的主人，那麼 Super Pumped 是關於企業家的。這是一個預覽。

(presentation)

（介紹）

And I'm excited to announce that we're already at work on season 2 of Super Pumped, which is going to be about the rise of Facebook. And today, we are also ordering season 7 of Billions.

我很高興地宣布，我們已經開始製作 Super Pumped 第 2 季了，這將是關於 Facebook 的崛起。今天，我們還訂購了《十億》第 7 季。

On the horizon, we had the iconic American Gigolo starring Jon Bernthal, Let the Right One in, an adaptation of the Scandinavian vampire saga starting Demian Bichir and Ripley, a sumptuous take on the classic Patricia Highsmith mystery of an American tourist whose visit to Italy is interrupted by accusations of murder.

在地平線上，我們看到了由 Jon Bernthal 主演的標誌性美國舞男，讓正確的人進來，改編自斯堪的納維亞吸血鬼傳奇，由 Demian Bichir 和 Ripley 開始，對一位美國遊客訪問意大利的經典 Patricia Highsmith 之謎進行了奢華的演繹被謀殺指控打斷。

Premium shows, huge stars, addictive stories with global appeal. This is what it looks like when we supercharge our content engines to create shows the world can't get enough of all on Paramount+. And we are just getting started.

優質節目、巨星、具有全球吸引力的令人上癮的故事。這就是當我們增強內容引擎以創建世界無法在 Paramount+ 上獲得足夠多的節目時的樣子。我們才剛剛開始。

Now let me turn things back over to Bob.

現在讓我把事情交給鮑勃。

As you can see, across every genre lane, Paramount is reaching new heights with our powerful content engine. And that engine, in turn, is creating a compelling value creation opportunity for the company.

如您所見，派拉蒙憑藉我們強大的內容引擎，在每一個流派領域都達到了新的高度。反過來，該引擎正在為公司創造一個引人注目的價值創造機會。

Here to share more details on that, please welcome our Chief Financial Officer, Naveen Chopra.

在這里分享更多細節，請歡迎我們的首席財務官 Naveen Chopra。

Thanks, Bob, and hello, everyone. This afternoon, my colleagues have explained how we plan to take our flagship streaming service to new heights. Now I'd like to explain how that strategy is driving our financial results today and into the future.

謝謝，鮑勃，大家好。今天下午，我的同事們解釋了我們計劃如何將我們的旗艦流媒體服務提升到新的高度。現在，我想解釋一下該戰略如何推動我們今天和未來的財務業績。

I'll start by sharing a few highlights from our Q4 results and recapping the remarkable year we had in streaming. Then I'll talk about the future, starting with changes in our disclosures, which are important to understanding our future financial goals. I'll explain how our differentiated streaming playbook translates to a financially attractive business with healthy long-term margins. And then we'll put some specifics around all of that with updates on our long-term goals and expectations for 2022.

我將首先分享我們第四季度業績的一些亮點，並回顧我們在流媒體領域的非凡一年。然後我會談談未來，從我們披露的變化開始，這對於理解我們未來的財務目標很重要。我將解釋我們的差異化流媒體劇本如何轉化為具有健康長期利潤的具有財務吸引力的業務。然後，我們將圍繞所有這些提供一些細節，並更新我們對 2022 年的長期目標和期望。

So let's start with our Q4 results, which are covered in greater detail in the press release we issued earlier today. We added 9.4 million streaming subscribers in Q4, reaching a total of 56.1 million global subscribers across our services.

因此，讓我們從我們的第四季度業績開始，我們今天早些時候發布的新聞稿中更詳細地介紹了這些業績。我們在第四季度增加了 940 萬流媒體訂閱者，我們的服務全球訂閱者總數達到 5610 萬。

Paramount+ continue to drive the vast majority of new subscribers in the quarter. But Showtime OTT also had a record quarter of additions. In ad-supported streaming, Pluto TV continued to thrive, delivering its biggest quarter of MAU growth by adding 10 million MAUs to reach 64.4 million MAUs globally. In combination, these services powered another quarter of exceptionally strong revenue growth.

派拉蒙+在本季度繼續推動絕大多數新訂戶。但 Showtime OTT 也有創紀錄的四分之一的新增用戶。在廣告支持的流媒體領域，Pluto TV 繼續蓬勃發展，實現了 MAU 增長的最大季度，全球 MAU 增加了 1000 萬，達到 6440 萬。綜合起來，這些服務推動了另一個季度異常強勁的收入增長。

Global streaming revenue was up almost 50% year-over-year to $1.3 billion, benefiting from strong subscription revenue growth, which accelerated yet again to an impressive 84%. At the same time, we saw continued strength in our traditional businesses with growth in both advertising and affiliate revenue.

全球流媒體收入同比增長近 50% 至 13 億美元，這得益於訂閱收入的強勁增長，再次加速至令人印象深刻的 84%。與此同時，我們看到傳統業務的持續增長，廣告和聯屬網絡收入均有所增長。

Our balance sheet also strengthened in Q4, where we sold noncore real estate assets and ended the year with $6.3 billion of cash on hand. Our net debt balance now reflects a $7 billion reduction since the merger of Viacom and CBS and provides ample firepower to seize the tremendous streaming opportunity before us.

我們的資產負債表在第四季度也有所加強，我們出售了非核心房地產資產，到年底手頭有 63 億美元的現金。我們的淨債務餘額現在反映了自維亞康姆和 CBS 合併以來減少了 70 億美元，並提供了充足的火力來抓住我們面前巨大的流媒體機會。

And speaking of streaming, as you've heard throughout today's event, 2021 was indeed remarkable. Less than a year since the launch of Paramount+, our content, marketing and distribution engines drove explosive growth, adding more than 26 million global streaming subscribers across our platforms in 2021. In turn, streaming subscription revenue grew nearly 80%.

說到流媒體，正如您在今天的活動中所聽到的那樣，2021 年確實非常了不起。自派拉蒙+ 推出不到一年，我們的內容、營銷和分發引擎推動了爆炸性增長，2021 年我們的平台上新增了超過 2600 萬的全球流媒體訂閱者。反過來，流媒體訂閱收入增長了近 80%。

And we know that kind of growth relies on great content to attract and retain a broad base of subscribers. And we're seeing the formula working. In fact, if we look at our domestic Paramount+ business, as content selection expanded, the average monthly active rate moved higher in each of the past 3 quarters since launch.

我們知道，這種增長依賴於優質的內容來吸引和留住廣泛的訂閱者。我們看到這個公式正在發揮作用。事實上，如果我們看看我們國內的派拉蒙+業務，隨著內容選擇的擴大，自推出以來的過去 3 個季度中，每個季度的平均月活躍率都在上升。

And as audiences spent more time with the service, churn also improved each quarter during the year. And as engagement and retention increase, so does the lifetime value of Paramount+ subscribers.

隨著觀眾花更多時間在服務上，流失率也在一年中的每個季度都有所改善。隨著參與度和留存率的提高，Paramount+ 訂閱者的生命週期價值也在增加。

And to underscore what Bob and Tom shared, 2021 was also an out-of-this-world year for Pluto TV. In addition to crossing the $1 billion revenue threshold, Pluto TV experienced tremendous growth in users and watch time.

為了強調 Bob 和 Tom 的共同點，2021 年對於 Pluto TV 來說也是超凡脫俗的一年。除了突破 10 億美元的收入門檻外，Pluto TV 的用戶和觀看時間也出現了巨大增長。

Total global viewing hours increased over 50% to 4.8 billion, while viewing hours per domestic MAU grew a healthy 12%. In a moment, I'm going to explain how our performance in 2021 guides our expectations for future streaming growth.

全球總觀看時長增加了 50% 以上，達到 48 億，而國內每個 MAU 的觀看時長則健康地增長了 12%。稍後，我將解釋我們在 2021 年的表現如何引導我們對未來流媒體增長的預期。

But before doing so, let me explain changes we're making to our financial disclosures, which will improve the visibility of this direct-to-consumer growth while highlighting the profitability of our traditional business. Today, we published recasted trending schedules on our website, presenting historical results through the lens of our 3 new segments as shown here.

但在此之前，讓我解釋一下我們對財務披露所做的更改，這將提高這種直接面向消費者的增長的可見性，同時突出我們傳統業務的盈利能力。今天，我們在我們的網站上發布了重新調整的趨勢時間表，通過我們這裡顯示的 3 個新細分市場的鏡頭呈現歷史結果。

First, a highly profitable and resilient TV media business, which includes our global broadcast and cable network businesses and their associated studios that were reported separately in our legacy TV entertainment and Cable Network segments. It also includes Paramount TV studios, which was previously part of the Filmed Entertainment segment.

首先，高利潤和有彈性的電視媒體業務，包括我們的全球廣播和有線電視網絡業務及其相關工作室，這些業務在我們的傳統電視娛樂和有線電視網絡部門單獨報告。它還包括派拉蒙電視工作室，該工作室以前是電影娛樂部門的一部分。

Second, Filmed Entertainment, which is comprised of the Paramount Pictures and Nickelodeon Studios. And finally, a high-growth direct-to-consumer business, which includes the global operations of our D2C streaming services consisting of Paramount+, Pluto TV, Showtime OTT, BET+ and Noggin, all in one segment.

