Paramount Global (PARA) 2021 Q1 法說會逐字稿

Good day, everyone, and welcome to the Viacom Conference Call.

大家好，歡迎來到維亞康姆電話會議。

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, and thank you for taking the time to join us for our First Quarter 2021 Earnings Call.

大家早上好，感謝您抽出寶貴時間參加我們的 2021 年第一季度財報電話會議。

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

和我一起參加今天討論的還有我們的總裁兼首席執行官 Bob Bakish；和我們的首席財務官 Naveen Chopra。

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 also have a slide presentation for you to follow along with our remarks.

我們還提供了幻燈片演示文稿，供您參考我們的評論。

I want to refer you to the second slide in that presentation and remind you that certain statements made on this call are forward-looking statements that involve risks and uncertainties.

我想請您參考該演示文稿中的第二張幻燈片，並提醒您在本次電話會議上所做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。

Thanks, Anthony.

謝謝，安東尼。

Good morning, everyone, and thank you for joining us.

大家早上好，感謝您加入我們。

It's been about 10 weeks since we laid out our streaming strategy and goals at our investor event.

自從我們在投資者活動中製定流媒體戰略和目標以來，已經過去了大約 10 週。

Since then, we successfully launched Paramount+ in March, and I'm thrilled with where we are in streaming and overall.

從那時起，我們在 3 月成功推出了派拉蒙+，我對我們在流媒體和整體方面的地位感到興奮。

On today's call, I'll cover 3 topics: first, ViacomCBS' strong Q1, a quarter with clear operating strength and sequential improvement in key financial metrics; second, the company's momentum in streaming, momentum, which is clearly visible in the metrics across fee, pay and premium and momentum, which gives us even more confidence in our strategy; and third, our path forward, an overview of the content we have coming and our plan to build on the early success of Paramount+ by leaning in even more.

在今天的電話會議上，我將討論 3 個主題：第一，維亞康姆哥倫比亞廣播公司第一季度的強勁表現，這是一個運營實力明顯且關鍵財務指標連續改善的季度；其次，公司在流媒體方面的勢頭，勢頭，這在費用、薪酬和溢價等指標中清晰可見，這讓我們對我們的戰略更有信心；第三，我們前進的道路，對我們即將推出的內容的概述，以及我們在派拉蒙+早期成功的基礎上通過更多努力的計劃。

Then I'll hand it over to Naveen to provide additional financial and operational detail before opening it up to take your questions.

然後，我將把它交給 Naveen 以提供更多的財務和運營細節，然後再打開它來回答你的問題。

I'll start with Q1 2021 results.

我將從 2021 年第一季度的結果開始。

What I'm pleased to say, we achieved another quarter of year-over-year growth in revenue, adjusted OIBDA and adjusted EPS, further demonstrating the strength of ViacomCBS and a related recovery from COVID impact on the business.

我很高興地說，我們在收入、調整後的 OIBDA 和調整後的每股收益方面實現了又一個季度的同比增長，進一步展示了 ViacomCBS 的實力以及 COVID 對業務影響的相關復甦。

It all starts with the power of our content and its enduring popularity with audiences.

這一切都始於我們內容的力量及其在觀眾中的持久受歡迎程度。

In Q1, ViacomCBS had the #1 share of viewing in the U.S. across key demos.

在第一季度，ViacomCBS 在美國的關鍵演示中的觀看份額排名第一。

As part of that, CBS currently ranks #1 among all broadcasters and will finish the 2020-2021 season as America's most watched network in primetime for the 13th straight season.

作為其中的一部分，CBS 目前在所有廣播公司中排名第一，並將在 2020-2021 賽季結束時連續第 13 個賽季成為美國黃金時段收視率最高的網絡。

We also own the most top 30 cable networks among persons 2+ and persons 18-49 in the quarter, and Showtime had the top 2 scripted shows on premium cable.

我們還擁有本季度 2 歲以上和 18-49 歲人群中排名前 30 的有線電視網絡，Showtime 擁有前 2 名的優質有線電視節目。

In social, ViacomCBS was the #1 company on broadcast, cable, radio and film properties in global social views.

在社交方面，ViacomCBS 是全球社交媒體中廣播、有線電視、廣播和電影資產排名第一的公司。

And as you'll hear momentarily, streaming consumption is on a powerful growth trajectory.

