Paramount Global (PARA) 2021 Q3 法說會逐字稿

Good day, everyone, and welcome to the ViacomCBS conference call.

大家好，歡迎參加 ViacomCBS 電話會議。

Today's call is being recorded.

今天的電話正在錄音。

At this time, I'd like to turn the call over to Executive Vice President of Investor Relations, Mr. Anthony DiClemente.

在這個時候，我想把電話轉給投資者關係執行副總裁安東尼·迪克萊門特先生。

Please go ahead, sir.

請繼續，先生。

Good morning, everyone.

大家，早安。

Thank you for taking the time to join us for our third quarter 2021 earnings call.

感謝您抽出寶貴時間參加我們的 2021 年第三季度財報電話會議。

Joining us for today's discussion are Bob Bakish, our President and CEO; and Naveen Chopra, our CFO.

加入我們今天討論的有我們的總裁兼首席執行官 Bob Bakish；和我們的首席財務官 Naveen Chopra。

Please note that in addition to our earnings release, we have trending schedules containing supplemental information available on our website.

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。

We want to remind you that certain statements made on this call are forward-looking statements that involve risks and uncertainties.

我們想提醒您，本次電話會議上的某些陳述是涉及風險和不確定性的前瞻性陳述。

These risks and uncertainties are discussed in more detail in our filings with the SEC.

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.

今天的一些財務評論將集中在調整後的結果上。

Reconciliations of these non-GAAP financial measures can be found in our earnings release or in our trending schedules, which contain supplemental information and in each case, can be found in the Investor Relations section of our website.

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。

Now I will turn the call over to Bob.

現在我將把電話轉給 Bob。

Good morning, and thank you for joining us.

早上好，感謝您加入我們。

On today's call, I'll cover 2 key topics.

在今天的電話會議中，我將討論 2 個關鍵主題。

First, I'll briefly discuss ViacomCBS' third quarter results.

首先，我將簡要討論 ViacomCBS 的第三季度業績。

Then I'll talk about streaming, where we're executing against a global strategy that leans into our distinct competitive advantages, and where our strong momentum shows how we're uniquely positioned for success.

然後我將討論流媒體，我們正在執行一項全球戰略，該戰略傾向於我們獨特的競爭優勢，我們的強勁勢頭表明我們在成功方面的獨特定位。

Let me start with the company's third quarter results, where we achieved another quarter of strong performance as total company revenue grew 13% year-over-year, reflecting growth across all revenue streams.

讓我從公司第三季度的業績開始，我們又實現了一個季度的強勁表現，公司總收入同比增長 13%，反映了所有收入流的增長。

In affiliate, revenue grew as we continued to benefit from the expanded distribution of ViacomCBS' renowned brands.

在附屬公司中，隨著我們繼續受益於 ViacomCBS 知名品牌的擴大分銷，收入增長。

We also struck a series of distribution renewals, including with Charter, Cox and just last month, Altice.

我們還與Charter、Cox 和上個月的Altice 進行了一系列分銷續約。

And despite a tough comparison against political advertising in the prior year quarter, we grew advertising revenue in Q3, benefiting from an improved marketplace.

儘管與上一季度的政治廣告進行了艱難的比較，但我們在第三季度的廣告收入增長了，這得益於市場的改善。

Turning to streaming.

轉向流媒體。

We had another fantastic quarter of growth.

我們又實現了一個驚人的增長季度。

The strength and momentum of both Paramount+ and Pluto TV are clearly evident, and demonstrate the power of the strategy we laid out at our investor event earlier this year.

派拉蒙+ 和 Pluto TV 的實力和勢頭顯而易見，並展示了我們在今年早些時候的投資者活動中製定的戰略的力量。

Overall, quarterly global streaming revenue surpassed $1 billion for the first time, driven by robust growth in both subscription and advertising, including the addition of 4.3 million global streaming subscribers.

總體而言，在訂閱和廣告業務強勁增長的推動下，全球流媒體季度收入首次超過 10 億美元，其中包括新增 430 萬全球流媒體訂閱用戶。

These strong streaming results reinforce our conviction that our strategy is working and that we're well positioned to capture the significant opportunity in the global streaming ecosystem.

這些強勁的流媒體結果增強了我們的信念，即我們的戰略正在奏效，並且我們已做好準備抓住全球流媒體生態系統中的重大機遇。

To that end, I want to remind you of 3 key enablers driving the ViacomCBS strategy, all of which we're seeing in action.

為此，我想提醒您推動 ViacomCBS 戰略的 3 個關鍵推動因素，我們正在看到所有這些推動因素。

First, an incredible breadth and depth of compelling content which is critical to attracting and retaining consumers globally; second, robust distribution and marketing, which ensures we can build the broadest reach and awareness; and third, a strong and flexible financial engine to enable streaming investment, drive ROI and maximize shareholder value.

首先，引人入勝的內容的廣度和深度令人難以置信，這對於在全球範圍內吸引和留住消費者至關重要；第二，強大的分銷和營銷，確保我們能夠建立最廣泛的影響力和知名度；第三，強大而靈活的金融引擎，可實現流式投資、提高投資回報率並最大化股東價值。

First, content.

一是內容。

ViacomCBS is uniquely positioned with a vast library and production capabilities across genres, demos and geographies, including world-class studios aligned with broadly recognized brands, which enables us to produce a diversity of compelling and engaging content on a global scale, content that's already fueling Paramount+'s growth.

ViacomCBS 具有獨特的定位，擁有跨流派、演示和地域的龐大庫和製作能力，包括與廣泛認可的品牌保持一致的世界級工作室，這使我們能夠在全球範圍內製作各種引人入勝且引人入勝的內容，這些內容已經在推動派拉蒙+的成長。

When we introduced Paramount+ 9 months ago, we told you it would be a differentiated product with broad appeal, composed of a full range of content including news, sports, movies, kids and family, unscripted and original dramas.

當我們在 9 個月前推出派拉蒙+ 時，我們告訴你它將是一個具有廣泛吸引力的差異化產品，由包括新聞、體育、電影、兒童和家庭、無劇本和原創劇在內的全方位內容組成。

Our consumer data tells us the diversity of content on Paramount+ is a huge attraction, and it has served as a key tool for customer acquisition as well as for driving customer satisfaction, thus improving churn.

我們的消費者數據告訴我們，Paramount+ 內容的多樣性是一個巨大的吸引力，它已成為獲取客戶和提高客戶滿意度的關鍵工具，從而改善了客戶流失率。

As evidenced, just look at the third quarter.

事實證明，只看第三季度。

Starting with kids and family content, which was the top genre on Paramount+ for both acquisition and engagement in the quarter.

從兒童和家庭內容開始，這是本季度 Paramount+ 獲取和參與度最高的類型。

In fact, over half of our subscribers streamed kids and family content from our globally loved Nickelodeon brand.

事實上，我們超過一半的訂閱者通過我們全球喜愛的 Nickelodeon 品牌流式傳輸兒童和家庭內容。

What's even more impressive is that content consumption was balanced across new, originals and library, both film and television, including enduring franchises like SpongeBob and PAW Patrol and young adult content, such as the new iCarly.

更令人印象深刻的是，新的原創內容和圖書館的內容消費平衡，包括電影和電視，包括海綿寶寶和 PAW Patrol 等經久不衰的特許經營權以及新的 iCarly 等年輕成人內容。

Movies are also proving to be a key attraction to the service.

電影也被證明是這項服務的主要吸引力。

And as we continue to experiment with different lease strategies, we're seeing success across all of them.

隨著我們繼續嘗試不同的租賃策略，我們看到所有這些策略都取得了成功。

This quarter, A Quiet Place Part II and PAW Patrol: The Movie were the top 2 titles for acquisition and engagement on Paramount+.

本季度，A Quiet Place Part II 和 PAW Patrol: The Movie 是 Paramount+ 獲得和參與的前 2 名。

And the results were impressive, both in theatrical and on Paramount+.

結果令人印象深刻，無論是在影院還是在派拉蒙+。

And following the global success of PAW Patrol: The Movie, we're thrilled to announce the sequel, which will debut in 2023.

繼《爪牙巡邏隊：大電影》在全球取得成功後，我們很高興地宣布續集將於 2023 年上映。

In addition, a new PAW Patrol spin-off series for Nick and Paramount+ is in development.

此外，為 Nick 和 Paramount+ 製作的新的 PAW Patrol 衍生系列正在開發中。

This is ViacomCBS franchise management ratcheting up to the next level.

這是維亞康姆哥倫比亞廣播公司特許經營管理升級到一個新的水平。

Next week, we have another family film day and date theatrical and Paramount+ Premier with Clifford the Big Red Dog, which is tracking very well.

下週，我們將舉行另一場家庭電影日，並與大紅狗克利福德（Clifford the Big Red Dog）進行約會劇場和派拉蒙+ Premier，它的追踪非常好。

And finally, as we told you, we're also creating films exclusively for Paramount+.

最後，正如我們告訴你的那樣，我們還專門為派拉蒙+製作電影。

Just this past weekend, the latest Paranormal Activity: Next Of Kin debuted, and we like how this model is working, too.

就在上週末，最新的超自然活動：Next Of Kin 首次亮相，我們也喜歡這個模型的工作方式。

So clearly, movies are a hit for Paramount+, and they'll continue to be because Paramount+ is only one of a handful of streaming services in the world that can draw from an established and legendary movie studio like Paramount Pictures to provide it with a steady supply of world-class films.

很明顯，電影對派拉蒙+ 來說很受歡迎，而且它們將繼續成為熱門，因為派拉蒙+ 只是世界上少數流媒體服務之一，可以從派拉蒙影業等知名的傳奇電影製片廠汲取經驗，為其提供穩定的供應世界級電影。

And then there's live sports.

然後是現場體育賽事。

This quarter, we welcomed back the highly anticipated return of the NFL and soccer, including UEFA and the fans came back in droves.

本季度，我們迎來了備受期待的 NFL 和足球回歸，包括歐足聯在內，球迷們紛紛回歸。

Look across it, and you'll find that 1/3 of all active domestic Paramount+ subscribers watch sports.

縱觀它，您會發現所有活躍的國內派拉蒙+ 訂閱者中有 1/3 觀看體育賽事。

And importantly, we're engaging with our sports fans after the game, too.

重要的是，我們也在賽后與我們的體育迷進行互動。

Building out the content slates of those genres that we know sports fans love from our long history with broadcast and cable.

從我們悠久的廣播和有線電視歷史中，我們知道體育迷們喜歡這些類型的內容。

This is critical to maximizing our ROI on sports.

這對於最大化我們的體育投資回報率至關重要。

And our Paramount+ content lineup is only getting stronger.

而且我們的派拉蒙+ 內容陣容只會越來越強大。

The fourth quarter will see our biggest scripted original lineup yet.

第四季度將看到我們迄今為止最大的劇本原創陣容。

First up, from Yellowstone creator and hit maker, Taylor Sheridan, is Mayor of Kingstown starring Jeremy Renner.