第二，電影娛樂，由派拉蒙影業和尼克國際兒童頻道工作室組成。最後，是一項高增長的直接面向消費者的業務，其中包括我們的 D2C 流媒體服務的全球運營，包括 Paramount+、Pluto TV、Showtime OTT、BET+ 和 Noggin，都在一個細分市場中。

Taking a closer look at our segments under the new reporting structure, you'll notice the profitability of our TV Media segment, which generated nearly $23 billion in revenue and close to $6 billion in adjusted OIBDA last year. TV Media OIBDA was up 1% year-over-year and delivered a 26% OIBDA margin.

在新的報告結構下仔細觀察我們的細分市場，您會注意到我們電視媒體細分市場的盈利能力，去年產生了近 230 億美元的收入和接近 60 億美元的調整後 OIBDA。電視媒體 OIBDA 同比增長 1%，OIBDA 利潤率為 26%。

In our D2C segment, revenue grew an impressive 83%. And as you know, we continue to invest behind this growth to capture a highly strategic market opportunity. And as a result of this investment, D2C operated at a loss of approximately $1 billion in 2021.

在我們的 D2C 部門，收入增長了 83%，令人印象深刻。如您所知，我們將繼續在這一增長背後進行投資，以抓住具有高度戰略意義的市場機會。由於這項投資，D2C 在 2021 年的運營虧損約為 10 億美元。

In addition to changes in our segment reporting, we're also evolving our revenue disclosures. Our new reporting segments feature 4 revenue types: advertising, affiliate and subscription, theatrical and licensing and other.

除了改變我們的分部報告外，我們還在改進我們的收入披露。我們新的報告分部具有 4 種收入類型：廣告、附屬和訂閱、戲劇和許可等。

Our streaming revenues are now captured as advertising or affiliate and subscription revenue in either the D2C segment or the TV Media segment if not directly related to our D2C services. And to offer a closer look at direct-to-consumer, we will also be publishing revenue and subscribers or monthly active users for Paramount+ and Pluto TV, respectively.

如果與我們的 D2C 服務沒有直接關係，我們的流媒體收入現在被視為 D2C 部門或電視媒體部門的廣告或附屬公司和訂閱收入。為了更深入地了解直接面向消費者的情況，我們還將分別公佈 Paramount+ 和 Pluto TV 的收入和訂閱者或每月活躍用戶。

As shown on this chart, by year-end 2021, Paramount+ had 32.8 million global streaming subscribers. As Bob mentioned, Paramount+ has been the key driver of subscriber growth, representing over 80% of the 26.2 million global streaming additions we gained last year.

如圖所示，到 2021 年底，派拉蒙+ 擁有 3280 萬全球流媒體訂閱用戶。正如鮑勃所提到的，派拉蒙+一直是用戶增長的主要推動力，占我們去年獲得的 2620 萬全球流媒體新增用戶的 80% 以上。

Paramount+ generated $1.3 billion in revenue in 2021, up 115% year-over-year. Domestic paid ARPU approached $9 in Q4, reflecting a mix of essential, premium and promotional subscribers. In 2022, we expect both domestic ARPU and international ARPU to move higher.

派拉蒙+在 2021 年創造了 13 億美元的收入，同比增長 115%。第四季度國內付費 ARPU 接近 9 美元，反映了基本、高級和促銷用戶的混合。 2022 年，我們預計國內 ARPU 和國際 ARPU 都會走高。

Domestic ARPU will benefit from improved ad monetization and the conversion of trial and promotional subs to full paying subs. And international ARPU will improve, too, as we launch in large international markets with significantly higher average ARPUs than our current international sub base.

國內 ARPU 將受益於改進的廣告貨幣化以及試用和促銷訂閱者向全額付費訂閱者的轉換。隨著我們在平均 ARPU 顯著高於我們目前的國際子基地的大型國際市場推出，國際 ARPU 也將得到改善。

Now in Pluto TV, you now know we added over 21 million global MAUs in 2021, delivering almost 90% top line growth. That's $1.1 billion in revenue. In the U.S., Pluto's efficient business model and impressive ARPU growth demonstrate increasingly strong margin potential.

現在在 Pluto TV 中，您現在知道我們在 2021 年增加了超過 2100 萬的全球 MAU，實現了近 90% 的收入增長。那是11億美元的收入。在美國，Pluto 高效的商業模式和令人印象深刻的 ARPU 增長顯示出越來越強大的利潤率潛力。

In fact, Pluto TV's global ARPU increased 17% year-over-year to $1.64, with domestic ARPU significantly higher at $2.54, up 44% year-over-year. We're also simplifying the way we record direct-to-consumer content expense to more clearly present the actual cost to the company of our streaming investments.

事實上，Pluto TV 的全球 ARPU 同比增長 17% 至 1.64 美元，國內 ARPU 顯著提高至 2.54 美元，同比增長 44%。我們還簡化了記錄直接面向消費者的內容費用的方式，以更清楚地向公司展示我們的流媒體投資的實際成本。

We are no longer recording intercompany licensing between segments. Instead, we're allocating content costs to each segment based on the relative value of the distribution windows exploited by each reporting segment.

我們不再記錄部門之間的公司間許可。相反，我們根據每個報告細分所利用的分發窗口的相對價值將內容成本分配給每個細分。

What does this change mean for D2C investment? Well, under our new reporting structure, D2C content expense would have been about $1 billion in 2020 and $2.2 billion in 2021. We think this combination of changes makes it easier to understand and value the future Paramount. It's a future we are very excited about because it leverages the assets from our traditional media enterprise to build a large-scale global direct-to-consumer business with attractive long-term margins.

這種變化對 D2C 投資意味著什麼？好吧，在我們的新報告結構下，2020 年的 D2C 內容費用約為 10 億美元，2021 年為 22 億美元。我們認為這種變化的結合使人們更容易理解和評估未來的派拉蒙。這是一個我們非常興奮的未來，因為它利用我們傳統媒體企業的資產來建立一個具有吸引力的長期利潤的大規模全球直接面向消費者的業務。

As Bob laid out, streaming unlocks a tremendous incremental market opportunity for Paramount compared to pay TV. In fact, relative to our existing pay TV footprint, which reaches 300 million households, our streaming strategy reaches more than double that amount to well over 600 million broadband homes, excluding China and India.

正如鮑勃所說，與付費電視相比，流媒體為派拉蒙帶來了巨大的增量市場機會。事實上，相對於我們現有的覆蓋 3 億家庭的付費電視業務，我們的流媒體戰略覆蓋了超過 6 億寬帶家庭（不包括中國和印度）的兩倍多。

And this number will continue to grow, especially when adding mobile broadband users, a previously inaccessible segment we'll soon be targeting with a mobile-only plan for Paramount+ in certain geographies.

而且這個數字將繼續增長，特別是在增加移動寬帶用戶時，我們很快將針對某些地區的派拉蒙+ 僅移動計劃瞄準以前無法訪問的部分。

Our broad approach to streaming positions us to capture an even greater portion of this growing addressable market with better long-term economics. Let me use 3 examples from our playbook to explain how our approach yields financial benefits and creates long-term value.

我們廣泛的流媒體方法使我們能夠以更好的長期經濟性佔領這個不斷增長的潛在市場的更大部分。讓我使用我們劇本中的 3 個示例來解釋我們的方法如何產生財務收益並創造長期價值。

First, within Paramount+ and across our ecosystem, we benefit from a combination of subscription and advertising revenue. This gives us multiple ways to grow beyond just subs and price.

首先，在派拉蒙+ 和整個生態系統中，我們受益於訂閱和廣告收入的結合。這為我們提供了多種增長方式，而不僅僅是訂閱量和價格。

Our dual revenue stream model allows us to grow ARPU through enhanced engagement and monetization. And we can reach an even larger audience by appealing to the hundreds of millions of consumers who prefer to pay a low or no subscription fee for their content.

我們的雙收入流模式使我們能夠通過增強參與度和貨幣化來增加 ARPU。我們可以通過吸引數億願意為其內容支付低訂閱費或不支付訂閱費的消費者來吸引更多的受眾。

Advertising has powered the media business model for decades. It powered broadcast television. It's been essential to cable television. Today, as we look ahead to the future, it adds incredible value to our streaming playbook as part of a hybrid subscription ad-supported model like Paramount+ and as a pure ad-supported service with Pluto TV.

幾十年來，廣告一直為媒體商業模式提供動力。它為廣播電視提供動力。這對有線電視來說是必不可少的。今天，當我們展望未來時，作為 Paramount+ 等混合訂閱廣告支持模式的一部分，以及作為 Pluto TV 的純廣告支持服務的一部分，它為我們的流媒體劇本增加了令人難以置信的價值。

Second, when it comes to distribution, we're also running with a differentiated playbook, combining the top-notch consumer experience and massive addressable market of streaming with the attractive economics of the traditional cable model at a time where our partners are focused on using streaming services to further leverage their broadband presence and expand customer offerings.

其次，在分銷方面，我們也採用差異化的策略，將一流的消費者體驗和龐大的流媒體潛在市場與傳統有線電視模式的誘人經濟性相結合，而我們的合作夥伴則專注於使用流媒體服務，以進一步利用其寬帶業務並擴展客戶服務。

Take our hard bundle deal with Sky or the deal we announced today with Canal+, where Paramount+ is instantly distributed to millions of Sky Cinema or Canal+ customers. While ARPU is lower than in our direct-to-consumer channel, it's higher than linear TV. Subscribers scale very quickly. We incur no customer acquisition, billing or support costs. And we eliminate the risk of churn when series reach end of season. This play is enabled by our long-standing relationships with global MVPDs and the differentiated value proposition of Paramount+.