正如您稍後會聽到的那樣，流媒體消費正處於強勁的增長軌道上。

That performance translated into total revenues of $7.4 billion, a 14% increase year-over-year, driven by strength across key revenue types, including advertising, affiliate and streaming.

這一業績轉化為 74 億美元的總收入，同比增長 14%，這得益於廣告、聯屬網絡營銷和流媒體等主要收入類型的實力。

In advertising, which now excludes streaming, revenue grew 21%.

在現在不包括流媒體的廣告方面，收入增長了 21%。

The big picture here is that underlying advertising demand is strong and trending in a positive direction as the reopening of the economy gains momentum.

這裡的大局是，隨著經濟的重新開放獲得動力，潛在的廣告需求強勁並朝著積極的方向發展。

And of course, we clearly benefited from our broadcast of the Super Bowl and NCAA tournament games.

當然，我們明顯受益於超級碗和 NCAA 錦標賽的轉播。

In affiliate, which now also excludes streaming, we're seeing the power of the combined company manifest itself as revenue grew 5%, benefiting from successful renewal activity, incremental carriage and price increases.

在現在也不包括流媒體的附屬公司中，我們看到合併後的公司的力量體現在收入增長 5% 上，這得益於成功的續訂活動、增量運輸和價格上漲。

And since our last call, 14 ViacomCBS Cable Networks, including Comedy Central, MTV, Nickelodeon and BET went live on Hulu's vMVPD platform.

自我們上次通話以來，包括 Comedy Central、MTV、Nickelodeon 和 BET 在內的 14 個 ViacomCBS 有線電視網絡在 Hulu 的 vMVPD 平台上上線。

We also completed a new distribution deal with Frontier, further demonstrating our valuable partnerships and must-have content.

我們還與 Frontier 完成了一項新的分銷協議，進一步展示了我們寶貴的合作夥伴關係和必備內容。

And we've seen robust growth in global streaming revenue, which is up 65% year-over-year.

我們已經看到全球流媒體收入強勁增長，同比增長 65%。

I'll dig into this momentarily.

我會馬上深入研究這個。

On top of that, we have substantially strengthened our financial position, benefiting from the $1.7 billion of adjusted free cash flow we generated in the quarter and fortified by the $2.7 billion of capital we raised from our equity offering in March.

最重要的是，我們受益於我們在本季度產生的 17 億美元的調整後自由現金流，以及我們從 3 月份的股票發行中籌集的 27 億美元的資本，大大加強了我們的財務狀況。

Now I'd like to spend some time on our strategy and execution in streaming.

現在我想花一些時間在我們的流媒體策略和執行上。

Starting with free, where Pluto TV is the largest free ad-supported streaming service across all metrics: monthly active users, total viewing hours and revenue, this based on all publicly disclosed information.

從免費開始，Pluto TV 是所有指標中最大的免費廣告支持的流媒體服務：每月活躍用戶、總觀看時間和收入，這基於所有公開披露的信息。

Clearly, the top of funnel continues to be robust, particularly as Pluto TV added 6 million MAUs in the quarter, bringing the total global monthly active users to nearly 50 million, reflecting continued domestic growth and international expansion.

顯然，漏斗頂部繼續強勁，特別是 Pluto TV 在本季度增加了 600 萬 MAU，使全球每月活躍用戶總數達到近 5000 萬，反映了持續的國內增長和國際擴張。

And that use of growth is translating into strong advertising performance.

而這種對增長的利用正在轉化為強大的廣告業績。

Across all our streaming advertising businesses, we saw a 62% surge in year-over-year growth in streaming advertising revenue, reaching $428 million in the first quarter.

在我們所有的流媒體廣告業務中，我們看到流媒體廣告收入同比增長 62%，第一季度達到 4.28 億美元。

That growth was led by Pluto TV, where revenue more than doubled year-over-year.

這一增長由 Pluto TV 引領，其收入同比增長一倍多。

High-value connected TV usage accounts for the overwhelming majority of Pluto TV consumption, with domestic monthly watch time per user increasing 28% year-on-year, making it a very desirable advertising platform for our clients.

高價值聯網電視使用量佔冥王星電視消費的絕大部分，國內每用戶每月觀看時長同比增長 28%，使其成為我們客戶非常理想的廣告平台。

To build on this growth, Pluto TV continues to substantially scale its content offerings.

為了鞏固這一增長，Pluto TV 繼續大幅擴展其內容產品。

During the quarter, Pluto TV launched 19 new channels, including Major League Baseball, Smithsonian, and Paramount+ picks.