首先，來自黃石的創作者和熱門製作人泰勒謝里丹是金斯敦市長，由傑里米雷納主演。

Next is the Yellowstone prequel 1883, starting Tim McGraw and Faith Hill.

接下來是 1883 年的黃石前傳，由 Tim McGraw 和 Faith Hill 開始。

We'll launch both of these shows behind the most popular show on cable television, Yellowstone, introducing them to a weekly audience of over 7 million viewers to drive awareness and anticipation among the loyal fan base before they move exclusively to Paramount+.

我們將在有線電視上最受歡迎的節目黃石公園推出這兩個節目，將它們介紹給每週超過 700 萬觀眾的觀眾，以提高忠實粉絲群的認知度和預期，然後再將他們完全轉移到派拉蒙+。

These are amazing series and will no doubt be fan favorites when released.

這些都是很棒的系列，發布後無疑會成為粉絲的最愛。

And on November 25, Kyle, Stan, Kenny and Cartman will make their highly anticipated debut on Paramount+ as we exclusively premiere the first of our South Park made for streaming movies titled South Park: Post COVID.

11 月 25 日，凱爾、斯坦、肯尼和卡特曼將在派拉蒙+ 上首次亮相，這是我們為流媒體製作的第一部名為《南方公園：COVID 後》的流媒體電影的獨家首映。

And the second exclusive South Park made for streaming movie will stream in December.

為流媒體電影製作的第二部獨家南方公園將於 12 月播出。

Moving from content to the second key enabler of our streaming success, which is leveraging ViacomCBS' robust distribution and marketing capabilities to build the broadest reach and awareness.

從內容轉向我們流媒體成功的第二個關鍵推動因素，即利用 ViacomCBS 強大的分銷和營銷能力來建立最廣泛的影響力和知名度。

We are benefiting from our broadcast, cable and social reach, driving consumers to Paramount+, with its both an efficient and effective way to promote our new and existing series, movies and events and streaming.

我們受益於我們的廣播、有線電視和社交影響力，推動消費者使用派拉蒙+，這是一種有效且有效的方式來推廣我們新的和現有的系列、電影和活動以及流媒體。

Of course, that includes running spots and leveraging the social followings of our franchises and talent, but it's much more than that.

當然，這包括跑位和利用我們的特許經營權和人才的社會追隨者，但遠不止於此。

I already mentioned what we're doing with Taylor shows.

我已經提到了我們正在做的泰勒秀。

We just moved SEAL Team exclusively to Paramount+ after 4 episodes ran on CBS.

在 CBS 播放了 4 集之後，我們剛剛將海豹突擊隊專門轉移到了派拉蒙+。

We moved Evil earlier in the year, and we're doing similar things outside the U.S. as well.

我們在今年早些時候搬走了 Evil，我們也在美國以外的地方做類似的事情。

In terms of streaming distribution, you'll see us continue to scale both new and traditional platforms.

在流媒體分發方面，您會看到我們繼續擴展新平台和傳統平台。

For example, we just announced a broad distribution agreement with T-Mobile to bring Paramount+ Essential to the carrier's large customer base across the U.S. Suffice to say, we're thrilled to have T-Mobile welcome more fans to Paramount+'s diverse and compelling content slate.

例如，我們剛剛宣布與 T-Mobile 達成一項廣泛的分銷協議，將 Paramount+ Essential 帶給該運營商在美國的龐大客戶群。可以說，我們很高興 T-Mobile 歡迎更多粉絲加入 Paramount+ 多樣化且引人入勝的內容列表.

But streaming is not just about the U.S. I really see our international footprint as a key accelerant for the company to unlock the very significant opportunity in streaming outside the United States.

但流媒體不僅僅與美國有關。我真的認為我們的國際足跡是公司釋放美國以外流媒體的重要機會的關鍵推動力。

Here, we're rapidly making great strides.

在這裡，我們正在迅速取得長足的進步。

Last week, we launched Pluto TV in Italy, continuing its international expansion.

上週，我們在意大利推出了 Pluto TV，繼續其國際擴張。

This week, we announced an agreement to acquire a majority stake in Fox TeleColombia and Estudios TeleMexico, which, when combined with our existing assets, including Chilevisión and Telefe, solidifies ViacomCBS as one of the largest Spanish language content creators in the world.

本週，我們宣布了一項收購 Fox TeleColombia 和 Estudios TeleMexico 多數股權的協議，與我們現有的資產（包括 Chilevisión 和 Telefe）相結合，鞏固了 ViacomCBS 作為世界上最大的西班牙語內容創作者之一的地位。

On our last call in August, we announced a strategic partnership with Sky to launch Paramount+ in key Western European countries next year, including the U.K., Germany and Italy, putting us on track to achieve 45 markets by the end of 2022.

在 8 月的最後一次電話會議上，我們宣布與 Sky 建立戰略合作夥伴關係，明年將在包括英國、德國和意大利在內的主要西歐國家推出派拉蒙+，使我們有望在 2022 年底前實現 45 個市場。

We have since announced Sky Showtime, a joint venture with Comcast, which will include premium and original content from both companies.

此後，我們宣布了與 Comcast 的合資企業 Sky Showtime，其中將包括兩家公司的優質和原創內容。

Launching in 2022, Sky Showtime will reach an additional 20 European territories covering 90 million homes.

Sky Showtime 於 2022 年推出，將覆蓋另外 20 個歐洲地區，覆蓋 9000 萬戶家庭。

The third enabler that positions us to win in streaming is our strong and flexible financial engine.

使我們在流媒體領域獲勝的第三個推動因素是我們強大而靈活的金融引擎。

Here, there are a number of elements to highlight.

在這裡，有許多元素需要強調。

It starts with a streaming financial model based on multiple revenue streams, which enables us to monetize content, both through advertising and subscription.

它從基於多個收入流的流式財務模型開始，這使我們能夠通過廣告和訂閱將內容貨幣化。

Multi-revenue stream businesses have attractive characteristics when it comes to size and diversification.

在規模和多元化方面，多收入流業務具有吸引人的特徵。

multiple revenue streams made the cable network business extremely attractive.

多種收入來源使有線電視網絡業務極具吸引力。

They will do the same for streaming.

他們將對流媒體做同樣的事情。

And the total addressable market for streaming is even larger.

流媒體的總潛在市場更大。

Let me put our streaming ad business in context for you.

讓我為您介紹一下我們的流媒體廣告業務。

As the leading free ad-supported streaming TV service on the market, Pluto TV is winning in both scale and engagement, and it will be a $1 billion revenue business this year.

作為市場上領先的免費廣告支持的流媒體電視服務，Pluto TV 在規模和參與度上都取得了勝利，今年的收入將達到 10 億美元。

Add to that global expansion and significant upside from our ad-supported version of Paramount+, and you have a long runway of streaming advertising growth ahead.

再加上我們支持廣告的 Paramount+ 版本的全球擴張和顯著優勢，您在流媒體廣告增長方面還有很長的路要走。

And then there's subscription.

然後是訂閱。

This is already a huge market.

這已經是一個巨大的市場。

And while it's still early and in [gloss], our ViacomCBS business is well ahead of our long-term growth plan, and we like what we see ahead.

雖然現在還為時尚早，但我們的 ViacomCBS 業務遠遠領先於我們的長期增長計劃，我們喜歡我們所看到的未來。

Our financial strength and flexibility is also reinforced by our ability to leverage our streaming content investment across geographies and platforms.

我們利用跨地域和平台的流媒體內容投資的能力也增強了我們的財務實力和靈活性。

Global is obviously important for content ROI, and we are a global company, both as a content maker and as a network and streaming operator.

全球化對於內容投資回報率顯然很重要，我們是一家全球性公司，既是內容製造商，也是網絡和流媒體運營商。

Lastly, the combination of the strong cash flow of our legacy business, our aggressive approach to noncore asset dispositions and our capital raise earlier in the year has allowed us to build a substantial incremental capital base to invest in streaming.

最後，結合我們傳統業務的強勁現金流、我們對非核心資產處置的積極態度以及我們今年早些時候的融資，使我們能夠建立大量增量資本基礎來投資流媒體。

As we said we would, we began deploying that capital in the third quarter to accelerate our streaming growth.

正如我們所說，我們在第三季度開始部署這筆資金以加速我們的流媒體增長。

These investments have attractive returns and result in more original series and movies for streaming.

這些投資具有可觀的回報，並導致更多原創系列和電影用於流媒體。

As I mentioned earlier, we have a great content pipeline for Q4 and anticipate will have a positive effect on our subscriber growth, which will be larger than in Q3.

正如我之前提到的，我們在第四季度擁有出色的內容渠道，預計將對我們的訂戶增長產生積極影響，這將比第三季度更大。

This will also be the case for Pluto MAUs in Q4.

第四季度的冥王星 MAU 也是如此。

And as a reminder, we're also deploying this capital to drive our international expansion.

提醒一下，我們也在部署這筆資金來推動我們的國際擴張。

Finally, I'm excited to tell you we will hold an investor event early next year to provide an update on our streaming business, including showcasing our content to come and providing more transparency around our plans and progress.

最後，我很高興地告訴您，我們將在明年初舉行一次投資者活動，以提供我們流媒體業務的最新信息，包括展示我們即將推出的內容，並為我們的計劃和進展提供更多透明度。

With that, I'll hand it over to Naveen to share additional financial and operational highlights.

有了這個，我將把它交給 Naveen 來分享更多的財務和運營亮點。

Thank you, Bob, and good morning, everyone.

謝謝你，鮑勃，大家早上好。

Our third quarter results were highlighted by continued growth in streaming, where we had another solid quarter of subscriber additions.

流媒體業務的持續增長突顯了我們第三季度的業績，我們在該季度新增了一個穩定的訂閱用戶。

Streaming revenue grew 62% year-over-year with solid growth in both the subscription and advertising components of our streaming business.

流媒體收入同比增長 62%，流媒體業務的訂閱和廣告部分均實現穩健增長。

Q3 also benefited from growth in traditional advertising, affiliate revenue and content licensing.

第三季度還受益於傳統廣告、聯盟收入和內容許可的增長。

Let me start by providing some additional granularity on our streaming results, beginning with our subscription business, and then moving to our ad-supported services.

讓我首先為我們的流媒體結果提供一些額外的粒度，從我們的訂閱業務開始，然後轉向我們的廣告支持服務。

We added 4.3 million global streaming subscribers in the quarter, reaching nearly 47 million at quarter end.

我們在本季度增加了 430 萬全球流媒體用戶，到季度末達到近 4700 萬。

Paramount+ continues to drive the significant majority of new subscribers with a mix of both domestic and international customers.

派拉蒙+ 繼續推動絕大多數新訂戶與國內和國際客戶的混合。

We also saw continued improvement in Paramount+ engagement.

我們還看到 Paramount+ 的參與度不斷提高。

The average monthly share of domestic pay subscribers active on the service, also known as our monthly active rate, grew in the quarter both sequentially and year-over-year.