以我們與 Sky 的硬捆綁交易或我們今天宣布的與 Canal+ 的交易為例，Paramount+ 立即分發給數百萬 Sky Cinema 或 Canal+ 客戶。雖然 ARPU 低於我們的直接面向消費者的渠道，但高於線性電視。訂閱者的擴展速度非常快。我們不會產生客戶獲取、計費或支持成本。我們消除了當系列賽結束時流失的風險。我們與全球 MVPD 的長期合作關係以及派拉蒙+ 的差異化價值主張促成了這場比賽。

And of course, these hard bundle relationships let us maximize reach by complementing our higher ARPU direct channels and customers we acquire through streaming platforms like Amazon, Roku and Apple.

當然，這些硬捆綁關係讓我們通過補充我們通過亞馬遜、Roku 和蘋果等流媒體平台獲得的更高 ARPU 的直接渠道和客戶來最大限度地擴大覆蓋面。

Third, we have a unique opportunity to leverage our content investments across our broad platforms. It's the perfect illustration of how our so-called legacy businesses enhance streaming economics. And it's not just a hunch. We measure return on investment on a show-by-show basis.

第三，我們有一個獨特的機會在我們廣泛的平台上利用我們的內容投資。這是我們所謂的傳統業務如何增強流媒體經濟的完美例證。這不僅僅是一種預感。我們逐場衡量投資回報率。

Unlike a pure-play streamer, our ROI equation benefits from broad platforms like box-office revenue, Pluto TV, third-party licensing, download to own and consumer products, among others. Coupled with the lifetime value of each Paramount+ customer directly attributed to the title, this diversified model consistently demonstrates compelling ROI across many popular Paramount+ releases, which brings us back to our differentiated streaming playbook.

與純粹的流媒體播放器不同，我們的投資回報率等式受益於票房收入、冥王星電視、第三方許可、下載到自有產品和消費產品等廣泛平台。再加上每個 Paramount+ 客戶的生命週期價值直接歸因於標題，這種多樣化的模式在許多流行的 Paramount+ 版本中始終顯示出令人信服的投資回報率，這讓我們回到了我們差異化的流媒體劇本。

These monetization opportunities improve the return on streaming content and are not available to a pure-play streamer. In our model, these traditional businesses are powerful sources of economic and promotional value. While high-impact Paramount+ exclusives like Mayor of Kingstown and 1883 are important to our growth, they are only part of our success equation. Paramount+ is also powered by a deep portfolio of both shared and library content.

這些貨幣化機會提高了流媒體內容的回報，並且不適用於純流媒體。在我們的模型中，這些傳統業務是經濟和促銷價值的強大來源。雖然金斯敦市長和 1883 等具有影響力的 Paramount+ 獨家產品對我們的發展很重要，但它們只是我們成功方程式的一部分。派拉蒙+ 還由共享和圖書館內容的深度組合提供支持。

With strong momentum in our direct-to-consumer business and a differentiated streaming playbook, we're confident that the opportunity ahead is, as Bob said, matched only by the scale of our ambition to seize it. Just 1 year ago, we set a goal to reach 65 million to 75 million global streaming subscribers by year-end 2024. We now expect to surpass that goal by the end of 2022, 2 years ahead of schedule.

憑藉我們直接面向消費者的業務的強勁勢頭和差異化的流媒體劇本，我們相信，正如鮑勃所說，未來的機會與我們抓住它的雄心壯志相匹配。就在 1 年前，我們設定了到 2024 年底達到 6500 萬至 7500 萬全球流媒體用戶的目標。我們現在預計到 2022 年底將超過該目標，比計劃提前 2 年。

Today, we are raising that goal to over 100 million global D2C subscribers by year-end 2024. This excludes subscribers we expect to serve with Sky Showtime, which will be reported separately by the JV.

今天，我們正在將這一目標提高到到 2024 年底，全球 D2C 訂戶將超過 1 億。這不包括我們希望通過 Sky Showtime 服務的訂戶，這將由合資公司單獨報告。

At Pluto TV, engagement and ARPU have accelerated meaningfully in the past year, increasing our ability to monetize the 100 million to 120 million global MAUs we expect to reach by 2024. And this combination, higher subscribers and ARPU as well as accelerated monetization improvements at Pluto TV means our goal for 2024 D2C revenue has increased substantially.

在 Pluto TV，參與度和 ARPU 在過去一年顯著加快，提高了我們預計到 2024 年將達到 1 億至 1.2 億的全球 MAU 貨幣化的能力。這種組合、更高的訂戶和 ARPU 以及加速的貨幣化改進Pluto TV 意味著我們 2024 年 D2C 收入的目標已大幅增加。

Last year, our goal for global streaming revenue was to exceed $7 billion in 2024. As you can see on the right side of this chart, that included $6 billion of revenue now captured in our D2C segment, with the remainder being digital video advertising now captured in our TV Media segment.

去年，我們的全球流媒體收入目標是到 2024 年超過 70 億美元。正如您在這張圖表的右側看到的，其中包括現在在我們的 D2C 部門獲得的 60 億美元收入，其餘的是現在的數字視頻廣告在我們的電視媒體部分中捕獲。

As a result of our momentum and incremental investments, we are raising our 2024 direct-to-consumer revenue goal to over $9 billion. That's $3 billion higher than the $6 billion, which was embedded in our 2024 revenue goal just 1 year ago.

由於我們的勢頭和增量投資，我們將 2024 年直接面向消費者的收入目標提高到超過 90 億美元。這比一年前嵌入我們 2024 年收入目標的 60 億美元高出 30 億美元。

The incremental D2C revenue consists of both more aggressive subscriber assumptions and ARPU improvement driven by the combination of subscription price increases and growth in advertising monetization. Now of course, our growth depends on delivering killer content.

增加的 D2C 收入包括更激進的訂戶假設和由訂閱價格上漲和廣告貨幣化增長共同推動的 ARPU 改善。當然，現在我們的增長取決於提供殺手級內容。

Last year, we told you we expected streaming content expense to exceed $5 billion in 2024. This included $4 billion of expense associated with our direct-to-consumer services. We now expect D2C content expense to grow from $2.2 billion last year to over $6 billion in 2024.

去年，我們告訴過您，我們預計 2024 年流媒體內容費用將超過 50 億美元。這包括與我們直接面向消費者的服務相關的 40 億美元費用。我們現在預計 D2C 內容費用將從去年的 22 億美元增長到 2024 年的超過 60 億美元。

Given these investments, we forecast D2C OIBDA losses will be greatest in 2023, but will improve in 2024 when our global D2C businesses will start to see the benefits of our full content slate, including Paramount Pay1 movies. By then, we'll be launched in significantly more markets, advertising and subscription monetization will be higher and the layering of content amortization expense will begin to stabilize. And longer term, our model suggests that the D2C segment will approach margins similar to our current TV Media business.

鑑於這些投資，我們預計 D2C OIBDA 的損失將在 2023 年最大，但到 2024 年將有所改善，屆時我們的全球 D2C 業務將開始看到我們完整內容的優勢，包括派拉蒙 Pay1 電影。屆時，我們將在更多市場推出，廣告和訂閱貨幣化將更高，內容攤銷費用的分層將開始穩定。從長遠來看，我們的模型表明，D2C 部門的利潤率將接近我們當前的電視媒體業務。

I also want to provide some color on near-term expectations for each of our segments in 2022. At TV Media, we expect adjusted OIBDA to be similar to 2021 when adjusting for the benefit of Super Bowl 55 in Q1 of last year.

我還想為 2022 年我們每個細分市場的近期預期提供一些顏色。在 TV Media，我們預計調整後的 OIBDA 將與 2021 年相似，因為去年第一季度為超級碗 55 的利益進行了調整。

Similarly, we expect adjusted OIBDA at Filmed Entertainment to remain stable year-over-year, absent changes to our current film slate. And in D2C, we anticipate another year of very healthy subscriber growth led by Paramount+ and continued expansion at Pluto TV, all of which will translate to D2C revenue growth in excess of 60% for the full year.

同樣，我們預計 Filmed Entertainment 調整後的 OIBDA 將同比保持穩定，我們目前的電影片單沒有變化。在 D2C 方面，我們預計在派拉蒙+ 和 Pluto TV 的持續擴張的帶動下，用戶將再有一年非常健康的增長，所有這些都將轉化為全年 D2C 收入增長超過 60%。

In fact, we expect D2C revenue growth in Q1 to accelerate beyond 2021's full year D2C revenue growth rate. As we grow, direct-to-consumer will see additional investments in content and international launches. As such, we anticipate an increase in OIBDA losses of approximately $500 million for the D2C segment in 2022. On a total company basis, consolidated OIBDA will show sequential increases in each quarter of 2022, including Q1.

事實上，我們預計第一季度的 D2C 收入增速將超過 2021 年全年 D2C 收入增速。隨著我們的發展，直接面向消費者的內容將在內容和國際發布方面獲得更多投資。因此，我們預計 2022 年 D2C 部門的 OIBDA 損失將增加約 5 億美元。在整個公司的基礎上，合併後的 OIBDA 將顯示 2022 年每個季度（包括第一季度）的連續增長。

Regarding the year-over-year trends, the first half of 2021 incorporated several noncomparable items, which benefited OIBDA in the period, including the Super Bowl, the impact of COVID on linear production and film releases and the launch of Paramount+, which did not occur until March 4. Therefore, the first half of this year will show a material year-over-year decline in OIBDA, which will then flip to a significant year-over-year growth in the back half of the year, resulting in the full year trends I just described.