本季度，Pluto TV 推出了 19 個新頻道，包括美國職棒大聯盟、史密森尼和派拉蒙+精選頻道。

All in, Pluto TV now has over 150,000 hours of content from 250 active U.S. partners.

總而言之，Pluto TV 現在擁有來自 250 個活躍的美國合作夥伴的超過 150,000 小時的內容。

And this week, we launched Pluto TV on Español, a both new update and expansion, essentially doubling Pluto TV's U.S. Hispanic offering to nearly 50 channels and 20,000 hours of content.

本週，我們在 Español 上推出了 Pluto TV，這是一項新的更新和擴展，基本上將 Pluto TV 的美國西班牙裔節目翻了一番，擁有近 50 個頻道和 20,000 小時的內容。

This, alongside the existing English offering, makes it ideal for bilingual audiences as well.

這與現有的英語產品一起，也使其成為雙語觀眾的理想選擇。

Internationally, we also continue our expansion of Pluto TV.

在國際上，我們還繼續擴展 Pluto TV。

During the quarter, we launched in France and are now in 25 markets spanning Latin America, including Brazil, the U.K., Germany and Spain.

本季度，我們在法國推出業務，目前已進入拉丁美洲的 25 個市場，包括巴西、英國、德國和西班牙。

Bottom line, Pluto TV has seen robust global growth in usage, monetization and sell-through, benefiting from a strong set of underlying drivers and overdelivering across all metrics.

歸根結底，Pluto TV 在全球使用量、貨幣化和銷售量方面實現了強勁增長，這得益於一系列強大的潛在驅動因素和所有指標的超額交付。

In premium streaming, Showtime OTT had its strongest quarter ever, delivering another record-setting quarter in sign-ups while generating unprecedented viewership.

在優質流媒體方面，Showtime OTT 創下了有史以來最強勁的季度，在註冊人數方面又創下了一個創紀錄的季度，同時產生了前所未有的收視率。

In fact, it was the best quarter ever for streams and hours watched on the service.

事實上，這是有史以來觀看該服務的流和小時數最好的季度。

Viewers were highly engaged, driven by hits like Shameless and Your Honor.

在《無恥之徒》和《法官大人》等熱門影片的推動下，觀眾的參與度很高。

And looking forward, the content lineup for Showtime over the next year looks really strong.

展望未來，明年 Showtime 的內容陣容看起來非常強大。

And then there's Paramount+.

然後是派拉蒙+。

As I said at our Investor Day, Paramount+ comes to the streaming space with real competitive advantages and with a strategy that's unique to the marketplace.

正如我在我們的投資者日上所說，派拉蒙+ 以真正的競爭優勢和市場獨有的戰略進入流媒體領域。

As a result of the strong launch of Paramount+ on March 4 and the continued momentum in our other streaming services, we added 6 million new global streaming subscribers in the quarter, bringing our total global streaming subscribers to 36 million.

由於 3 月 4 日派拉蒙+ 的強勢推出以及我們其他流媒體服務的持續發展勢頭，我們在本季度新增了 600 萬全球流媒體訂閱者，使我們的全球流媒體訂閱者總數達到 3600 萬。

Needless to say, we're thrilled with these early results.

不用說，我們對這些早期結果感到興奮。

We're clearly seeing the benefit of putting the full power of ViacomCBS behind Paramount+.

我們清楚地看到了將 ViacomCBS 的全部功能置於 Paramount+ 之後的好處。

The service benefited from a dramatically expanded and diversified content slate communicated through a robust multi-platform marketing campaign.

該服務受益於通過強大的多平台營銷活動傳達的大幅擴展和多樣化的內容。

March was our biggest month ever for sign-ups.

三月是我們有史以來註冊人數最多的月份。

And consumption was strong, with watch time per active subscriber up 17% year-over-year.

消費強勁，每位活躍用戶的觀看時間同比增長 17%。

The broadening of this service is clearly working.

這項服務的擴展顯然正在發揮作用。

In fact, almost half of subscriber engagement came from originals as well as content from Paramount and our Cable Networks.

事實上，幾乎一半的訂戶參與來自派拉蒙和我們的有線電視網絡的原創內容以及內容。

And our diversified content mix, including kids content, content from MTV and sports like soccer, reduced the average age of new subscribers by 6 years in the quarter.