活躍在該服務上的國內付費用戶的平均月度份額，也稱為我們的月度活躍率，在本季度環比和同比均有所增長。

At the same time, average monthly hours per active domestic subscriber also improved quarter-over-quarter and year-over-year.

與此同時，每個活躍國內用戶的平均每月小時數也環比和同比有所改善。

And in terms of monetization, global streaming subscription ARPU increased 8% year-over-year.

在貨幣化方面，全球流媒體訂閱 ARPU 同比增長 8%。

The combination of strong subscriber growth and increased engagement led to streaming subscription revenue growth of 79% to $548 million.

強勁的訂戶增長和增加的參與度相結合，導致流媒體訂閱收入增長 79% 至 5.48 億美元。

Moving to our ad-supported streaming businesses.

轉向我們的廣告支持的流媒體業務。

Pluto TV ended Q3 with 54.4 billion global MAUs and revenue grew 99% year-over-year.

Pluto TV 在第三季度末的全球 MAU 為 544 億，收入同比增長 99%。

Pluto's success continues to be driven by growth in users, engagement and sell-through, which translated to a 60% increase in Pluto TV domestic ARPU in the quarter.

Pluto 的成功繼續受到用戶、參與度和銷售量增長的推動，這意味著本季度 Pluto TV 國內 ARPU 增長了 60%。

And while Pluto accounts for the majority of our streaming advertising revenue growth, we also saw strong growth at Paramount+, where domestic advertising revenue more than doubled in the quarter.

雖然冥王星占我們流媒體廣告收入增長的大部分，但我們也看到派拉蒙+的強勁增長，該季度國內廣告收入增長了一倍以上。

All in, streaming advertising revenue grew 48% year-over-year to $531 million.

總而言之，流媒體廣告收入同比增長 48% 至 5.31 億美元。

Advertising revenue, which excludes streaming, grew 1% in Q3 to $1.9 billion as strong demand was somewhat offset by ratings pressure, political spend that benefited the prior year quarter as well as the sale of CNET.

不包括流媒體的廣告收入在第三季度增長 1% 至 19 億美元，因為強勁的需求在一定程度上被評級壓力、使上一季度受益的政治支出以及 CNET 的銷售所抵消。

Taken together, the impact of political and the sale of CNET resulted in nearly 500 basis points of headwind to advertising growth in Q3.

總而言之，政治影響和 CNET 的出售導致第三季度廣告增長受到近 500 個基點的不利影響。

Looking to Q4, advertising revenue will benefit from the start of new fall programming and improved upfront pricing with the new broadcast season.

展望第四季度，廣告收入將受益於新秋季節目的開始以及新廣播季的前期定價提高。

While supply chain issues do somewhat limit visibility, we expect to see year-over-year advertising growth in Q4.

雖然供應鏈問題確實在一定程度上限制了知名度，但我們預計第四季度的廣告將同比增長。

Affiliate revenue, which also excludes streaming, grew 2% year-over-year to $2.1 billion as incremental distribution, contractual rate increases and growth in reverse comp more than offset the decline in pay TV subscribers.

不包括流媒體的附屬收入同比增長 2% 至 21 億美元，因為增量分銷、合同費率增加和反向補償的增長超過了付費電視訂戶的下降。

We expect these drivers to continue into Q4, resulting in another quarter of low single-digit affiliate revenue growth.

我們預計這些驅動因素將持續到第四季度，從而導致下一個季度的低個位數會員收入增長。

Licensing and other revenue, which includes fees from the licensing of internally produced television and film programming to third-party platforms as well as fees generated from home entertainment, consumer products and live events, increased 18% to $1.5 billion.

授權和其他收入，包括向第三方平台授權內部製作的電視和電影節目的費用，以及家庭娛樂、消費產品和現場活動產生的費用，增長了 18%，達到 15 億美元。

Q3 2021 reflects a higher volume of licensing deliveries in the year ago period, which was impacted by COVID-19 production shutdowns.

2021 年第三季度反映了去年同期較高的許可交付量，這受到 COVID-19 停產的影響。

Total company revenue grew 13% year-over-year to $6.6 billion.

公司總收入同比增長 13% 至 66 億美元。

Adjusted OIBDA fell 3% to $1 billion as we continue to ramp up programming and production spend coming out of COVID and increase our investment in streaming.

調整後的 OIBDA 下降 3% 至 10 億美元，因為我們繼續增加來自 COVID 的節目和製作支出，並增加我們對流媒體的投資。

Adjusted diluted EPS was $0.76.

調整後的稀釋每股收益為 0.76 美元。

Adjusted free cash flow was a use of $187 million in the quarter, reflecting a ramp in programming spend, including our investment in streaming.

本季度調整後的自由現金流為 1.87 億美元，反映了節目支出的增長，包括我們對流媒體的投資。

Adjusted free cash flow in Q4 should reflect a continuation of this trend.

第四季度調整後的自由現金流應反映這一趨勢的延續。

And turning to the balance sheet.

並轉向資產負債表。

We finished the quarter with $4.8 billion of cash on hand and total debt of $17.7 billion.

本季度結束時，我們手頭有 48 億美元的現金，總債務為 177 億美元。

This translates to a 2.5x net leverage ratio as of September 30.

這相當於截至 9 月 30 日的 2.5 倍淨槓桿率。

We continue to have significant financial flexibility, which will increase further with proceeds from asset sales, including Black Rock, which closed in October.

我們繼續擁有顯著的財務靈活性，這將隨著資產出售（包括 10 月關閉的 Black Rock）的收益而進一步增加。

Looking ahead, we expect total pay subscriber additions in Q4 to be higher than Q3, driven by the content we have coming to Paramount+, including the premier of some of our biggest new originals, as Bob just described.

展望未來，我們預計第四季度的付費訂戶總數將高於第三季度，這主要是因為我們來到派拉蒙+ 的內容，包括我們一些最大的新原創作品的首映，正如 Bob 剛剛描述的那樣。

We're excited about the launch of our T-Mobile partnership, which will have a modest benefit in Q4, but should be a more significant contributor in 2022.

我們對 T-Mobile 合作夥伴關係的推出感到興奮，這將在第四季度產生適度的收益，但在 2022 年應該會成為更重要的貢獻者。

We also expect Q4 Pluto TV MAU additions to be greater than Q3, which, in combination with Paramount+ growth, will result in continued strong total streaming revenue growth rates in Q4.

我們還預計第四季度冥王星電視 MAU 的增加將大於第三季度，這與派拉蒙+ 的增長相結合，將導致第四季度持續強勁的總流媒體收入增長率。

In fact, we expect streaming revenue to surpass a $5 billion annual run rate in the quarter.

事實上，我們預計本季度流媒體收入將超過 50 億美元的年運行率。

This places us ahead of the trajectory implied by the long-term streaming subscriber and revenue goals we provided earlier this year.

這使我們領先於我們今年早些時候提供的長期流媒體訂閱者和收入目標所暗示的軌跡。

We're encouraged by this momentum and are continuing to execute against our previously described growth and investment plans.

我們對這種勢頭感到鼓舞，並將繼續執行我們之前描述的增長和投資計劃。

As we've said before, this translates to streaming content expense more than doubling for the full year 2021 versus 2020.

正如我們之前所說，這意味著 2021 年全年的流媒體內容費用比 2020 年增加了一倍以上。

And given the cadence of content hitting Paramount+ Q4 streaming expense, including content and marketing to support the new programming, is expected to increase on the order of $350 million relative to streaming costs incurred in the third quarter of 2021.

考慮到內容與 Paramount+ 第 4 季度流媒體費用的節奏，包括支持新節目的內容和營銷費用，預計相對於 2021 年第三季度產生的流媒體費用將增加 3.5 億美元。

As Bob said, ViacomCBS is well positioned to be successful in streaming, given the breadth and depth of content we have on the service, our robust distribution and marketing capabilities and our strong and flexible financial engine.

正如 Bob 所說，鑑於我們在服務上擁有的內容的廣度和深度、我們強大的分銷和營銷能力以及我們強大而靈活的金融引擎，ViacomCBS 在流媒體領域取得了成功。

As we scale, improving unit economics and continued TAM expansion will make streaming accretive to ViacomCBS earnings and cash flow over the long term.

隨著我們規模的擴大，單位經濟的改善和 TAM 的持續擴張將使流媒體在長期內增加 ViacomCBS 的收益和現金流。

And as we invest against the streaming growth opportunity, we will evolve the way we manage and allocate resources in our business.

當我們針對流媒體增長機會進行投資時，我們將改進我們在業務中管理和分配資源的方式。

With this in mind, we plan to change our segment reporting beginning with our first quarter '22 results, which will help investors better understand ViacomCBS as the combination of 3 parts: a very profitable traditional media business, a world-class film studio and a portfolio of high-growth global direct-to-consumer streaming services.

考慮到這一點，我們計劃從 22 年第一季度的業績開始改變我們的分部報告，這將幫助投資者更好地理解 ViacomCBS 是三個部分的組合：一個非常有利可圖的傳統媒體業務、一個世界級的電影製片廠和一個高增長的全球直接面向消費者的流媒體服務組合。

Our direct-to-consumer segment will include Paramount+, Pluto TV, Showtime OTT and our other direct-to-consumer services.

我們的直接面向消費者部門將包括派拉蒙+、冥王星電視、Showtime OTT 和我們的其他直接面向消費者的服務。

We will combine our TV entertainment and cable networks businesses into 1 TV media segment, and we will continue to have a Filmed Entertainment segment.

我們將把我們的電視娛樂和有線電視網絡業務合併為一個電視媒體部門，我們將繼續擁有一個電影娛樂部門。

Importantly, these changes reflect the increasing strategic focus we will be devoting to our direct-to-consumer business.

重要的是，這些變化反映了我們將更加專注於直接面向消費者的業務的戰略重點。

Our new segment disclosure will provide additional information on the growth drivers and business performance of the services that comprise our B2C segment.

我們新的分部披露將提供有關構成我們 B2C 分部的服務的增長動力和業務績效的更多信息。

And give shareholders even greater visibility to our streaming progress.

並讓股東對我們的流媒體進展有更大的了解。

We look forward to discussing the changes to our segment disclosure in further detail, along with updates on our direct-to-consumer growth and investment plans at the investor event Bob noted, and which we will host in the first quarter of 2022.

我們期待在 Bob 指出的投資者活動中更詳細地討論我們的分部披露變化，以及我們直接面向消費者的增長和投資計劃的更新，我們將在 2022 年第一季度舉辦該活動。

With that, let's open the call for questions.

有了這個，讓我們打開問題的電話。

(Operator Instructions) Our first question comes from the line of Brett Feldman with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Brett Feldman。

It's actually a 3-part question about the new T-Mobile deal, which looks pretty exciting.

這實際上是一個關於新 T-Mobile 交易的 3 部分問題，看起來非常令人興奮。

T-Mobile, they just reported earlier in the week, they had just under 27 million postpaid accounts.