從同比趨勢來看，2021 年上半年納入了幾項無可比擬的項目，這些項目在此期間使 OIBDA 受益，包括超級碗、COVID 對線性製作和電影發行的影響以及派拉蒙 + 的推出，這並沒有持續到 3 月 4 日。因此，今年上半年 OIBDA 將出現同比大幅下降，然後在下半年轉為大幅同比增長，導致我剛剛描述的全年趨勢。

We've covered a lot of ground today. And I know everyone is looking forward to the Q&A session. So on behalf of my colleagues, let me recap 4 key takeaways.

我們今天介紹了很多內容。我知道每個人都很期待問答環節。所以代表我的同事，讓我回顧一下 4 個關鍵要點。

First, in just 1 year, Paramount+ has outperformed all expectations. We have serious momentum and the credibility to establish ourselves as a scaled streaming player.

首先，在短短 1 年內，派拉蒙+ 的表現超出了所有人的預期。我們擁有強大的動力和信譽，可以將自己確立為規模化的流媒體播放器。

Second, we are enhancing transparency. We want you to see and understand the evolution of both our D2C and traditional businesses.

第二，我們正在提高透明度。我們希望您看到並了解我們的 D2C 和傳統業務的發展。

Third, we are taking our ambitions to new heights. We're investing in growth with significantly higher goals for streaming subscribers and streaming revenue.

第三，我們正在將雄心推向新的高度。我們正在投資增長，為流媒體訂閱者和流媒體收入製定更高的目標。

Fourth, and most importantly, we are executing a differentiated streaming playbook that leverages our traditional businesses to yield faster growth and attractive long-term D2C margins.

第四，也是最重要的一點，我們正在執行差異化的流媒體劇本，利用我們的傳統業務來實現更快的增長和有吸引力的長期 D2C 利潤。

With that, let me introduce Anthony DiClemente, Executive Vice President, Investor Relations, to lead us through Q&A.

有了這個，讓我介紹投資者關係執行副總裁 Anthony DiClemente 帶領我們完成問答。

Thanks, Naveen, and thanks to all of you for joining us. Here for today's discussion, we have Bob Bakish, our President and CEO; Naveen Chopra, our CFO; and Tom Ryan, President and CEO of Streaming.

謝謝 Naveen，也感謝大家加入我們。今天的討論是我們的總裁兼首席執行官 Bob Bakish；我們的首席財務官 Naveen Chopra；以及 Streaming 總裁兼首席執行官 Tom Ryan。

I also want to note that slides from today's presentation will be available on our website after we conclude. We're going to spend the next 30 minutes answering your questions. Our analysts are joining us by Zoom. (Operator Instructions) With that, let's open the line.

我還想指出，今天演講的幻燈片將在我們結束後在我們的網站上提供。我們將在接下來的 30 分鐘內回答您的問題。我們的分析師將通過 Zoom 加入我們。 （操作員說明）這樣，讓我們打開線路。

Our first question will be coming from Mike Morris at Guggenheim.

我們的第一個問題將來自古根海姆的 Mike Morris。

I guess with my one question, I'd like to ask you about the path to the subscriber guidance that you have out there, the 100 million by 2024. Can you share any more details with us about what that path looks like over the next couple of years, whether there are different milestones that would accelerate or cause choppiness in that path? And can you give us any more details about how you see the geographic mix of that subscriber base evolving?

我想我的一個問題是，我想問你關於訂閱者指南的路徑，到 2024 年將達到 1 億。你能否與我們分享更多關於這條路徑在下一個路徑的細節幾年，是否有不同的里程碑會加速或導致這條道路上的波濤洶湧？您能否向我們提供更多關於您如何看待該用戶群的地理組合演變的詳細信息？

Sure. Mike, it's Naveen. I'll take that question. In terms of how we see our D2C business growing to 100 million, we do think there's going to be some relatively steady growth over the next few years. If I were to break that down a little bit more, I'd say a couple of things.

當然。邁克，我是納文。我會回答這個問題。就我們如何看待我們的 D2C 業務增長到 1 億而言，我們確實認為未來幾年會有一些相對穩定的增長。如果我要再細分一點，我會說幾句話。

Number one, in 2022, as I mentioned on the call, we do expect that we will exceed our prior guidance for 2024. And in saying that, we mean exceed the high end of that guidance. So that gives you some sense of what we expect to see in 2022. And we expect a healthy rate of growth to continue in 2023 and 2024.

第一，正如我在電話會議上提到的那樣，在 2022 年，我們確實預計我們將超過我們之前對 2024 年的指導。也就是說，我們的意思是超過該指導的高端。這讓您對我們在 2022 年的預期有所了解。我們預計 2023 年和 2024 年將繼續保持健康的增長率。

In terms of the geographic composition of subs, we obviously have global ambitions, which means that we expect both domestic subs and international subs to be important contributors to achieving that 100 million sub goal. If you think about our D2C subscriber base today, it does skew domestic. But as we progress and as we launch Paramount+ in more markets, the portion of overall subs that is made up from international will continue to grow.

從潛艇的地理構成來看，我們顯然有全球野心，這意味著我們預計國內潛艇和國際潛艇都將成為實現 1 億潛艇目標的重要貢獻者。如果你想想我們今天的 D2C 用戶群，它確實偏向國內。但隨著我們的進步以及我們在更多市場推出派拉蒙+，來自國際的整體訂閱者比例將繼續增長。

If I look forward to 2024, I would expect that domestic will still be the larger portion of our base. But you will see quarters over the next year where the skew of new subscriber additions may be either domestic or more international.

如果我期待 2024 年，我預計國內仍將是我們基礎的較大部分。但是你會在明年的幾個季度看到新用戶增加的傾斜可能是國內的，也可能是更多的國際用戶。

Q4, as an example, where we saw tremendous growth was heavily driven out of the United States. But there will be quarters next year where we launch in new markets or we launch new partners where more of that growth will skew international. But in the long run, both domestic and international are going to be important because at the end of the day, we're building a global D2C business.

以第四季度為例，我們看到巨大的增長被大量趕出美國。但明年將有幾個季度我們在新市場推出，或者我們推出新的合作夥伴，其中更多的增長將偏向國際化。但從長遠來看，國內和國際都很重要，因為歸根結底，我們正在建立一個全球 D2C 業務。

Mike, the only thing I want to add is that 100 million number does not include subscribers we expect from Sky Showtime. That's an unconsolidated joint venture, and we obviously expect that to be in the many millions of subs.

邁克，我唯一要補充的是，1 億的數字不包括我們期望從 Sky Showtime 獲得的訂閱者。那是一家未合併的合資企業，我們顯然希望它擁有數百萬的潛艇。

Yes. The Q4 sub growth was skewed domestic, to be clear. Thanks, Mike. We'll take our next question from Bryan Kraft from Deutsche Bank.

是的。很明顯，第四季度的子增長偏向於國內。謝謝，邁克。我們將向德意志銀行的 Bryan Kraft 提出下一個問題。

Naveen, can you just size the free cash flow investment in streaming investments over the next couple of years? Or maybe talk about the delta between EBITDA and free cash flow and when that might peak? Just so we can help to model -- help us model that.

Naveen，您能否確定未來幾年流媒體投資的自由現金流投資規模？或者也許談論 EBITDA 和自由現金流之間的差異以及何時達到峰值？就這樣我們可以幫助建模 - 幫助我們建模。

And Bob, you and Chris McCarthy have talked recently and Chris talked today about emphasizing the company's shift to leveraging franchises in a bigger way. Can you talk about how that's going to really be different going forward than it's been historically and what that means for the business and what you've seen so far and what gives you the conviction that, that's going to really carry the subscriber growth that you're forecasting over the next few years?

鮑勃，你和克里斯麥卡錫最近談過，克里斯今天談到強調公司轉向以更大的方式利用特許經營權。您能否談談這與歷史上的未來有何不同，這對業務意味著什麼，到目前為止您所看到的，以及是什麼讓您確信，這將真正帶來您的訂戶增長'正在預測未來幾年？

Bryan, so the answer on free cash flow, I think, is relatively straightforward. If you think about '22 as an example, we've given you some sense of what to expect on earnings. I think the year-over-year change on free cash flow will actually be more moderate than the change in earnings.

布萊恩，所以我認為自由現金流的答案相對簡單。如果您以 22 年為例，我們已經讓您對收益的預期有所了解。我認為自由現金流的同比變化實際上將比收益的變化更為溫和。

And the reason for that is that we are seeing the benefit of significant working capital improvements that we've been able to make over the course of the last year, and we expect to continue to do that. So while there will be incremental investment from an earnings perspective, cash flow impact should be a little more moderate. Bob?

其原因是我們看到了我們在過去一年中能夠實現的顯著營運資金改進的好處，我們希望繼續這樣做。因此，雖然從收益的角度來看會有增量投資，但現金流的影響應該會稍微溫和一些。鮑勃？

Yes. With respect to your question on franchises, we are absolutely increasing our focuses on franchises with respect to our content investments. I think if you look at the company historically, probably most of that franchise work was done at Nickelodeon. And you saw us look to move quickly and benefit from that in the launch of Paramount+ with the SpongeBob movie and the first SpongeBob spin-off series, Kamp Koral.