我們多元化的內容組合，包括兒童內容、MTV 內容和足球等體育運動，在本季度將新用戶的平均年齡降低了 6 歲。

Looking ahead, we're excited about the ad-supported Paramount+ $4 99 tier, which will be coming in early June.

展望未來，我們對廣告支持的 Paramount+ 4 99 美元套餐感到興奮，該套餐將於 6 月初推出。

Paramount+ joins Pluto TV's premium digital inventory and anchors of our ViacomCVS IT advertising offering, providing us with another powerful tool to showcase the full advertising power of ViacomCBS and our ability to satisfy the growing demand among advertisers in the category.

Paramount+ 加入了 Pluto TV 的優質數字廣告資源和 ViacomCVS IT 廣告服務的主播，為我們提供了另一個強大的工具來展示 ViacomCBS 的全部廣告能力以及我們滿足該類別廣告客戶不斷增長的需求的能力。

Internationally, we launched Paramount+ in Latin America, Nordics and Canada.

在國際上，我們在拉丁美洲、北歐和加拿大推出了派拉蒙+。

And these markets are also showing strong initial performance when it comes to both subscriber and engagement trends.

這些市場在訂閱者和參與趨勢方面也表現出強勁的初始表現。

And as part of the international rollout, we're expanding our distribution and awareness of Paramount+ by signing creative partnerships with leading MVPDs and e-commerce platform.

作為國際推廣的一部分，我們正在通過與領先的 MVPD 和電子商務平台簽署創造性合作夥伴關係來擴大我們對 Paramount+ 的分銷和知名度。

For example, in April, Paramount+ launched on Megacable, one of the largest cable operators in Mexico.

例如，4 月，Paramount+ 在墨西哥最大的有線電視運營商之一 Megacable 上推出。

Also in April, Paramount+ partnered with Mercado Libre, the largest e-commerce ecosystem in Latin America with recent launches in Brazil and Mexico.

同樣在 4 月，Paramount+ 與拉丁美洲最大的電子商務生態系統 Mercado Libre 合作，該生態系統最近在巴西和墨西哥推出。

Another international transaction I want to highlight is our agreement to acquire Chilevisión, the leading broadcast network in Chile.

我想強調的另一項國際交易是我們同意收購智利領先的廣播網絡Chilevisión。

This deal will strengthen and expand our presence in the Southern cone of Latin America and help accelerate our streaming strategy in the region by expanding our already substantial Spanish language library and production capabilities.

這筆交易將加強和擴大我們在拉丁美洲南錐體的影響力，並通過擴大我們已經很強大的西班牙語庫和生產能力來幫助加速我們在該地區的流媒體戰略。

Together with Telefe in the South cone, Chilevisión will contribute to ViacomCBS International Studios, becoming one of the largest content creators of Spanish language globally.

與南錐體的 Telefe 一起，Chilevisión 將為 ViacomCBS 國際工作室做出貢獻，成為全球最大的西班牙語內容創作者之一。

And it's a great promotional asset for our streaming product offerings as well.

對於我們的流媒體產品來說，這也是一個很好的促銷資產。

Stepping back from this, it's clear our unique strategy across free, premium and paid is working, which is why we're leaning in even more.

退一步說，很明顯我們在免費、付費和付費方面的獨特策略正在發揮作用，這就是我們更加傾向於的原因。

As you know, we completed a $2.7 billion capital raise in March.

如您所知，我們在 3 月份完成了 27 億美元的融資。

Naveen will speak about this in greater detail in a few minutes.

Naveen 將在幾分鐘後更詳細地討論這一點。

But know that we did this transaction because we saw an attractive opportunity to raise capital to further incremental content and other investments to further drive our streaming ambition.

但是要知道，我們進行了這項交易，因為我們看到了一個有吸引力的機會來籌集資金以進一步增加內容和其他投資，以進一步推動我們的流媒體雄心。

And we've already begun to move on a few early opportunities in this regard.

在這方面，我們已經開始著手利用一些早期的機會。

I want to finish by speaking a bit more of what's to come, particularly from a content perspective.

最後，我想多談談即將發生的事情，特別是從內容的角度。

In February, we laid out a content strategy for Paramount+, a strategy focused on key pillars that differentiate the service in the market: sports, news, kids, unscripted reality, scripted and movies.

2 月，我們為 Paramount+ 制定了內容戰略，該戰略側重於使服務在市場上脫穎而出的關鍵支柱：體育、新聞、兒童、無劇本現實、有劇本和電影。

And since launch, that content has already started to scale and show real momentum.