T-Mobile，他們剛剛在本週早些時候報導，他們有不到 2700 萬個後付費賬戶。

I just want to confirm that, that's sort of the addressable opportunity for you with T-Mobile.

我只是想確認一下，這對你來說是 T-Mobile 的一個可尋址機會。

And then I'm curious why you're expecting the impact to be more early next year, even though it's going to start being offered in this quarter.

然後我很好奇為什麼你預計明年初會產生更大的影響，即使它將在本季度開始提供。

The second part of the question is, typically, these are wholesale deals where all of these customers would be paid and in your paid subscriber count, but maybe at a lower ARPU.

問題的第二部分通常是批發交易，所有這些客戶都將獲得報酬，並且在您的付費訂閱者數量中，但可能以較低的 ARPU。

And I'm just curious if that's the arrangement here.

我只是好奇這是不是這裡的安排。

And then the last one is a bigger one.

然後最後一個更大。

This is now sort of your second big distribution deal following what you've done with Sky in Europe.

這是繼您在歐洲與 Sky 合作之後的第二次大型分銷交易。

I was hoping you can maybe give us some insights into what you think the opportunity is to continue adding more distribution partners, both domestically and in your international markets?

我希望您能給我們一些見解，您認為機會是繼續增加更多的分銷合作夥伴，無論是在國內還是在您的國際市場？

Yes.

是的。

Sure, Brett.

當然，布雷特。

Let me start and actually start in reverse order.

讓我開始，實際上以相反的順序開始。

So look, I believe in the power of partnership.

所以看，我相信夥伴關係的力量。

It has been used effectively to create value, great value for this company in the past and will on a going-forward basis.

過去，它已被有效地用於為這家公司創造價值、巨大的價值，並將在未來的基礎上。

Today, we talked about 2 partnerships: T-Mobile and Sky.

今天，我們討論了兩個合作夥伴：T-Mobile 和 Sky。

I think they are great examples of creating value.

我認為它們是創造價值的好例子。

And in all cases, when we think about partnership, what we're looking for is an ability to drive scale.

在所有情況下，當我們考慮合作夥伴關係時，我們正在尋找的是擴大規模的能力。

We're looking for low subscriber acquisition costs.

我們正在尋找低用戶獲取成本。

We're looking for deals which will drive subscriber stickiness.

我們正在尋找能夠提高訂閱者粘性的交易。

And we want to align with great brands.

我們希望與偉大的品牌保持一致。

And again, those are examples of both.

同樣，這些都是兩者的例子。

So let's talk about T-Mobile a little bit since that was at the core of your question.

因此，讓我們稍微談談 T-Mobile，因為這是您問題的核心。

We're thrilled with the deal we announced this morning.

我們對今天早上宣布的交易感到非常興奮。

It's an efficient way for us to acquire Paramount+ subscribers.

這是我們獲取 Paramount+ 訂閱者的有效方式。

It's a partnership with a great consumer brand, and it will be additive to Paramount+'s momentum.

這是與一個偉大的消費品牌的合作夥伴關係，它將為 Paramount+ 的發展勢頭添磚加瓦。

When I think about it, I'd highlight 2 things, big picture.

當我想到它時，我會強調兩件事，大局。

The first one is that the most important thing for Paramount+ now is exposing more consumers to the offering, particularly as we're ramping content.

第一個是派拉蒙+現在最重要的事情是讓更多的消費者接觸到產品，尤其是在我們增加內容的時候。

So this deal obviously does that.

所以這筆交易顯然做到了。

And unlike most wireless promotions, this deal will be available to all T-Mo users.

與大多數無線促銷不同，此優惠將面向所有 T-Mo 用戶。

The second thing I'd highlight is that the fit of Paramount+ and T-Mobile is excellent.

我要強調的第二件事是派拉蒙+和T-Mobile的配合非常好。

Their un-carrier position speaks really to value and innovation that aligns with Paramount+.

他們的非運營商地位真正體現了與派拉蒙+一致的價值和創新。

And the Essentials product that we're using is ideal.

我們使用的 Essentials 產品非常理想。

As you know, that product has content for the whole household.

如您所知，該產品具有適合整個家庭的內容。

And it has an attractive price point of $4.99, which will really maximize downstream conversion after the promotional period.

並且它具有 4.99 美元的誘人價格點，這將真正在促銷期後最大限度地提高下游轉化率。

And the broader distribution of Paramount+ Essential fits well with driving our streaming ad business.

派拉蒙+ Essential 的更廣泛分佈非常適合推動我們的流媒體廣告業務。

So we think that all makes tremendous sense.

所以我們認為這一切都非常有意義。

And again, we're very happy with this deal.

再說一次，我們對這筆交易非常滿意。

Naveen, maybe you comment a bit more on the economics.

Naveen，也許你對經濟學發表更多評論。

Sure.

當然。

Bob, happy to do that.

鮑勃，很高興這樣做。

we're definitely looking forward to showcasing all the new content we've got coming to Paramount in 2022 for all T-Mobile customers.

我們非常期待向所有 T-Mobile 客戶展示我們在 2022 年來到派拉蒙的所有新內容。

So to your question about scope, yes, it -- we're excited to make this available to all the postpaid T-Mobile customers.

因此，對於您關於範圍的問題，是的，我們很高興將其提供給所有後付費 T-Mobile 客戶。

We do think that the deal should accelerate sub-growth for Paramount+, but it will build over time.

我們確實認為這筆交易應該會加速派拉蒙+的次增長，但它會隨著時間的推移而建立。

Some of the reason behind that is that the really big broad awareness marketing campaign will mostly kick in, in 2022.

這背後的一些原因是，真正大規模的廣泛意識營銷活動將主要在 2022 年開始。

And between now and then, we're going to be doing some things to evolve and optimize the consumer sign-up experience.

從現在到那時，我們將做一些事情來發展和優化消費者註冊體驗。

We like the economics of these deals.

我們喜歡這些交易的經濟性。

You asked about the impact on ARPU as is typically the case for these kinds of third-party bundles, they do come with slightly lower ARPU than what we would see on a direct basis.

您詢問了這些第三方捆綁包對 ARPU 的影響，它們的 ARPU 確實比我們直接看到的略低。

But we really like the LTVs of the subs that we can acquire through these types of deals.

但我們真的很喜歡我們可以通過這些類型的交易獲得的潛艇的 LTV。

Those subs have lower churn, and we get full access to all the relevant user data, which helps us further maximize lifetime value.

這些訂閱者的流失率較低，我們可以完全訪問所有相關的用戶數據，這有助於我們進一步最大化生命週期價值。

And at the same time, SAC is very low.

同時，SAC 非常低。

So that ratio between lifetime value and acquisition cost is really compelling.

因此，生命週期價值與購置成本之間的比率確實令人信服。

And given what we're seeing with our trial-to-pay conversion rates, I think we can really make some hay out of giving T-Mobile customers 12 months to experience all the great content that we are producing for Paramount+, and then having them roll to paid customers after that point in time.

鑑於我們所看到的試用付費轉換率，我認為我們真的可以讓 T-Mobile 客戶有 12 個月的時間來體驗我們為 Paramount+ 製作的所有精彩內容，然後擁有他們在那個時間點之後滾動到付費客戶。

Our next question comes from the line of Michael Morris with Guggenheim Partners.

我們的下一個問題來自古根海姆合夥人的邁克爾莫里斯。

I'll ask a couple quickly.

我會很快問幾個。

First, kind of following up on the T-Mobile question, I'd ask the same thing about the Sky partnership for Paramount+.

首先，作為對 T-Mobile 問題的跟進，我會就 Paramount+ 的 Sky 合作夥伴關係提出同樣的問題。

Whether at this point, you have any more insight into the timing of the Western European launch there and how to think about sort of the immediate impact of the partnership or what the sort of steps are to kind of penetrate the addressable market there, what the timing might be?

無論在這一點上，您是否對在那裡推出西歐的時間以及如何考慮合作夥伴關係的直接影響或進入那裡的潛在市場採取何種步驟有什麼更深入的了解，時機可能是？

And then second, if I could just ask maybe Naveen a little bit more on the composition of the 47 million global streaming subs.

其次，如果我能再問一下 Naveen 關於 4700 萬全球流媒體訂閱者的構成。

Could you help us at all at this point with how many of those are Paramount+ and maybe within Paramount+ the mix of Premium versus Essentials.

在這一點上，您能否幫助我們了解其中有多少是派拉蒙+，也許在派拉蒙+ 中，高級與基本要素的混合。

As you look at the new sort of reporting that you just announced, is that something that maybe we work towards getting regular disclosure going forward?

當您查看您剛剛宣布的新型報告時，我們是否正在努力實現定期披露？

Yes, sure, Mike.

是的，當然，邁克。

So let me start and then I'll throw it to Naveen.

所以讓我開始，然後我會把它扔給 Naveen。

On the Sky question, there's really 2 different kinds of partnerships with Sky that we've announced.

關於 Sky 問題，我們已經宣布與 Sky 建立兩種不同類型的合作夥伴關係。

The first one, you could think of as a bundle, and that's with Sky in the U.K., in Germany and Italy.

第一個，你可以把它想像成一個捆綁包，那就是在英國、德國和意大利的 Sky。

It's a commercial deal where Sky will distribute Paramount+ to all their Sky Cinema subscribers.

這是一項商業交易，Sky 將向其所有 Sky Cinema 訂戶分發派拉蒙+。

And we look at that as a compelling way to accelerate penetration but it's a commercial deal.

我們認為這是一種加速滲透的令人信服的方式，但這是一項商業交易。

So we preserve a 100% ownership of the business.

因此，我們保留了企業 100% 的所有權。

Like Naveen talked about with T-Mo, we believe that has really attractive SAC and churn characteristics.

就像 Naveen 和 T-Mo 談到的那樣，我們認為它具有非常有吸引力的 SAC 和流失特性。

And importantly, in that deal, we've preserved our right to go direct in those markets as well to pursue additional opportunity because obviously, O&O direct is an important part of the streaming business.

重要的是，在這筆交易中，我們保留了直接進入這些市場以及尋求更多機會的權利，因為顯然，O&O 直接是流媒體業務的重要組成部分。

The second deal we announced with Sky is the Sky Showtime joint venture, that's really a deal with Comcast, obviously, as well.

我們與 Sky 宣布的第二筆交易是 Sky Showtime 合資企業，這顯然也是與 Comcast 的交易。

That's 50-50 JV on an equity basis.

在股權基礎上，這是 50-50 的合資企業。

That's targeting 20 smaller, mostly Eastern European countries, which is additive to the 45 markets we've talked about for '22 historically.

這是針對 20 個較小的國家，主要是東歐國家，這是我們在 22 年曆史上談到的 45 個市場的補充。

We see that -- and that will be a single app combining ViacomCBS and Comcast product.

我們看到了——這將是一個結合了 ViacomCBS 和 Comcast 產品的單一應用程序。

And we look at that as a way for us to participate in these smaller markets while preserving investment capacity for the larger ones, which are more important strategically.