是的。關於您關於特許經營權的問題，我們絕對會在內容投資方面增加對特許經營權的關注。我想如果你從歷史上看這家公司，可能大部分特許經營工作都是在尼克國際兒童頻道完成的。您看到我們希望迅速採取行動並從中受益，派拉蒙+ 推出了海綿寶寶電影和第一部海綿寶寶衍生系列 Kamp Koral。

Since that time, what you see is -- including today, what you see is a broader commitment to franchises, including strategies, which span theatrical to series. You heard that today with respect to Sonic. You see that with respect to Yellowstone spawning 1883. And we have a whole range of these in place.

從那時起，你看到的是——包括今天，你看到的是對特許經營權的更廣泛承諾，包括從戲劇到連續劇的策略。你今天聽到了關於索尼克的消息。你會看到關於 1883 年黃石公園的產卵。我們有一個完整的範圍。

So it's really a philosophical change that connects with a one company mentality that crosses platforms and feed streaming that is the step function change in our embracing franchises.

因此，這確實是一種哲學變革，它與跨平台和飼料流的單一公司心態相關聯，這是我們擁抱特許經營權的階梯函數變化。

Great. Thank you, Bryan. We'll take our next question from Brett Feldman at Goldman Sachs.

偉大的。謝謝你，布萊恩。我們將向高盛的布雷特費爾德曼提出下一個問題。

So when you had outlined your initial expectation that you would be growing your content spending that you're allocating into the streaming business at the time from $1 billion to $5 billion, you'd indicated that, that was not necessarily all going to be incremental to the company. You've obviously had a tremendous amount of success with streaming products since then. And you've come out and signal a desire to invest even more.

因此，當您概述了最初的預期，即您將分配給流媒體業務的內容支出從 10 億美元增加到 50 億美元時，您表示，這不一定都是增量的到公司。從那時起，您顯然在流媒體產品方面取得了巨大的成功。而且你已經站出來表明希望進行更多投資。

So the question would be that additional $2 billion that you outlined by 2024, to what extent is that purely incremental? And to what extent does it represent maybe a swifter reallocation away from your traditional TV Media business?

所以問題是你概述的到 2024 年額外的 20 億美元，這在多大程度上是純粹的增量？它在多大程度上代表了從傳統電視媒體業務中更快地重新分配？

And just any more color you can give about what's driving that additional investment other than just more content? For example, are you going to be leaning a bit more into local language content outside the U.S.?

除了更多內容之外，您還能提供更多關於推動額外投資的因素嗎？例如，您是否會更多地關注美國以外的本地語言內容？

Yes. Brett, let me try to give you some additional color on that. And I think the essence of the question you're asking is really what happens to total company content spend in combination with the incremental investment we're obviously making in D2C.

是的。布雷特，讓我試著給你一些額外的顏色。而且我認為您所問問題的實質是公司內容總支出與我們顯然在 D2C 中所做的增量投資相結合會發生什麼。

And the answer to that is the following. While we're investing aggressively in the D2C growth, we are also carefully managing spend in the traditional side of the business. And that applies to both content investments as well as looking at other opportunities to unlock operational efficiency.

答案如下。在我們積極投資於 D2C 增長的同時，我們也在謹慎管理傳統業務方面的支出。這既適用於內容投資，也適用於尋找其他提高運營效率的機會。

You've actually seen us do that quite extensively over the last couple of years, whether that's doing things like combining networks or looking for ways to find other efficiencies in operating expense. We think we've been quite innovative in being able to do that.

您實際上已經看到我們在過去幾年中非常廣泛地這樣做，無論是在做諸如合併網絡之類的事情，還是尋找其他方法來提高運營費用的效率。我們認為我們能夠做到這一點非常具有創新性。

And you'll see us continue to pull those levers going forward. You'll also see us lean even more aggressively into leveraging global production, which has significant benefits in terms of helping us create cost -- excuse me, create content much more efficiently.

你會看到我們繼續推動這些槓桿向前發展。您還將看到我們更加積極地利用全球生產，這在幫助我們創造成本方面具有顯著優勢——對不起，更有效地創建內容。

Take as an example some of the things that Chris McCarthy mentioned that he's doing with shows like The Challenge by leveraging global production capabilities. So that formula is going to be a critical part of what allows us to run the business with total company content spend that is growing at a much, much lower rate than what you'll see on the D2C side. And it's also a critical part of the equation to returning the company to earnings growth in 2024 and beyond.

以克里斯·麥卡錫（Chris McCarthy）提到的一些事情為例，他通過利用全球製作能力來製作《挑戰》等節目。因此，該公式將成為我們運營業務的關鍵部分，公司內容總支出的增長速度比您在 D2C 方面看到的要低得多。這也是公司在 2024 年及以後恢復盈利增長的關鍵部分。

Local language content investment?

本地語言內容投資？

Yes. So with respect to local content, global content, we are strong believers in the importance of local content. I'd point out, this is not a new concept for us. We've been operating in geographies around the world for most of our history, as Bob pointed out. And we see tremendous opportunities to leverage a lot of the local content that already exists as well as combining that with global content from the U.S. that travels well.

是的。因此，就本地內容、全球內容而言，我們堅信本地內容的重要性。我要指出，這對我們來說不是一個新概念。正如 Bob 指出的那樣，在我們的大部分歷史中，我們一直在世界各地開展業務。我們看到了利用大量已經存在的本地內容並將其與來自美國且傳播良好的全球內容相結合的巨大機會。

We've had many examples of that, whether it's a Yellowstone or a Dexter. We also utilize global formats. You've heard about that in Chris' presentation as well. And we're also now increasingly taking content that's produced in international markets and bringing it back to the United States.

我們有很多這樣的例子，無論是黃石還是德克斯特。我們還使用全球格式。您在 Chris 的演示文稿中也聽說過這一點。我們現在也越來越多地將在國際市場上製作的內容帶回美國。

So there's many opportunities to take advantage of our global footprint, and that is all part of how we have thought about our content expense over time. So when we talk about the $6 billion of D2C content investment in 2024, that assumes a mix of both global content and locally produced content.

因此，有很多機會可以利用我們的全球足跡，這就是我們如何考慮隨著時間的推移我們的內容費用的一部分。因此，當我們談到 2024 年 60 億美元的 D2C 內容投資時，它假設了全球內容和本地製作內容的混合。

Great. Thanks so much, Brett. We'll take our next question from Ben Swinburne at Morgan Stanley.

偉大的。非常感謝，布雷特。我們將向摩根士丹利的 Ben Swinburne 提出下一個問題。

Bob, since you came to Viacom, you have taken a new approach to distribution partnerships, which are obviously critical to driving Direct-to-Consumer. I'm wondering if you can talk about your strategy based on what we heard this afternoon to leverage distribution partnerships internationally and in the U.S. And maybe you can, in your answer, address some of the concerns investors may have about your ability to maintain your pricing power and carriage position in the U.S. given how profitable that business is.

鮑勃，自從您來到維亞康姆以來，您採用了一種新的分銷合作夥伴關係方法，這對於推動直接面向消費者顯然至關重要。我想知道您是否可以根據我們今天下午聽到的內容來談談您的策略，以利用國際和美國的分銷合作夥伴關係。也許您可以在回答中解決投資者可能對您維持您的能力的一些擔憂鑑於該業務的盈利能力，其在美國的定價能力和運輸地位。

Sure, Ben. So look. If you look at the history of the company, you see that we've long been a believer in ubiquitous distribution and executed in that way. And so as we look at the D2C space, we believe ubiquitous distribution is a powerful lever to pull to drive access to the largest potential TAM. Now in doing so, we believe you need a strategy that's really multifaceted. And this is where you see us pursuing hard bundles, channel stores and pure D2C. And each of the strategies have different characteristics, but in totality they're very powerful. So on the hard bundles side, notably exemplified by Sky and by the CANAL+ deal we announced today, there is an opportunity to get very quick sub base at a very low subscriber acquisition cost, with minimal churn going forward. So we like that a lot as we begin to build scale. You look at the channel stores side. That provides access to a flow of traffic. You're paying a little bit higher cost of sales, but again a nice chunk of users. And then you get D2C, which gives you the highest ARPU and gives you access to the full marketplace. We think that put together creates the highest-growth sub base with the most stability over time and, again, allows us to work with partners of different shapes and sizes in building our streaming business. You see us doing that, by the way, in the United States too, whether that's working with an MVPD, where we've broadened our relationship to include not just linear channels, not just advanced ad sales but also streaming apps, including free and pay. You see us doing that with -- now with mobile carriers like a T-Mobile where we launched Paramount+ late in '21 and are looking forward to marketing kicking in at the end of the first quarter to really begin to drive that source of subscribers and then later billing integration in the middle of the second quarter or so. We think these powerful -- these partnerships are very powerful, and we're committed to leveraging them as we pursue this ubiquitous distribution and penetrate the largest addressable market. So I hope that helps.