自推出以來，該內容已經開始擴展並顯示出真正的勢頭。

There's no question that live sports and breaking news clearly differentiates Paramount+.

毫無疑問，體育直播和突發新聞明顯區分了派拉蒙+。

And Q1 saw a series of important events in this lane, including the Super Bowl, UEFA, the NCAA Men's Tournament, the PGA Tour and Oprah's Interview Special with Meghan and Harry.

Q1 在這條賽道上見證了一系列重要賽事，包括超級碗、歐足聯、NCAA 男子錦標賽、美巡賽和奧普拉對梅根和哈里的專訪。

These events were key engagement and sign-up drivers.

這些活動是關鍵的參與和註冊驅動因素。

And looking forward, we're excited about our expanded soccer slate, the return of the NFL, College Football and more.

展望未來，我們對我們擴大的足球名單、NFL 的回歸、大學橄欖球等感到興奮。

Speaking of football.

說到足球。

As you know, in March, we extended our partnership with the NFL for another decade.

如您所知，3 月份，我們將與 NFL 的合作夥伴關係延長了十年。

This is a partnership we're thrilled about, and streaming rights are a critical component of that deal.

這是我們很高興的合作夥伴關係，流媒體版權是該交易的關鍵組成部分。

Among other things, Paramount+ will have the flexibility to distribute NFL game on both the premium tier at $9.99 and a new $4.99 ad-supported tier.

除此之外，Paramount+ 將可以靈活地在 9.99 美元的高級層和新的 4.99 美元的廣告支持層上分發 NFL 遊戲。

And as we announced in February, Inside The NFL will be exclusively available on Paramount+ starting this fall.

正如我們在 2 月份宣布的那樣，Inside The NFL 將從今年秋季開始在 Paramount+ 上獨家發售。

And we're continuing to build critical mass in soccer.

我們正在繼續在足球中建立臨界質量。

CBS Sports and Paramount+ recently acquired exclusive U.S. rights to Serie A, the premier Italian soccer league.

CBS Sports 和 Paramount+ 最近獲得了意大利頂級足球聯賽 Serie A 在美國的獨家版權。

It's another major step in us becoming the #1 destination for soccer fans with an unbeatable portfolio of now over 1,400 soccer matches each year, with teams including Juventus, Real Madrid and Chelsea.

這是我們成為足球迷第一目的地的又一重要步驟，我們擁有無與倫比的投資組合，現在每年有超過 1,400 場足球比賽，包括尤文圖斯、皇家馬德里和切爾西。

This, on top of all the other marquee CBS sporting events we deliver.

這是我們提供的所有其他大型 CBS 體育賽事的基礎。

Moving to kids.

搬到孩子們身邊。

Thanks to our Nickelodeon brand and massive library with renowned characters and global franchises, subscribers are discovering new content or rewatching some of their favorite shows.

由於我們的 Nickelodeon 品牌和擁有知名角色和全球特許經營權的龐大圖書館，訂閱者正在發現新內容或重新觀看他們最喜愛的一些節目。

Since the Paramount+ launch, we've seen robust audience engagement with kids and family content.

自派拉蒙+ 推出以來，我們已經看到觀眾對兒童和家庭內容的積極參與。

Nickelodeon originals like The SpongeBob Movie: Sponge on the Run, Camp Coral as well as library content like Paw Patrol, were some of the strong performers in the quarter, driving sign-ups and engagement.

Nickelodeon 的原創作品，如海綿寶寶電影：奔跑的海綿、Camp Coral 以及 Paw Patrol 等圖書館內容，在本季度表現出色，推動了註冊和參與。

And we're excited for the upcoming launches of Rugrats in May and iCarly in June, new versions of 2 iconic Nick franchises that have fans buzzing in social.

我們為即將在 5 月推出的 Rugrats 和 6 月推出的 iCarly 感到興奮，這兩個標誌性的 Nick 特許經營權的新版本在社交媒體上引起了粉絲的熱烈討論。

In unscripted and reality, the fastest-growing genre in streaming, we saw solid early momentum.

在流媒體中增長最快的流媒體類型即無劇本和現實中，我們看到了強勁的早期勢頭。

Exclusive original shows like MTV's The Challenge All Stars and Real World Homecoming, plus library shows like Ink Master, all had very strong engagement.