我們將其視為我們參與這些較小市場的一種方式，同時為較大的市場保留投資能力，這在戰略上更為重要。

Now in terms of timing of both of those, the Sky bundle will launch in the U.K. in the first half of '22, and that will be followed by Germany, Austria and Italy also in '22.

現在就兩者的時間安排而言，Sky 捆綁包將於 22 年上半年在英國推出，隨後德國、奧地利和意大利也將在 22 年推出。

Sky Showtime, we've yet to announce dates on that, but it will be in '22.

Sky Showtime，我們尚未宣布日期，但將在 22 年。

So that's the story, big picture.

這就是故事，大局。

Naveen?

納文？

Yes.

是的。

So to your questions about composition of the streaming subscriber base.

因此，對於您關於流媒體用戶群構成的問題。

First to, actually, I think, the last part of your question, we will be aiming to provide some incremental disclosure related to the breakdown of streaming subs as part of the changes in reporting for Q1 and beyond.

首先，實際上，我認為，您的問題的最後一部分，我們的目標是提供一些與流媒體細分相關的增量披露，作為第一季度及以後報告變化的一部分。

So stay tuned for that.

所以請繼續關注。

In terms of where we stand today, I can give you a little bit of color around some of what we've seen in terms of sub additions.

就我們今天的立場而言，我可以為您提供一些關於我們在子添加方面所看到的內容的一些顏色。

I think I mentioned that a significant majority of additions in the quarter came from Paramount+.

我想我提到了本季度的大部分新增內容來自派拉蒙+。

I'd also note that Paramount+ domestic ads were higher in Q3 than they were in Q2.

我還注意到，派拉蒙+ 國內廣告在第三季度高於第二季度。

So even though that's the case, we do still have a nice contribution from international.

所以即使是這樣，我們仍然有來自國際的很好的貢獻。

And in terms of the split between Premium and Essentials, we don't break that out specifically, but they're both important contributors to the subs that we added in the quarter.

至於 Premium 和 Essentials 之間的區別，我們並沒有具體說明，但它們都是我們在本季度添加的潛艇的重要貢獻者。

Our next question comes from the line of Alexia Quadrani with JPMorgan.

我們的下一個問題來自摩根大通的 Alexia Quadrani。

It sounds like movies are some of the biggest drivers to new subscribers based on your opening comments, Bob.

鮑勃，根據您的開場評論，聽起來電影是吸引新訂戶的最大動力之一。

I'm wondering if that changes the way that you think about windowing.

我想知道這是否會改變您對窗口化的看法。

Are you less inclined to stay with a 45-day window?

您是否不太願意停留在 45 天的窗口期？

And my second question is just back to the investment in local language content.

我的第二個問題是回到對本地語言內容的投資。

You've made several acquisitions to bolster that content.

您已經進行了幾次收購來支持該內容。

So going forward, I think you see outsized investment in content outside the U.S. versus domestic?

所以展望未來，我認為你會看到美國以外的內容投資與國內投資相比有多大？

Or is it kind of -- how should we think about it?

或者是——我們應該怎麼想？

Should be kind of even?

應該有點平？

Which markets do you see as sort of more competitive and maybe need more spending?

您認為哪些市場更具競爭力，可能需要更多支出？

Yes, sure, Alexia.

是的，當然，Alexia。

On the film windowing question, if you look at Paramount+ in the quarter, the third quarter, we actually deployed 3 different models.

關於電影窗口問題，如果你看一下 Paramount+ 在第三季度的季度，我們實際上部署了 3 種不同的模型。

We deployed exclusive premiere.

我們部署了獨家首映。

We deployed day and date.

我們部署了日期和日期。

We deployed 45-day fast follow.

我們部署了 45 天快速跟踪。

And actually, we deployed the exclusive both in a -- what was planned for a theatrical release and in a true made for.

實際上，我們將獨家產品部署在計劃用於影院發行的產品和真正的產品中。

So we're experimenting with a bunch of different models on the Paramount+ side based on what we think is best for a specific film, obviously, keeping in mind all the constituents involved in that.

因此，我們正在根據我們認為最適合特定電影的方式在派拉蒙+ 方面嘗試一系列不同的模型，顯然，要牢記其中涉及的所有成分。

And the reality is we see them all work.

而現實是我們看到它們都在起作用。

So it's not a question of moving away from one or the other.

因此，這不是遠離一個或另一個的問題。

We're going to continue to optimize on a per film basis, and we're definitely not moving off the 45-day fast follow.

我們將繼續在每部電影的基礎上進行優化，而且我們絕對不會放棄 45 天的快速跟進。

If you look at A Quiet Place Part II, that was a film that used that model, and it was very effective both in theatrical from a box office perspective, even with some of the COVID issues as well as a big sub-driver for Paramount+.

如果你看《寂靜之地》第二部分，那是一部使用這種模式的電影，從票房的角度來看，它在影院方面都非常有效，即使存在一些 COVID 問題以及派拉蒙 + 的一個重要副驅動因素.

And by the way, we've got plenty of consumption of A Quiet Place Part I as well, which really points to the value of having a library to go along with, call it, a new release product on Paramount+.

順便說一句，我們也有大量的《寂靜之地》第一部分的消費，這確實表明了擁有一個圖書館的價值，稱之為派拉蒙+上的一個新發行產品。

So we'll continue that.

所以我們將繼續這樣做。

As I said in my remarks, the next film up this weekend is Clifford.

正如我在講話中所說，本週末的下一部電影是《克利福德》。

That will be another day and date theatrical Paramount+ release.

那將是另一天和日期的戲劇派拉蒙 + 發行。

We think kids and families in this continued COVID time.

我們認為孩子和家庭在這個持續的 COVID 時間。

Those films are ripe for day and date.

那些電影已經成熟了。

Again, PAW Patrol worked very well, and we're excited about Clifford.

再一次，PAW Patrol 工作得非常好，我們對 Clifford 感到很興奮。

Moving to the second part of your question, which is around "local content".

轉到問題的第二部分，即“本地內容”。

People think of ViacomCBS as a massive English language content creator, and we obviously are.

人們認為 ViacomCBS 是一個龐大的英語內容創作者，我們顯然是。

But for years, we've been creating content around the world to satisfy local consumers.

但多年來，我們一直在世界各地創作內容以滿足當地消費者的需求。

You look at our company and you got hit originals coming out of Telefe, things like 100 Days to Fall in Love, To Catch a Thief.

你看看我們的公司，你會看到 Telefe 的熱門原創作品，比如 100 Days to Fall in Love、To Catch a Thief。

These shows do like 40-plus shares in Latin America, certainly in Argentina.

這些節目在拉丁美洲確實有 40 多股，尤其是在阿根廷。

We also do a lot of format work all around the world, probably the best example of that, but not the only example is our Shores franchise, where we have many versions out there.

我們還在世界各地做了很多格式工作，這可能是最好的例子，但不是唯一的例子是我們的 Shores 特許經營權，我們在那裡有很多版本。

And actually, when you look at that, what you see is our scale is not just in English.

實際上，當你看到它時，你看到的是我們的規模不僅僅是英文的。

And I mentioned it, but in addition to English, we're also one of the largest Spanish language producers in the world, and that's not something people typically talk about.

我提到過，但除了英語之外，我們還是世界上最大的西班牙語生產商之一，這不是人們通常談論的話題。

When you think of streaming, which is I'm sure at the core of your question, that provides an opportunity for us to leverage our experience in this ex-U.

當您想到流媒體時，我確信這是您問題的核心，這為我們提供了利用我們在這個前美國的經驗的機會。

S. production as a real competitive advantage.

S. 生產作為真正的競爭優勢。

And that's both to serve specific markets and have that strong local relevance, again, through characters and story lines, et cetera.

這既是為了服務特定市場，又是為了具有強烈的本地相關性，同樣，通過人物和故事情節等等。

But it also in the streaming space is to supply a larger aggregate global slate where we also benefit from cost advantages.

但它也在流媒體領域提供更大的全球整體石板，我們也可以從成本優勢中受益。

We're already using locally produced content to great effect in places like Latin America for streaming.

我們已經在拉丁美洲等地使用本地製作的內容進行流媒體播放，效果非常好。

I mentioned Shores, Acapulco Shore is a massive hit on Paramount+.

我提到了 Shores，Acapulco Shore 在 Paramount+ 上大受歡迎。

And really, our next step is to exploit that content really the whole collection of content globally, where we integrate "international productions" into our global slate.

實際上，我們的下一步是在全球範圍內利用該內容真正的整個內容集合，我們將“國際製作”整合到我們的全球板塊中。

That will start next month where the 2 Telefe shows I mentioned will become an Paramount+.

這將從下個月開始，我提到的 2 個 Telefe 節目將成為 Paramount+。

That will be the first of many.

這將是許多中的第一個。

And likewise, we're going to do some interesting things with formats, including cross-border for Paramount+.

同樣，我們將對格式做一些有趣的事情，包括 Paramount+ 的跨界。

So local content is definitely core to our strategy, but it's about much more than the local market.

因此，本地內容絕對是我們戰略的核心，但它的意義遠不止本地市場。

It's about feeding the global Paramount+ pipeline as well.

這也是為全球派拉蒙+管道提供服務。

Our next question comes from the line of Rich Greenfield with LightShed Partners.

我們的下一個問題來自 Rich Greenfield 與 LightShed Partners 的對話。

Over the last several months, Warner Media moved away from Amazon channel.

在過去的幾個月裡，華納媒體離開了亞馬遜頻道。

So you've seen essentially the biggest players in streaming: Disney, Netflix, Hulu, Apple TV, all sort of focus on D2C and a direct retail relationship with the consumer versus sort of wholesaling through Amazon.

所以你已經看到了流媒體領域最大的參與者：迪士尼、Netflix、Hulu、Apple TV，它們都專注於 D2C 以及與消費者的直接零售關係，而不是通過亞馬遜進行批發。

I think if I look at Viacom CBS, I think you're the largest now of the remaining players on Amazon channels, who are using Amazon channels.

我想如果我看看維亞康姆 CBS，我認為你是亞馬遜頻道剩餘玩家中最大的一個，他們正在使用亞馬遜頻道。

Bob, I'd love sort of your sort of high-level kind of view on the puts and takes of being on Amazon versus going and being in sort of a wholesale relationship with the consumer versus fully direct.

鮑勃，我很喜歡你對在亞馬遜上的投入和接受的高層次看法，與消費者建立批發關係與完全直接的關係。

And should we think about as you start to focus more and more on streaming, will you move away from Amazon and go fully direct?

當你開始越來越關注流媒體時，我們是否應該考慮一下，你會離開亞馬遜並完全直接嗎？

Or is this something you like and you think others are actually incorrect in not being on Amazon?

或者這是你喜歡的東西，你認為其他人不在亞馬遜上實際上是不正確的？

And it would be great to -- if there's any way to frame how big Amazon is or things like Amazon are part of that 47 million, that would be great to understand as well.