當然，本。所以看。如果您查看公司的歷史，您會發現我們長期以來一直相信無處不在的分發並以這種方式執行。因此，當我們審視 D2C 領域時，我們相信無處不在的分銷是推動訪問最大潛在 TAM 的強大槓桿。現在這樣做，我們相信您需要一個真正多方面的策略。這就是你看到我們追求硬捆綁、渠道商店和純 D2C 的地方。每種策略都有不同的特點，但總的來說它們非常強大。因此，在硬捆綁方面，特別是 Sky 和我們今天宣布的 CANAL+ 交易，有機會以非常低的訂戶獲取成本獲得非常快速的子基地，並且未來的流失率極低。因此，當我們開始建立規模時，我們非常喜歡這一點。你看看渠道店那邊。這提供了對流量的訪問。你付出了更高的銷售成本，但又是一大群用戶。然後您將獲得 D2C，它為您提供最高的 ARPU 並讓您可以訪問完整的市場。我們認為，隨著時間的推移，這將創造出增長最快且最穩定的子基地，並且再次使我們能夠與不同形式和規模的合作夥伴合作建立我們的流媒體業務。順便說一句，你看到我們在美國也這樣做了，無論是與 MVPD 合作，我們都擴大了我們的關係，不僅包括線性渠道，不僅包括高級廣告銷售，還包括流媒體應用程序，包括免費和支付。您會看到我們這樣做 - 現在與像 T-Mobile 這樣的移動運營商合作，我們在 21 年末推出了派拉蒙+，並期待在第一季度末開始進行營銷，以真正開始推動這一訂戶來源和然後在第二季度中期左右進行計費整合。我們認為這些強大 - 這些合作夥伴關係非常強大，我們致力於在我們追求這種無處不在的分銷並滲透最大的潛在市場時利用它們。所以我希望這會有所幫助。

Do you want to address MVPDs in the U.S.? [Go ahead].

您想解決美國的 MVPD 問題嗎？ [前進]。

Well, I discussed them, the -- look. The MVPDs, if you look at that. Just broadly speaking, since we put this company together, we've consistently gotten deals done, most recently with Comcast. Again those deals are now very contemporary in that they combine linear feeds, [best ad sales] and apps. [We have a] very strong partnership [with] clearly a cornerstone content provider. And we look forward to doing, growing business in that space, particularly as they go after broadband and leveraging their broadband accounts into video. Again we're a natural partner of theirs.

好吧，我討論了它們，看。 MVPD，如果你看的話。從廣義上講，自從我們組建了這家公司以來，我們一直在完成交易，最近一次是與康卡斯特合作。同樣，這些交易現在非常現代，因為它們結合了線性提要、[最佳廣告銷售]和應用程序。 [我們與] 顯然是基石內容提供商建立了非常牢固的合作夥伴關係。我們期待在該領域發展業務，特別是當他們追求寬帶並將其寬帶帳戶用於視頻時。我們再次成為他們的天然合作夥伴。

Great. Thanks so much, Ben. We'll take our next question from Rich Greenfield at LightShed.

偉大的。非常感謝，本。我們將向 LightShed 的 Rich Greenfield 提出下一個問題。

I've actually got a few. And I know you said one, but just real quick: When -- I guess, for Bob, to start off. When you say your platform is differentiated, what do you point to most? Like what do you think differentiates Paramount+ most from the other services that are out there? Two, I think -- Naveen, I think you said D2C margins should approach linear margins. I think that's a question that investors sort of struggle to understand just given sort of everybody paid for every channel versus just paying for what they want, so like how does that math sort of work out long term?

我其實有幾個。我知道你說過一個，但很快：我想，對於 Bob，什麼時候開始。當您說您的平台差異化時，您最關注的是什麼？比如你認為派拉蒙+與其他服務的最大區別是什麼？第二，我認為-- Naveen，我認為您說 D2C 邊距應該接近線性邊距。我認為這是一個投資者很難理解的問題，只是考慮到每個人都為每個渠道付費，而不是只為他們想要的東西付費，所以從長遠來看，這種數學如何運作？

And then just a quick housekeeping question when you think about free cash flow. This year, obviously, your free cash flow didn't cover your dividend. And you actually saw net debt rise. When you think about '22 and '23, how should we be thinking about those moving pieces relative to the increased investment you just mentioned?

當您考慮自由現金流時，這只是一個簡單的家務問題。今年，很明顯，你的自由現金流沒有支付你的股息。你實際上看到淨債務增加了。當您考慮 22 年和 23 年時，相對於您剛才提到的增加投資，我們應該如何考慮這些變動因素？

Yes, sure, Rich. Let me kick it off. So we absolutely have a differentiated strategy in streaming. That differentiation occurs on a couple dimensions, which I outlined. It starts with content. As I said, we take the "plus" in Paramount+ very seriously. We have the broadest selection of content out there, including a full genre mix on the entertainment side; news; and of course, sports, NFL, European football, golf, NCAA, et cetera. So we think that's a real differentiator. And we've seen all of those lanes work together to drive our growth, including in the fourth quarter where we're very pleased with the results. In addition to that, we believe the combination of free and pay, Pluto riding alongside Paramount+, is powerful; and that we're differentiated in that regard. Remember we have the #1 FAST product in the United States. And based on the statistics I've seen, our lead in the United States increased in the fourth quarter even though we were already the #1 player. Third point, you've seen us how we're using our broader range of platforms to drive. I think we're doing that better than anyone else. Look at what we did with Yellowstone [and to 1883]. Look at the integration with Halo and the NFL playoffs. We're really leveraging these platforms and, lastly, the global side of this thing. We've been operating on the ground internationally for decades. I believe, with respect to the distribution strategy we have, including hard bundles, we are an innovator. [It is] highly beneficial strategy. You'll see the benefit in '22. And by the way, you're going to see other people following us because we're already seeing that begin to happen, but just like we benefited by being the market leader in FAST and being there earlier, we're here early and you get a first-mover advantage. So we got a lot of differentiation in place. It's working really well and it's going to pay real dividends going forward. Naveen?

是的，當然，里奇。讓我開始吧。所以我們絕對有一個差異化的流媒體策略。這種差異發生在我概述的幾個方面。它從內容開始。正如我所說，我們非常重視派拉蒙+ 中的“加號”。我們擁有最廣泛的內容選擇，包括娛樂方面的完整類型組合；消息;當然，還有體育、NFL、歐洲足球、高爾夫、NCAA 等等。所以我們認為這是一個真正的差異化因素。我們已經看到所有這些渠道共同推動我們的增長，包括在第四季度，我們對結果感到非常滿意。除此之外，我們相信免費和付費的結合，Pluto 與 Paramount+ 並駕齊驅是強大的；我們在這方面與眾不同。請記住，我們在美國擁有排名第一的 FAST 產品。根據我看到的統計數據，我們在美國的領先優勢在第四季度有所增加，儘管我們已經是第一名。第三點，您已經看到我們如何使用更廣泛的平台來驅動。我認為我們在這方面做得比其他任何人都好。看看我們在黃石公園 [和 1883 年] 做了什麼。看看與 Halo 和 NFL 季后賽的整合。我們真的在利用這些平台，最後是這件事的全球方面。幾十年來，我們一直在國際上開展業務。我相信，就我們擁有的分銷策略（包括硬捆綁包）而言，我們是一個創新者。 [這是]非常有益的策略。您將在 22 年看到好處。順便說一句，你會看到其他人關注我們，因為我們已經看到這種情況開始發生，但就像我們受益於成為 FAST 的市場領導者並更早出現一樣，我們早到了，你獲得先發優勢。所以我們有很多差異化。它運作得非常好，並且將在未來支付真正的紅利。納文？

Yes. So Rich, the answer to your question, first, on margins is really an extension of what Bob described, which is that we are executing a fundamentally different playbook when it comes to building our D2C business. And in fact, a lot of the things that we're doing actually replicate some of the economic benefits that you see in the traditional universe, specifically with regard to some of the things that you mentioned. So whether it is the ability to leverage content across multiple platforms, whether it's the ability to use bundles and other partnerships to acquire subs efficiently and ensure that they don't churn the way that they might in a pure-play D2C business, whether it's the ability to use our built-in promotional platform or our global production capabilities, we're talking about a very different version of streaming economics than what you would see in a pure-play streaming business. And that's why we think about the long-term margin potential very differently. With respect to your question on free cash flow, I'd point out a couple things. Number one, as I said, we do think the free cash flow impact of the investments that we're making is more moderate than what you'll see on the P&L. Moreover, we have a very strong balance sheet as we move into greater investment mode in D2C over the next few years. Remember we finished the year with 6.8 billion -- excuse me, $6.3 billion of cash on the balance sheet, more than enough firepower to make the investments that we envision in streaming. We have no near-term maturities and we continue to maintain a significant amount of revolver capacity, so we like our financial position. We're very well equipped to invest to capture the growth on D2C; and to continue to fulfill all of our financial priorities, which as I've articulated before include investing in organic growth through streaming. It includes funding our dividend and it includes deleveraging our balance sheet. And I think you will actually see us doing all 3 of those things in 2022.