MTV 的 The Challenge All Stars 和 Real World Homecoming 等獨家原創節目，以及 Ink Master 等圖書館節目的參與度都非常高。

And we continue to ramp up reality series on the platform, including new exclusive originals starting with Cradle to the Stage starring Dave Grohl later this month; a new RuPaul in June; and later in the year, the return of Behind the Music.

我們繼續在平台上增加真人秀系列，包括本月晚些時候由戴夫格羅爾主演的從搖籃到舞台的新獨家原創節目；六月新的 RuPaul；同年晚些時候，《Behind the Music》回歸。

And in scripted.

並在腳本中。

Originals like The Stand, Younger and Star Trek: Discovery are performing extraordinarily well.

The Stand、Younger 和 Star Trek: Discovery 等原創作品的表現非常出色。

By the end of the year, you'll start to see a substantially scaled volume of new exclusive originals, including new drama series like the first Yellowstone spinoff, Y: 1883; female-led dramas like Why Women Kill and The Good Fight; comedies such as Inside Amy Schumer, Trevor Noah Weekly and The Game; and original franchises like Star Trek: Prodigy and the fourth season of Star Trek: Discovery.

到今年年底，您將開始看到大量新的獨家原創作品，包括新的連續劇，例如黃石公園的第一部衍生劇《Y：1883》；女性主導的電視劇，例如為什麼女人殺人和好戰；喜劇如 Inside Amy Schumer、Trevor Noah Weekly 和 The Game；以及《星際迷航：神童》和《星際迷航：探索》第四季等原創特許經營權。

In addition, we're expanding our global Paramount+ pipeline.

此外，我們正在擴展我們的全球 Paramount+ 管道。

As a first step in this endeavor, we're adding a number of originals produced by Viacom International Studios.

作為這一努力的第一步，我們將添加一些由維亞康姆國際工作室製作的原創作品。

This will start as soon as this summer with scripted content produced in Latin America and factual content produced out of the U.K.

最早將於今年夏天開始，由拉丁美洲製作的腳本內容和英國製作的事實內容開始。

Finally, turning to movies, where we are poised to dramatically enhance the scale of our offerings.

最後，轉向電影，我們準備大幅提升我們產品的規模。

In fact, we will shortly kick off a mountain of movies marketing campaign, where we will highlight the thousands of new movies we're adding to Paramount+, including blockbuster hits and exclusive originals.

事實上，我們很快將啟動大量電影營銷活動，其中我們將重點介紹我們正在添加到派拉蒙+ 的數千部新電影，包括大片和獨家原創電影。

We start by greatly expanding the depth of the film library on the service.

我們首先在服務上大大擴展了電影庫的深度。

1,000 additional movies are going live in early June with additional titles following through July, bringing the total to over 2,500.

6 月初將有 1,000 部額外電影上映，7 月份還會有更多影片上映，總數超過 2,500 部。

Hits like The Avengers and Skyfall will be available on the service soon as well as a bunch of great Paramount films like Mission: Impossible - Ghost Protocol, Rocketman, Sonic The Hedgehog and more.

復仇者聯盟和 Skyfall 等熱門影片以及一系列偉大的派拉蒙電影（如 Mission：Impossible - Ghost Protocol、Rocketman、Sonic The Hedgehog 等）將很快在該服務上推出。

And I'm thrilled to announce that Infinite, a sci-fi thriller starring Mark Walberg, will premiere exclusively on Paramount+ in June.

我很高興地宣布，馬克·沃爾伯格主演的科幻驚悚片《無限》將於 6 月在派拉蒙+ 獨家首映。

That will be followed by the streaming premier of A Quiet Place Part 2, after its 45-day theatrical run, and we will follow that with the Paw Patrol Movie, a treat for families eagerly awaiting a feature-length version of the most popular preschool characters in the world.

緊隨其後的是《寂靜之地》第 2 部分的流媒體首映，在其 45 天的影院放映之後，我們將緊隨其後的是《爪子巡邏隊》電影，這是為急切等待最受歡迎的學前教育長篇版本的家庭提供的款待世界上的人物。

In addition, new original movies like Paranormal Activity and In Between will premiere on Paramount+ by the end of '21.

此外，《超自然活動》和《介於兩者之間》等新原創電影將於 21 年底在派拉蒙+ 上首映。

And all of this is a preview to a substantial ramping up of original movies next year, where we expect to begin averaging an original movie a week in 2022.