如果有任何方法可以描述亞馬遜有多大，或者像亞馬遜這樣的東西是這 4700 萬的一部分，那也很好理解。

Yes.

是的。

Sure, Rich.

當然，里奇。

Look, it's a great question.

看，這是一個很好的問題。

We continue to believe in broad and ubiquitous distribution really as a path to scale.

我們繼續相信廣泛而無處不在的分發確實是一種規模化的途徑。

And that includes wholesale relationships, including with the company you mentioned.

這包括批發關係，包括與您提到的公司的關係。

Now look, there's obviously trade-offs in terms of a wholesale versus a direct relationship.

現在看，在批發與直接關係方面顯然存在權衡。

Those trade-offs tend to be around requests for certain types of exclusivity, data access, margin.

這些權衡往往是圍繞對某些類型的排他性、數據訪問、保證金的要求。

So it's not a black-and-white question.

所以這不是一個非黑即白的問題。

The real question is, do you have deals in place, which makes sense relative to those considerations.

真正的問題是，你是否有合適的交易，這相對於這些考慮是有意義的。

And we gave a lot of thought to that.

我們對此進行了很多思考。

And by the way, that means we passed on some deals and some deals take longer to get done than certain people would like because the deal has to be right.

順便說一句，這意味著我們通過了一些交易，有些交易需要比某些人想要的更長的時間才能完成，因為交易必須是正確的。

But net-net, where we are in terms of balance, particularly as we're focused on scaling, we continue to believe in the benefit of these wholesale relationships in terms really of providing access to the largest total addressable market, which we strongly believe offsets some of the other considerations, again, assuming you have the appropriate deal structure.

但是 net-net，我們在平衡方面，特別是當我們專注於擴展時，我們繼續相信這些批發關係的好處是真正提供進入最大的總潛在市場的機會，我們堅信假設您擁有適當的交易結構，則再次抵消了其他一些考慮因素。

So we like the balance model.

所以我們喜歡平衡模型。

Of course, it's something we're going to continue to evaluate over time as we scale.

當然，隨著我們的擴展，我們將隨著時間的推移繼續評估它。

But we see value to these distribution channels today.

但我們今天看到了這些分銷渠道的價值。

Our next question comes from the line of John Hodulik with UBS.

我們的下一個問題來自瑞銀的 John Hodulik。

Two things.

兩件事情。

First on the D2C content.

首先是 D2C 內容。

Naveen, thanks for the color there, ramping it to sounds like over $2 billion in '21.

Naveen，感謝那裡的顏色，在 21 年將其提升到聽起來超過 20 億美元。

Is the $5 billion in '24 still the target?

24 年的 50 億美元仍然是目標嗎？

Any color on sort of how that ramps in '22.

任何顏色在 22 年如何漸變。

And how much of that is incremental to the whole company?

其中有多少是對整個公司的增量？

And then secondly, the licensing revenues look strong again this quarter, and I know you guys benefited from easier comps.

其次，本季度的許可收入看起來再次強勁，我知道你們從更容易的組合中受益。

But Bob, you're talking about the business continuing to be a multi-revenue stream business.

但是鮑勃，您說的是繼續成為多收入流業務的業務。

Just your view on sort of the future of that licensing business you have and how that fits into the broader D2C strategy?

只是您對您擁有的許可業務的未來的看法，以及它如何適應更廣泛的 D2C 戰略？

Yes, sure.

是的，當然。

John, I'll jump in there first on the content spend.

約翰，我將首先介紹內容支出。

The $5 billion, as you said, is our sort of where we're tracking on a long-term basis.

正如你所說，這 50 億美元是我們長期跟踪的地方。

I think I would remind you that, that is not entirely incremental to total company content spend.

我想我會提醒你，這並不完全增加公司內容總支出。

And so while we are expecting to see material increases in streaming content expense, I mentioned the doubling from 2020 to 2021 and then growing further to over $5 billion by 2024, not all of that is entirely incremental because as the linear business continues to evolve, there will be remixing between linear and streaming.

因此，雖然我們預計流媒體內容費用會大幅增加，但我提到了從 2020 年到 2021 年翻一番，然後到 2024 年進一步增長到超過 50 億美元，並非所有這些都是完全增量的，因為隨著線性業務的不斷發展，線性和流式之間將重新混合。

I think you've heard me say before that there's a lot of content that does double duty for us on both linear and streaming platforms.

我想你之前聽過我說過，在線性和流媒體平台上，有很多內容對我們起到雙重作用。

And I think at the end of the day, we are very focused on the ROI of those content investments.

我認為歸根結底，我們非常關注這些內容投資的投資回報率。

We continue to see content investment as the single greatest way to continue to grow customer LTVs, both through increased engagement and lower churn.

我們繼續將內容投資視為繼續增長客戶 LTV 的唯一最佳方式，無論是通過增加參與度還是降低流失率。

And we're already seeing evidence of that in our results since the launch of Paramount+.

自派拉蒙+推出以來，我們已經在我們的結果中看到了這一點的證據。

So it makes total sense for us to continue to invest behind it.

因此，我們繼續投資它是完全有意義的。

And then I think the second question was on content licensing?

然後我認為第二個問題是關於內容許可的？

I'll take the licensing side.

我會站在許可方面。

We've obviously been in the licensing business for a long time.

很明顯，我們從事許可業務已有很長時間了。

As a reminder, content licensing revenue for ViacomCBS has a bunch of different components in it.

提醒一下，ViacomCBS 的內容許可收入包含許多不同的組成部分。

As Naveen mentioned in his remarks, it includes home entertainment, includes TV syndication, it includes consumer products.

正如 Naveen 在他的講話中提到的，它包括家庭娛樂，包括電視聯合，它包括消費產品。

And of course, it includes licensing of content more broadly.

當然，它包括更廣泛的內容許可。

When you look at the -- so I'd say 2 things.

當你看到 - 所以我想說兩件事。

One is we're in the licensing business, but two is, that business is, for sure, evolving.

一是我們從事許可業務，但二是，該業務肯定在不斷發展。

So when you look at the Q3 results, and yes, there was a whole bunch of growth there.

因此，當您查看第三季度的結果時，是的，那裡有一大堆增長。

The growth was heavily COVID related.

增長與 COVID 密切相關。

We had many deliveries that were delayed due to production shutdowns.

由於停產，我們有許多交貨延遲。

So there's definitely some catch-up in Q3.

所以第三季度肯定會有一些追趕。

And then the other thing that's going on is, if you looked at the prior year quarter, particularly internationally, particularly in the ad-supported network space, you had many people that had hunkered -- many buyers that had hunkered down and were preserving cash given the uncertainty of the revenue situation.

然後發生的另一件事是，如果您查看上一季度，特別是在國際上，特別是在廣告支持的網絡空間中，您有很多人已經蹲下來了 - 許多買家已經蹲下來並保留現金鑑於收入情況的不確定性。

As the ad market has rebounded, those companies have moved to refresh their content lineups so that they can satisfy their consumers with new product versus kind of running these brackets off what they had at the time.

隨著廣告市場的反彈，這些公司已經開始更新他們的內容陣容，以便他們可以用新產品滿足消費者，而不是在當時的情況下運行這些括號。

And that's certainly a driver of the growth.

這當然是增長的驅動力。

The third thing is there are a bunch of original series deliveries in there.

第三件事是那裡有一堆原始系列交付。

What you need to understand about that is those are fulfillment of deals that were really predating the launch of Paramount+.

您需要了解的是，這些交易實際上是在派拉蒙+推出之前完成的。

So that might be a third season of a show we're doing for someone.

所以這可能是我們為某人做的節目的第三季。

It might be a first season of a show we're doing for someone that took 2-plus years to create.

這可能是我們為花了 2 年多的時間創作的節目的第一季。

So while our strategy has shifted to become much more focused on owned and operated streaming with our franchises, et cetera.

因此，雖然我們的戰略已經轉變為更加專注於我們的特許經營權等擁有和經營的流媒體，但等等。

There is a tail to the, call it, legacy deals we've done, and you do see that showing up in the third quarter.

我們已經完成的遺留交易有一個尾巴，你確實看到它出現在第三季度。

Our next question comes from the line of Jessica Reif Ehrlich with Bank of America Securities.

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

A content question.

一個內容問題。

Could you talk about your evolving strategy for Paramount in context of the whole company growth, so both film and direct-to-consumer?

您能否談談您在整個公司發展的背景下為派拉蒙制定的不斷發展的戰略，無論是電影還是直接面向消費者？

And then, I guess, 2 short follow-ups.

然後，我猜是 2 次簡短的跟進。

For the -- for Paramount+, what -- can you give us color on your ad lite ARPU?

對於派拉蒙+，你能給我們一些關於你的精簡版ARPU的顏色嗎？

So what's the ARPU with advertising versus subscription only?

那麼廣告與僅訂閱的 ARPU 是多少？

And then you talked a little bit about asset sales, but in Simon & Schuster, given the government's response, where do you go from here?

然後你談到了資產出售，但在西蒙舒斯特，鑑於政府的回應，你從這裡去哪裡？

Yes.

是的。

So a bunch of stuff in there, Jessica.

裡面有一堆東西，傑西卡。

Let me start.

讓我開始吧。

On content and Paramount, presumably Paramount Pictures, we obviously made a management change there.

在內容和派拉蒙，大概是派拉蒙影業，我們顯然在那裡進行了管理上的改變。

I'm very excited to have Brian in the chair.

我很高興布賴恩擔任主席。

Jim obviously got us to a better place financially and really stabilized the studio.

顯然，吉姆讓我們在財務上得到了更好的發展，並真正穩定了工作室。

But as we look at the next chapter, we need to lean in more into franchises.

但是當我們看下一章時，我們需要更多地關注特許經營權。

We need to lean more into a multifaceted model, including, of course, streaming.

我們需要更多地傾向於多方面的模型，當然包括流媒體。

And I think Brian, as both a content creator and a collaborator is ideally suited to that.

我認為，作為內容創建者和合作者的 Brian 非常適合這一點。

And is already moving quickly to prove that value.

並且已經在迅速採取行動來證明這一價值。

In terms of the evolution of the slate, Brian is working on that.

在板岩的演變方面，布賴恩正在努力。

I think the good news is we have a very well stocked slate as we enter 2022, for sure.

我認為好消息是，當我們進入 2022 年時，我們有一個非常充足的庫存，這是肯定的。

Great pictures in the can, which hopefully the theatrical market will continue to improve.

罐頭里的好照片，希望戲劇市場會繼續改善。

It has been improving, particularly at the younger end.

它一直在改善，尤其是在年輕端。

And that slate will provide tremendous benefit theatrically.

而那張名單將在戲劇上提供巨大的好處。

And we remain committed to theatrical but also in downstream windows, including the fast follow strategy we're using for Paramount+ and Pay1.