是的。所以 Rich，首先，在利潤方面，您的問題的答案實際上是 Bob 所描述的擴展，即在構建 D2C 業務時，我們正在執行一個完全不同的劇本。事實上，我們正在做的很多事情實際上複製了你在傳統宇宙中看到的一些經濟利益，特別是關於你提到的一些事情。因此，無論是跨多個平台利用內容的能力，還是使用捆綁包和其他合作夥伴關係來有效獲取訂閱者並確保他們不會像在純粹的 D2C 業務中那樣攪動的能力，無論是使用我們內置的促銷平台或我們的全球製作能力的能力，我們談論的是一個非常不同版本的流媒體經濟學，而不是你在純流媒體業務中看到的。這就是為什麼我們對長期利潤率潛力的看法截然不同。關於你關於自由現金流的問題，我要指出幾件事。第一，正如我所說，我們確實認為我們正在進行的投資對自由現金流的影響比你在損益表上看到的要溫和。此外，隨著我們在未來幾年進入 D2C 的更大投資模式，我們的資產負債表非常強勁。請記住，我們以 68 億美元結束了這一年——對不起，資產負債表上有 63 億美元的現金，足以進行我們設想的流媒體投資。我們沒有短期到期，我們繼續保持大量的左輪手槍容量，所以我們喜歡我們的財務狀況。我們非常有能力進行投資以捕捉 D2C 的增長；並繼續實現我們所有的財務優先事項，正如我之前所說的，包括通過流媒體投資於有機增長。它包括為我們的股息提供資金，它包括去槓桿化我們的資產負債表。而且我認為您實際上會看到我們在 2022 年完成所有這三件事。

Great. Thanks for the multiple questions, Rich. We'll take our next question from John Hodulik at UBS.

偉大的。感謝您提出的多個問題，Rich。我們將向瑞銀的 John Hodulik 提出下一個問題。

Great. 2 questions, if I may. First, on the licensing side, you guys had another strong quarter of content licensing but at the same time talked about how you were pulling back on the pay 1 window a couple of years. Could you just talk about -- maybe you could quantify the impact of that change. And just maybe give us some color on how you expect that line to trend over the next couple of years. That's number one. And then just a quick follow-up: Just anything you can tell us about your appetite for international sports rights? I think, Bob, you guys laid out some new rights you have in Mexico and Central America with football. And I think there are some new stories out about [you] potentially bidding on the IPL in India, but just any thoughts around that or new rights you guys could acquire in the future?

偉大的。 2個問題，如果可以的話。首先，在許可方面，你們又獲得了強勁的四分之一內容許可，但同時談到了你們如何在幾年內撤回付費 1 窗口。你能談談 - 也許你可以量化這種變化的影響。或許可以給我們一些關於你期望這條線在未來幾年內的趨勢的顏色。那是第一名。然後快速跟進：您能告訴我們您對國際體育權利的興趣嗎？我想，鮑勃，你們在墨西哥和中美洲制定了一些關於足球的新權利。而且我認為有一些關於[你們] 可能在印度競標 IPL 的新故事，但是關於這方面的任何想法或你們將來可以獲得的新權利？

Yes, sure, John. So look. On the content licensing side, as you know, we've made a strategic pivot at ViacomCBS, now Paramount, to pointing our content engines at our streaming platform, notably Paramount+. We've already seen early benefit from that in terms of the fourth quarter. And we believe that is fundamentally the right thing to do as we look to create asset value, and there's clear examples of asset value creation in the streaming space where you're successful. And again we intend to be successful, so we're doing that. In parallel to that, we are continuing to fulfill deals we put in place pre Paramount+. So those are like [season N plus 1] of a particular show, maybe Jack Ryan as an example. We have contracts in place and we're going to continue to do that. We also continue to do some selective nonexclusive licensing, which we found to be an effective franchise development tool as we continue to build new versions of product, again, for Paramount+, so you should expect us to do that over time. Again we think it's strategically ripe and we think we also have some incremental financial benefit from that.

是的，當然，約翰。所以看。如您所知，在內容許可方面，我們在 ViacomCBS（現在的派拉蒙）做出了戰略支點，將我們的內容引擎指向我們的流媒體平台，尤其是派拉蒙+。就第四季度而言，我們已經看到了早期的收益。我們相信，在我們尋求創造資產價值時，這基本上是正確的做法，並且在您成功的流媒體空間中有明顯的資產價值創造例子。我們再次打算成功，所以我們正在這樣做。與此同時，我們將繼續履行我們在派拉蒙+之前達成的交易。所以這些就像一個特定節目的 [第 N 季加 1]，也許以傑克瑞恩為例。我們已經簽訂了合同，我們將繼續這樣做。我們還繼續進行一些選擇性的非排他性許可，我們發現這是一種有效的特許經營開發工具，因為我們繼續為 Paramount+ 構建新版本的產品，所以您應該期望我們隨著時間的推移這樣做。同樣，我們認為它在戰略上已經成熟，我們認為我們也從中獲得了一些增量的經濟利益。

In terms of your question on international sports rights, look. It's early days, but we've seen real benefit of sports as part of Paramount+ in the United States. The NFL, as you saw on one of the charts, was the #1 source of subscriber additions for the product in 2021. And we have found that we can cross consumers, [bring them on sports] and get them to consume entertainment product. Sports fans, as an example, in the fourth quarter were also big consumers of shows like SEAL Team and Mayor of Kingstown and 1883. And that's key to our overall plan and economics and ROI, so we're looking and selectively at adding sports product internationally. We've done some of that in Latin America. We've done some of that in Australia. The IPL thing in India is really Viacom18, which is our joint venture over there. So again, we think sports is additive and certainly a differentiator for us. You need to be disciplined in terms of how much you pay. And you need to be effective in terms of extracting the value, including through co-usage of other product, but sports is definitely part of our streaming playbook. And by the way, we have a lot of benefit from our CBS Sports heritage as we pursue that opportunity.

關於您關於國際體育權利的問題，請看。現在還為時尚早，但我們已經看到體育作為派拉蒙+ 在美國的一部分所帶來的真正好處。正如您在其中一張圖表上看到的那樣，NFL 是 2021 年該產品的第一大訂閱者增加來源。我們發現我們可以跨越消費者，[讓他們參加體育運動]並讓他們消費娛樂產品。例如，體育迷在第四季度也是海豹突擊隊和金斯敦市長和 1883 等節目的大消費者。這對我們的整體計劃、經濟和投資回報率至關重要，因此我們正在尋找並有選擇地添加體育產品國際上。我們在拉丁美洲已經做了一些。我們在澳大利亞已經做了一些。印度的 IPL 真的是 Viacom18，這是我們在那邊的合資企業。再說一次，我們認為運動是附加的，對我們來說肯定是一個差異化因素。你需要在支付多少方面受到紀律處分。你需要有效地提取價值，包括通過其他產品的共同使用，但體育絕對是我們流媒體劇本的一部分。順便說一句，在我們追求這個機會的過程中，我們從我們的 CBS 體育傳統中受益匪淺。

Great. Thanks so much, John. We'll take our next question from Jason Bazinet at Citi.

偉大的。非常感謝，約翰。我們將向花旗的 Jason Bazinet 提出下一個問題。

May be a little bit of a complicated question, but in -- under the old accounting standards for film or television, you would amortize based on matching revenues, right, as a percent of your ultimate revenues so the margins are sort of consistent all the way through. In the streaming world, I think the amortization is a function of the streams. And it sort of ignores the fact that the consumer gets more utility out of new content versus old, so how do you -- how can anyone have confidence that the streaming business is going to be as good of a business as your new TV Media segment, as an example?

可能是一個有點複雜的問題，但是在 - 根據電影或電視的舊會計準則，您將根據匹配的收入進行攤銷，對，作為最終收入的百分比，因此利潤率在所有方面都是一致的通過。在流媒體世界中，我認為攤銷是流媒體的一個函數。它有點忽略了這樣一個事實，即消費者從新內容中獲得更多效用而不是舊內容，那麼您如何 - 任何人都可以相信流媒體業務將成為與您的新電視媒體部門一樣好的業務， 舉個例子？

Jason, I'll take a shot at that, first, just in terms of understanding the methodology on allocation. First, very big picture, as I said in the prepared remarks, our general approach to cost allocation is based on the relative value of windows that any given service has rights to exploit. So that addresses sort of how we allocate costs between, for instance, theatrical and streaming if a movie starts in the theater and then ultimately ends up on Paramount+. In terms of the allocation within streaming, we actually don't entirely allocate based on the methodology you described. There is a recognition of the fact that content tends to have significantly more value in its early days on a streaming service, so a lot of the (inaudible) is accelerated and then spread over time. It is one of the reasons why, as we continue to build our library and assemble more and more content on Paramount+, we believe there is an opportunity for leverage in the model. I mentioned in my prepared remarks that one of the things that takes us through that inflection point of peak losses in D2C in '23 is the fact that we're then at a point in time where we're actually starting to see things roll off from an amortization perspective, as opposed to, in the first 2 years, everything is coming in. Nothing is coming out. So you really start to see the operating leverage improve in the business at that point in time.