而且我們仍然致力於影院以及下游窗口，包括我們用於派拉蒙+和 Pay1 的快速跟隨策略。

You did see us announce a PAW Patrol sequel which speaks to franchises.

您確實看到我們宣布了一部與特許經營權有關的 PAW Patrol 續集。

But I'm very excited about where Paramount Pictures is going to go.

但我對派拉蒙影業的發展方向感到非常興奮。

It clearly is an important part of the company as a content engine.

作為內容引擎，它顯然是公司的重要組成部分。

And it's clearly in early days, but clearly benefiting Paramount+ as well.

這顯然是在早期，但顯然也有利於派拉蒙+。

Let me take the last part of your question, too, which is the Simon & Schuster one, and then I'll throw it to Naveen.

讓我也談談你問題的最後一部分，也就是 Simon & Schuster 的問題，然後我會把它扔給 Naveen。

On Simon & Schuster, really, I just want to reiterate the statements that we and Penguin Random House made earlier in the week.

關於 Simon & Schuster，真的，我只想重申我們和企鵝蘭登書屋在本週早些時候發表的聲明。

We do believe the transaction will be beneficial for consumers, booksellers and authors.

我們相信這筆交易將對消費者、書商和作者有利。

We think the DOJ's claims are without merit.

我們認為 DOJ 的說法毫無根據。

I'm not going to get into any legal arguments here.

我不打算在這裡討論任何法律論據。

But I will say, as we've disclosed, under our sale agreement, Penguin Random House has agreed to take all necessary steps to attain the required regulatory approval, including defending through -- defending any litigation.

但我會說，正如我們所披露的，根據我們的銷售協議，企鵝蘭登書屋已同意採取一切必要措施來獲得所需的監管批准，包括通過任何訴訟進行辯護。

And so they and we will vigorously defend this lawsuit.

所以他們和我們將大力捍衛這場訴訟。

Naveen?

納文？

Yes.

是的。

So to the question on ARPU is between the Essential and Premium tiers for Paramount+.

所以關於 ARPU 的問題是派拉蒙+的基本和高級之間。

A couple of important points.

幾個重要的點。

Number one, the ARPUs between those tiers are really not as different as you might think because of the advertising contribution in the Essential tier.

第一，由於基本層的廣告貢獻，這些層之間的 ARPU 並沒有你想像的那麼不同。

I think you've heard us comment about the fact that we see a lot of momentum in the digital advertising component, which is one of the things we really like about that plan.

我想你已經聽到我們評論說我們在數字廣告組件中看到了很多動力，這是我們真正喜歡該計劃的事情之一。

And in fact, in Q3, the delta between ARPU on the Essential tier and the Premium tier continue to narrow.

事實上，在第三季度，基本層和高級層的 ARPU 之間的差異繼續縮小。

And second major point is that ultimately, we're focused on making sure that our customers are in whichever tier is going to make them the most sticky.

第二個要點是，最終，我們專注於確保我們的客戶處於最能提高他們粘性的任何層級。

Meaning we're less focused on the ARPU because in the long run, the bigger determinant of lifetime value is actually the expected life of the customer.

這意味著我們不太關注 ARPU，因為從長遠來看，生命週期價值的更大決定因素實際上是客戶的預期壽命。

So it's all about getting them in the tier where they're going to stick around the longest.

所以這一切都是為了讓他們進入他們將堅持最長時間的層級。

Next question comes from the line of Ben Swinburne with Morgan Stanley.

下一個問題來自摩根士丹利的 Ben Swinburne。

Bob, you talked a lot about different content verticals for streaming.

Bob，你談了很多關於流媒體的不同垂直內容。

I wanted to ask you about sports.

我想問你關於運動的事。

How is the NFL and sort of your sports lineup outperforming?

NFL 和你的運動陣容表現如何？

Are you looking to add sports rights?

您是否希望增加體育權利？

And are there international strategies around adding sports to your streaming portfolio over time?

隨著時間的推移，是否有關於將體育運動添加到您的流媒體組合中的國際策略？

And then I'll just ask my follow-up now to Naveen.

然後我現在就問我對 Naveen 的跟進。

On the new segments next year.

關於明年的新細分市場。

I realize it's a ways out.

我意識到這是一條出路。

But I'm assuming that includes EBITDA.

但我假設這包括 EBITDA。

So we're going to be getting a direct-to-consumer segment EBITDA number.

因此，我們將獲得一個直接面向消費者細分市場的 EBITDA 數字。

And to your point earlier about content traveling, I guess you'll be using some sort of allocation between segments on programming that lives in both places.

就您之前關於內容旅行的觀點而言，我想您將在兩個地方的節目片段之間使用某種分配。

Just was wondering if you could give us some more color there.

只是想知道你是否可以給我們更多的顏色。

It's obviously an interesting addition to the sort of disclosures.

這顯然是對這種披露的一個有趣的補充。

Yes, sure.

是的，當然。

So look, I think the best way to think about the sports question is to talk about how Paramount+ consumption has evolved since the transformation.

所以看，我認為思考體育問題的最佳方式是談論派拉蒙+消費自轉型以來是如何演變的。

So we obviously transformed it from CBS All Access 9 months ago.

所以我們顯然在 9 個月前將它從 CBS All Access 轉換而來。

And in doing so, made 2 really big moves, which is adding kids and family content and films really at scale.

在這樣做的過程中，做了兩個非常大的舉措，那就是真正大規模地添加兒童和家庭內容和電影。

And that has dramatically changed the composition of subscriber acquisitions as well as engagement.

這極大地改變了用戶獲取和參與的構成。

Those categories were essentially 0 in the CBS All Access days, and now they're very material.

這些類別在 CBS All Access 時代基本上是 0，現在它們非常重要。

And they stand alongside, really, CBS, both entertainment and sports.

他們與 CBS 並肩作戰，無論是娛樂還是體育。

So as you talk about sports, there's no question it continues to be a really important category for us.

所以當你談論運動時，毫無疑問它對我們來說仍然是一個非常重要的類別。

In my remarks, I mentioned the power of the NFL and UEFA.

在我的發言中，我提到了 NFL 和 UEFA 的力量。

By the way, throw college football in there, too.

順便說一句，把大學橄欖球也扔進去。

They have continued to perform for us.

他們繼續為我們表演。

In fact, both the NFL and UEFA set in-house streaming records when they returned for Paramount+.

事實上，當 NFL 和 UEFA 回歸派拉蒙+時，他們都創造了內部流媒體記錄。

So super happy with that.

對此非常滿意。

Again, part of -- versus being focused on deepening that collection of sports, what we're focusing on is getting really an ROI from that sports and taking advantage of what I'd call a conjoint analysis of what else does sports consumers watch.

同樣，與專注於深化體育運動的一部分相比，我們關注的是從體育運動中獲得真正的投資回報，並利用我所謂的對體育消費者觀看的其他內容的聯合分析。

And by the way, the answer to that question tends to be, believe it or not, reality, adult animation and of course, scripted shows.

順便說一句，這個問題的答案往往是，信不信由你，現實，成人動畫，當然還有劇本節目。

So we're working on ensuring customer satisfaction of those sports fans and roughly 1/3 of people on Paramount+ have watched sports to go and make sure we're extending that lifetime value.

因此，我們正在努力確保那些體育迷的客戶滿意度，派拉蒙+大約 1/3 的人觀看過體育賽事，並確保我們正在擴展其終生價值。

So that's our principal focus today, certainly, in the U.S.

所以這是我們今天的主要關注點，當然，在美國。

Ex-U.

前U。

S., we don't really have a significant sports component.

S.，我們並沒有真正重要的運動成分。

We have some trials underway like in Australia with Australia -- Australian Football.

我們正在進行一些試驗，比如在澳大利亞的澳大利亞——澳大利亞足球。

But we don't really start with a cornerstone right.

但我們並沒有真正從基石權利開始。

So we're evaluating where to go with that.

所以我們正在評估該去哪裡。

Naveen?

納文？

Yes.

是的。

Ben, to your question on what to expect in terms of the new segment reporting, let me share a couple of thoughts.

Ben，關於您對新的細分報告的期望，讓我分享一些想法。

We're obviously making those changes because we are really evolving the way that we're managing the business, and we're increasingly thinking about it as the 3 parts that we outlined, that traditional media business that combines broadcast and cable networks, which is sort of a lower growth, but a very healthy margin business.

我們顯然正在做出這些改變，因為我們正在真正改變我們管理業務的方式，並且我們越來越多地將其視為我們概述的三個部分，即結合廣播和有線網絡的傳統媒體業務，是一種較低的增長，但利潤非常健康的業務。

The movie studio, which, as you know, is a core source of content for both our theatrical and streaming platforms.

如您所知，電影製片廠是我們的影院和流媒體平台的核心內容來源。

And then that D2C segment, which is the portfolio of a bunch of high-growth businesses where we're still in investment mode, but very bullish about the future growth potential.

然後是 D2C 部分，這是我們仍處於投資模式但非常看好未來增長潛力的一系列高增長業務的投資組合。

So yes, we will have those as fully independent segments, meaning the presentation will allow you to see the earnings power of our traditional businesses independent from the investment and contribution from streaming.

所以是的，我們將把它們作為完全獨立的部分，這意味著演示文稿將讓您看到我們傳統業務的盈利能力，獨立於流媒體的投資和貢獻。

And I think that will reveal a couple of important things.

我認為這將揭示一些重要的事情。

Number one, it will give you a holistic view of the direct-to-consumer business all the way through the P&L, to your question.

第一，它會通過損益表為您提供直接面向消費者業務的整體視圖，以解決您的問題。

And I think it will also demonstrate that earnings in our core business are relatively stable and materially higher than our consolidated OIBDA.

而且我認為這也將表明我們核心業務的收益相對穩定，並且大大高於我們合併的 OIBDA。

So I think it will be helpful to investors to look at the business in that way and get a much more accurate picture of how the different parts are evolving.

因此，我認為以這種方式看待業務並更準確地了解不同部分如何發展對投資者會有所幫助。

Our next question comes from the line of Doug Mitchelson with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Doug Mitchelson。

I guess my question, my follow-up.

我猜我的問題，我的後續行動。

Is the funnel from Pluto to Paramount+ sort of working as you hoped?

從冥王星到派拉蒙+的漏斗是否像你希望的那樣工作？

And is there more to go there?

還有更多可以去那裡嗎？

And I think as part of that, you made the Paramount+ Showtime bundle permanent recently after sort of a trial period.

我認為作為其中的一部分，您最近在試用期後將 Paramount+ Showtime 捆綁包永久化。

Any early results from that and any long-term path to just merging those services?

任何早期結果以及合併這些服務的任何長期路徑？

And my follow-up for Naveen is, could you give us a sense this year -- that over $2 billion for content spending, that's amortization, right?

我對 Naveen 的跟進是，你能否告訴我們今年的情況——超過 20 億美元的內容支出，這就是攤銷，對嗎？

Can you give us a sense of the cash versus book difference for streaming content spend and how we should think about that going forward?

您能否讓我們了解流媒體內容支出的現金與賬面差異，以及我們應該如何看待這一點？

Understanding that there might be linear content spending coming down, I would appreciate it.

了解到線性內容支出可能會下降，我將不勝感激。

Yes, Doug.

是的，道格。

So look, we have a differentiated strategy and one we believe is right for our company and right for the times.

所以看，我們有一個差異化的戰略，我們認為它適合我們的公司和時代。

And that strategy spans both free and pay, which gives us access to the largest total addressable market opportunity.

該策略涵蓋免費和付費，這使我們能夠獲得最大的潛在市場機會。

As you know, there's many types of consumers out there.

如您所知，那裡有許多類型的消費者。

Some people don't want to pay on one extreme.

有些人不想支付一個極端。

And on the other extreme, there are heavy users that are fine with paying very significant, call it, monthly bills for entertainment content.

而在另一個極端，有一些重度用戶願意為娛樂內容支付非常高的費用，稱之為每月賬單。

Both of those segments or all the segments are of very material size.

這兩個部分或所有部分都具有非常重要的尺寸。

And the products we have in the space, in this case, Paramount+ on one hand and Pluto on the other, and I'll come to Showtime, are differentiated in their space because they're both broad products.

我們在這個領域擁有的產品，在這種情況下，一方面是派拉蒙+，另一方面是冥王星，我將來到 Showtime，它們的空間是不同的，因為它們都是廣泛的產品。

We definitely believe there are synergies across this.

我們絕對相信這之間存在協同效應。

As you noted, Pluto as a free top-of-the-funnel service using our Paramount+ Picks channel, as an example, which showcases Paramount+ shows.

正如您所提到的，Pluto 作為一個免費的頂級渠道服務，使用我們的 Paramount+ Picks 頻道作為示例，該頻道展示了 Paramount+ 節目。

Likewise, exhibiting Showtime originals, first episodes, et cetera, both are good for subscriber acquisition.

同樣，展示 Showtime 原創作品、第一集等，都有助於獲取訂戶。

And then in the context of Paramount+ and Showtime in the U.S., those are 2 services with very, very low overlap in sub base.

然後在美國的 Paramount+ 和 Showtime 的背景下，這兩個服務在子基地的重疊非常非常低。

And so we believe a bundled strategy to the consumer could create some value.

因此，我們相信針對消費者的捆綁策略可以創造一些價值。

And as you know, we launched that product.

如您所知，我們推出了該產品。

There are other synergies in this business, too, particularly on the ad side.

該業務還存在其他協同效應，尤其是在廣告方面。

When you look across Pluto and Paramount+, and you heard Naveen talk about the growth rates of both of those ad businesses, obviously, those ad businesses need to be fueled by impression growth, and both of those businesses are growing impression.

當您查看 Pluto 和 Paramount+ 時，您聽到 Naveen 談到這兩個廣告業務的增長率，顯然，這些廣告業務需要受到印象增長的推動，而這兩個業務的印像都在增長。

So we like that combination.

所以我們喜歡這種組合。

We believe there is early evidence of synergy across that combination, and we'll continue to push that.

我們相信有早期證據表明這種組合會產生協同作用，我們將繼續推動這一點。

In terms of Showtime and Paramount+ combined, as you know, we're doing that outside the United States.

如您所知，就 Showtime 和 Paramount+ 的結合而言，我們正在美國以外的地方這樣做。

We think that will be really interesting to get some kind of real data on.

我們認為獲得某種真實數據會非常有趣。

But at the same time, they have very distinct brand positionings in the United States.

但同時，他們在美國有著非常鮮明的品牌定位。

Both are doing well, including Showtime OTT, that's really offsetting pressures in the linear business.

兩者都做得很好，包括 Showtime OTT，這確實抵消了線性業務的壓力。

And again, it has a very distinct positioning, has a great content slate whether it's shows like Billions or The L Word or The Chi, new hits like Your Honor.

再說一次，它有一個非常獨特的定位，無論是像 Billions 還是 The L Word 或 The Chi 這樣的節目，以及像 Your Honor 這樣的新熱門節目，它都有一個很棒的內容。

Dexter, I was at the red carpet premiere earlier in the week and the return of that.

德克斯特，本週早些時候我參加了紅地毯首映式，然後又回來了。

So Showtime continues to do very well, and we like this multifaceted configuration.

所以Showtime繼續做得很好，我們喜歡這種多方面的配置。

And real briefly on -- to your question on the content expense.

並簡要介紹一下您關於內容費用的問題。

Yes, the $2 billion is expense, not cash.

是的，這 20 億美元是費用，而不是現金。

We have not provided any specific color in terms of the long-term cash profile there.

就那裡的長期現金狀況而言，我們沒有提供任何具體的顏色。

I can tell you that in terms of Q4, I spoke in my prepared remarks about the trend on that expense between Q3 and Q4.

我可以告訴你，就第四季度而言，我在準備好的評論中談到了第三季度和第四季度之間該費用的趨勢。

And I would note that from a cash perspective, the increase in Q4 will probably be more modest than what we're seeing from an expense perspective.

而且我要指出，從現金的角度來看，第四季度的增長可能比我們從支出的角度看到的要溫和。

Our final question this morning comes from the line of Robert Fishman with MoffettNathanson.

我們今天早上的最後一個問題來自 Robert Fishman 和 MoffettNathanson 的對話。

Yes, just one on the supply chain.

是的，只有供應鏈上的一個。

So any impact that you can help share on auto or any other verticals on your portfolio, broadcast, cable networks, the local stations and even Pluto?

那麼，您可以在汽車或任何其他垂直領域對您的投資組合、廣播、有線網絡、地方電台甚至冥王星產生任何影響嗎？

And then more broadly, if you can discuss how the fourth quarter ad market is looking and any early cancellations you've seen for next quarter?

然後更廣泛地說，您是否可以討論第四季度廣告市場的情況以及您在下一季度看到的任何提前取消？

Yes, sure.

是的，當然。

Happy to talk about it.

很高興談論它。

Let me start by saying we were super happy with Q3 in our ad business.

首先讓我說我們對廣告業務的第三季度非常滿意。

We delivered growth in our advertising line, which as a reminder, excludes streaming ad revenue, and really strong growth when you combine both the advertising line and the streaming advertising line, we're up about 9% versus prior year, and we are up versus 2019 as well.

我們的廣告線實現了增長，提醒一下，不包括流媒體廣告收入，當您將廣告線和流媒體廣告線結合起來時，我們的增長非常強勁，我們比去年增長了約 9%，而且我們上升了與 2019 年相比也是如此。

But the meat of your question is really what's going on today.

但你的問題的實質是今天發生的事情。

So looking at the fourth quarter, we see a combination of headwinds and tailwinds in the quarter.

因此，看看第四季度，我們看到該季度的逆風和順風相結合。

On the headwind side, we do have some record political comps that we're up against.

在逆風方面，我們確實有一些我們正在反對的創紀錄的政治組合。

And yes, some supply chain-driven softness as we sit here today.

是的，當我們今天坐在這裡時，一些供應鏈驅動的疲軟。

You mentioned the auto category.

您提到了汽車類別。

There's definitely some softness there.

那里肯定有一些柔軟。

There's some softness in sort of physical tech-related products.

與物理技術相關的產品有一些柔軟性。

What I would say is that the softness translates into people wanting to shift spending out of it to better align with anticipated product availability, we're not seeing cancellations.

我想說的是，這種疲軟意味著人們希望將支出轉移出去，以更好地與預期的產品可用性保持一致，我們沒有看到取消。

So it's more of a shift to better meet when they think their product is going to be available to consumers.

因此，當他們認為他們的產品將可供消費者使用時，更多的是為了更好地滿足需求。

At the same time, there are some tailwinds in the quarter, which we're happy about.

與此同時，本季度有一些順風，我們對此感到高興。

Obviously, strong upfront pricing kicking in from the last upfront benefit of new fall season, including live sports and live sports is a big scatter driver.

顯然，強勁的前期定價從新秋季的最後前期收益開始，包括現場體育和現場體育是一個很大的分散驅動因素。

When we look at the quarter, we do expect strong growth relative to prior year and 2019 on a combined advertising and streaming advertising basis.

當我們查看本季度時，我們確實預計在廣告和流媒體廣告的綜合基礎上，相對於去年和 2019 年的強勁增長。

So despite some of these supply chain issues, we still see nice growth.

因此，儘管存在一些供應鏈問題，我們仍然看到了不錯的增長。

If we look a little bit further out, we don't really know at the end of the day how this supply chain issue, the timing of it reverting.

如果我們看得更遠一點，最終我們真的不知道這個供應鏈問題是如何發生的，它恢復的時間。

But when it does come back, we do see the potential for upside as clients will now need to move product that's been stuck.

但是當它真的回來時，我們確實看到了上行的潛力，因為客戶現在需要移動被卡住的產品。

We also have a great election cycle, I'm sure, coming in 2022, at least from an advertising perspective.

我敢肯定，我們還有一個很棒的選舉週期，至少從廣告的角度來看，它會在 2022 年到來。

And big picture, we really like our proposition, which combines linear and our EyeQ Digital as really being able to solve marketers' problems.

從大局來看，我們真的很喜歡我們的主張，它將線性和我們的 EyeQ Digital 結合起來，真正能夠解決營銷人員的問題。

And by the way, EyeQ is already 25% of our business.

順便說一句，EyeQ 已經占我們業務的 25%。

So we're tracking through it, but we're happy with our position in the ad market.

所以我們正在跟踪它，但我們對我們在廣告市場的地位感到滿意。

Now with that, I just close by saying these are really exciting times for ViacomCBS.

現在，我只想說這對 ViacomCBS 來說是非常激動人心的時刻。

We are executing well.

我們執行得很好。

We do have tremendous momentum, including with Paramount+ and Pluto TV.

我們確實擁有巨大的動力，包括派拉蒙+和冥王星電視。

Both of those products are really delivering for us.

這兩種產品都真正為我們提供了服務。

And when we look forward, we have what it takes to succeed in streaming.

當我們展望未來時，我們擁有在流媒體領域取得成功所需的一切。

We have this incredible breadth and depth of compelling content.

我們擁有令人難以置信的廣度和深度的引人入勝的內容。

We have robust distribution and marketing capabilities, and we have a strong and flexible financial engine.

我們擁有強大的分銷和營銷能力，我們擁有強大而靈活的金融引擎。

And that, in turn, represents a tremendous shareholder value creation opportunity.

而這反過來又代表了一個巨大的股東價值創造機會。

So we're really excited about the future.

所以我們對未來感到非常興奮。

We look forward to telling you more about it, including at our investor event early next year.

我們期待著告訴您更多關於它的信息，包括在我們明年初的投資者活動中。

So thanks all for joining us and stay well.

所以感謝大家加入我們並保持健康。

Thanks, operator.

謝謝，接線員。

That concludes our Q3 earnings call.

我們的第三季度財報電話會議到此結束。