Jason，首先，我將在理解分配方法方面對此進行嘗試。首先，非常大的圖景，正如我在準備好的評論中所說，我們分配成本的一般方法是基於任何給定服務有權利用的窗口的相對價值。因此，這解決了我們如何在影院和流媒體之間分配成本的問題，例如，如果一部電影在影院開始，然後最終在派拉蒙+上結束。就流媒體中的分配而言，我們實際上並沒有完全根據您描述的方法進行分配。人們認識到，在流媒體服務的早期，內容往往具有更大的價值，因此很多（聽不清）被加速，然後隨著時間的推移而傳播。這就是為什麼隨著我們繼續在 Paramount+ 上建立我們的圖書館並收集越來越多的內容，我們相信該模型有機會利用的原因之一。我在準備好的評論中提到，使我們度過 23 年 D2C 損失峰值的拐點的一件事是，我們當時正處於一個我們實際上開始看到事情開始下滑的時間點從攤銷的角度來看，與前兩年相反，一切都在進來。什麼都沒有出來。所以你真的開始看到那個時候企業的經營槓桿有所改善。

I also just want to add one other point because something you said is not reflective of what we see in streaming. You said that only new content matters in terms of streaming consumption. That's actually categorically not true. It is true that new originals are key to subscriber acquisition, but what is tremendously valuable in streaming is library and specifically series that are deep in number of seasons. So you look at the NCISes, the FBIs, the SEAL Teams, the SpongeBobs, et cetera. Those are tremendously valuable for, in some cases, bringing people in but, for the most part, in terms of engagement. And engagement is what's used to manage churn, so with respect to the value of content, it's not all about exclusive originals. These libraries are highly valuable. And when you look at Paramount, which is what we call the company now, we have very deep, very high-quality libraries from the original Paramount studio, from CBS, from Showtime, from the cable networks. And those are tremendously valuable for streaming both for Paramount+ and for Pluto TV, so don't lose sight of that value because it is very material. And it's key to our long-term streaming economics as well.

我還想補充一點，因為您所說的內容並不能反映我們在流媒體中看到的內容。您說過，就流媒體消費而言，只有新內容才重要。這實際上是絕對不正確的。的確，新的原創作品是獲取訂戶的關鍵，但在流媒體中非常有價值的是圖書館，特別是劇集，它們的季數很豐富。所以你看看 NCIS、聯邦調查局、海豹突擊隊、海綿寶寶等等。在某些情況下，這些對於讓人們參與進來非常有價值，但在大多數情況下，在參與方面。參與度是用來管理流失的，所以就內容的價值而言，它不僅僅與獨家原創有關。這些庫非常有價值。當你看看派拉蒙，這就是我們現在所說的公司，我們擁有來自最初派拉蒙工作室、CBS、Showtime 和有線電視網絡的非常深入、非常高質量的庫。這些對於派拉蒙+和冥王星電視的流媒體都非常有價值，所以不要忽視這種價值，因為它非常重要。這也是我們長期流媒體經濟的關鍵。

Thanks a lot, Jason. We'll take our last question from Steve Cahall at Wells Fargo.

非常感謝，傑森。我們將向富國銀行的史蒂夫卡霍爾提出最後一個問題。

Just one kind of long domestic question. So I was wondering if you could talk about where you think you are in the domestic journey in terms of subs for Paramount+ and where that can go. And similarly, you talked about the $9 ARPU. As we think about both subscription and advertising revenue, how do you think about the upside to domestic ARPU?

只是一種長期的國內問題。所以我想知道你是否可以談談你認為在派拉蒙+的潛艇方面你在國內旅程中的位置以及可以去哪裡。同樣，您談到了 9 美元的 ARPU。當我們考慮訂閱和廣告收入時，您如何看待國內 ARPU 的上升空間？

And just while we're on domestic Paramount+. I think, if you could go back in time, you might look at a slightly different arrangement for some of the early seasons of Yellowstone which are on a competitor service. Do you have any levers you can pull in the next couple of years to consolidate the Yellowstone library entirely onto Paramount+?

就在我們在國內的派拉蒙+上。我想，如果你能回到過去，你可能會為黃石公園的一些早期賽季的競爭對手提供一些稍微不同的安排。在接下來的幾年裡，你有什麼辦法可以將黃石圖書館完全整合到派拉蒙+上嗎？

Yes, Steve. So let me start there. So I would say we are very early in the Paramount+ subscriber journey. Remember this product didn't exist a year ago today. So we've seen it build through calendar 2021 after launching in the March time frame, but really the fourth quarter was the first time we had anything resembling scale in the scripted side, for example. So there's a ways to go in terms of the scale Paramount+ will build in the United States. And you saw today really the incredible content lineup we have coming across all of these genres, so again I think there's a lot of headroom here on subscribers. I'll address the Yellowstone point and then flip it to Naveen for ARPU. With respect to Yellowstone, you're right. That deal was done pre the Viacom-CBS merger. That's unfortunate. Rather than just forgo that opportunity, we chose to aggressively get into spinoff series like 1883, related series in terms of [the creator] and Mayor of Kingstown. You saw some more stuff coming. That's working very well for us. Yellowstone is part of Paramount+ internationally. So that's how we think of that franchise today. Naveen?

是的，史蒂夫。所以讓我從那裡開始。所以我想說我們在派拉蒙+訂戶之旅中還很早。請記住，該產品在一年前的今天還不存在。因此，我們已經看到它在 3 月的時間框架內發布後到 2021 年日曆構建，但實際上第四季度是我們第一次在腳本方面有任何類似規模的東西。因此，就派拉蒙+ 將在美國建立的規模而言，還有一段路要走。今天你真的看到了我們在所有這些類型中遇到的令人難以置信的內容陣容，所以我再次認為訂閱者有很多空間。我將解決黃石點，然後將其翻轉到 Naveen 以獲得 ARPU。關於黃石，你是對的。這筆交易是在維亞康姆與哥倫比亞廣播公司合併之前完成的。那真不幸。我們並沒有放棄這個機會，而是選擇積極地進入像 1883 這樣的衍生系列，與 [創作者] 和金斯敦市長相關的系列。你看到更多的東西來了。這對我們來說非常有效。黃石在國際上是派拉蒙+的一部分。這就是我們今天對特許經營權的看法。納文？

Yes, let me jump in on ARPU. We continue to be very encouraged by what we've seen from an ARPU perspective, particularly in the domestic market. You saw in the prepared remarks the $9 paid ARPU that we experienced in Q4. We see continued upside in domestic ARPU both short term and long term. Short term, there are really 2 key factors. We expect that there will be a benefit from the continued conversion of promotional and trial subscribers to fully paid subs. We continue to see very healthy trial-to-paid conversion rates, so we actually see that as a compelling opportunity for the service both from an ARPU and an overall revenue perspective. We also expect to see continued improvements in the monetization of advertising on the essentials tier of Paramount+. The essentials tier is a significant portion of our subscriber base, both actually essential and premium, sort of a balanced composition, but we have seen improvements in the [ad] ARPU that's generated on the essentials tier as engagement continues to grow with the service. And we expect that will continue as we add more and more content to Paramount+. And then longer term, we also see ARPU upside at -- coming out of the ability to adjust price as the content selection on the service continues to grow and as use of Paramount+ becomes even more habitual. And I think we'll probably get some tailwind in that regard from the category in general, where you're seeing pricing continue to move upward, so there will likely be opportunities for us to adjust price and still maintain our value proposition relative to others. So we're very bullish about where ARPU can grow. And it is, as I pointed out, definitely one of the key ingredients to how we grow the business from a little over $3 billion of D2C revenue today to $9 billion-plus in 2024. It's not just about adding subscribers. It's about adding subscribers and growing ARPU, so we really like that equation and the growth that it can create.

是的，讓我談談 ARPU。從 ARPU 的角度來看，我們繼續受到鼓舞，尤其是在國內市場。你在準備好的評論中看到了我們在第四季度經歷的 9 美元的付費 ARPU。我們看到國內 ARPU 的短期和長期持續上升。短期來看，確實有兩個關鍵因素。我們預計促銷和試用訂閱者繼續轉換為全額付費訂閱者將會受益。我們繼續看到非常健康的試用到付費轉換率，因此從 ARPU 和整體收入的角度來看，我們實際上認為這對服務來說是一個令人信服的機會。我們還希望看到 Paramount+ 的基本版廣告貨幣化的持續改進。基本服務層是我們用戶群的重要組成部分，無論是實際基本服務還是優質服務，這是一種平衡的組合，但隨著參與度隨著服務的不斷增長，我們已經看到基本服務層產生的 [ad] ARPU 有所改善。隨著我們向 Paramount+ 添加越來越多的內容，我們預計這種情況將繼續下去。從長遠來看，我們還看到 ARPU 的上升——隨著服務內容選擇的持續增長以及派拉蒙+的使用變得更加習慣性，能夠調整價格。而且我認為我們可能會在這方面從一般類別中獲得一些順風，您會看到價格繼續上漲，因此我們可能有機會調整價格並仍然保持我們相對於其他人的價值主張.所以我們非常看好ARPU可以增長的地方。正如我所指出的，這絕對是我們如何將業務從今天略高於 30 億美元的 D2C 收入增長到 2024 年超過 90 億美元的關鍵因素之一。這不僅僅是增加訂戶。這是關於增加訂閱者和增加 ARPU，所以我們真的很喜歡這個等式以及它可以創造的增長。

Great, thanks, Naveen. And thank all of you for your time, for your questions today. It's an important dialogue. And it's really an exciting time for the company we now call Paramount.

太好了，謝謝，納文。感謝大家抽出寶貴的時間，感謝您今天提出的問題。這是一個重要的對話。對於我們現在稱為派拉蒙的公司來說，這確實是一個激動人心的時刻。

Look. This is a time characterized by great momentum and at a time reflective of tremendous go-forward opportunity. So again, we appreciate you joining us. We appreciate your continued support and wish everyone well. We'll talk to you soon.

看。這是一個以強勁勢頭為特徵的時代，同時也反映了巨大的前進機會。再次感謝您加入我們。我們感謝您一直以來的支持，並祝大家一切順利。我們很快就會和你談談。