所有這一切都是對明年原創電影大幅增加的預演，我們預計將在 2022 年開始平均每週製作一部原創電影。

We'll have more on this in the months ahead.

在接下來的幾個月中，我們將對此進行更多介紹。

And finally, we're moving to accelerate Paramount+'s global expansion.

最後，我們正在加速 Paramount+ 的全球擴張。

We have already established ourselves in Canada, the Nordics and all of Latin America, including Brazil.

我們已經在加拿大、北歐和包括巴西在內的整個拉丁美洲站穩了腳跟。

Next up is Australia on August 11, a launch that will include Paramount movies, Showtime and Paramount+ originals, in addition to a cross-section of product from our cable brands and Network 10.

接下來是 8 月 11 日在澳大利亞舉行的發布會，其中包括派拉蒙電影、Showtime 和派拉蒙+ 原創電影，以及來自我們有線電視品牌和 Network 10 的橫截面產品。

By the end of 2021, we'll have launched subscription streaming services led by Paramount+ in 25 markets.

到 2021 年底，我們將在 25 個市場推出以派拉蒙+ 為首的訂閱流媒體服務。

And now we plan to almost double that by the end of 2022 when our global streaming footprint will reach 45 markets, all in less than 2 years.

現在，我們計劃到 2022 年底將這一數字翻一番，屆時我們的全球流媒體業務將在不到 2 年的時間內達到 45 個市場。

Net-net, we're thrilled with the performance of Paramount+ thus far.

Net-net，我們對 Paramount+ 迄今為止的表現感到非常興奮。

Our strategy is working.

我們的策略正在奏效。

We're investing in content with a disciplined approach.

我們以嚴謹的方式投資於內容。

We have a lot in the pipeline, and we look forward to what's to come.

我們有很多東西正在籌備中，我們期待著即將發生的事情。

Now I'll turn it over to Naveen to cover the quarter's financial performance in greater detail.

現在我將把它交給 Naveen 來更詳細地介紹本季度的財務業績。

Naveen?

納文？

Thank you, Bob, and good morning, everyone.

謝謝你，鮑勃，大家早上好。

As Bob mentioned, we had very strong financial results in the first quarter of 2021 across revenue, adjusted OIBDA, adjusted EPS and adjusted free cash flow.

正如鮑勃所提到的，我們在 2021 年第一季度的收入、調整後的 OIBDA、調整後的每股收益和調整後的自由現金流方面都取得了非常強勁的財務業績。

Our results reflect robust growth in streaming, where we saw record subscriber additions and revenue growth of 65% as well as solid performance in our linear business.

我們的業績反映了流媒體的強勁增長，我們看到創紀錄的用戶增加和收入增長 65%，以及我們線性業務的穩健表現。

Our first quarter streaming results are evidence of the early positive response we have seen from the launch of Paramount+ and continued momentum in Pluto TV and Showtime OTT.

我們第一季度的流媒體結果證明了我們從派拉蒙+ 的推出以及 Pluto TV 和 Showtime OTT 的持續勢頭中看到的早期積極響應。

We added 6 million global streaming subscribers in Q1, marking a record quarter of subscriber growth and taking us to 36 million global streaming subscribers as of quarter end.

我們在第一季度增加了 600 萬全球流媒體訂閱用戶，創下季度訂閱用戶增長紀錄，截至季度末，我們的全球流媒體訂閱用戶達到 3600 萬。

The significant majority of new subscribers were from Paramount+.

絕大多數新訂戶來自派拉蒙+。

And of those, the significant majority were domestic customers.

其中，絕大多數是國內客戶。

The combination of subscriber growth and increased engagement helped streaming subscription revenue grow 69% to $388 million.

訂戶增長和參與度增加相結合，幫助流媒體訂閱收入增長 69% 至 3.88 億美元。

These results include the impact of subscribers whose free trials extended beyond quarter end and international subscriber growth, where ARPUs are generally lower relative to domestic subscriptions.

這些結果包括免費試用期超過季度末的訂戶的影響和國際訂戶增長，其中 ARPU 通常低於國內訂戶。

Turning to streaming advertising.

轉向流媒體廣告。

The largest driver of growth came from Pluto TV, where we added 6.4 million global Pluto TV MAUs in Q1 and now reached nearly 50 million MAUs globally.

最大的增長動力來自 Pluto TV，我們在第一季度增加了 640 萬全球 Pluto TV MAU，現在全球 MAU 達到近 5000 萬。

Pluto TV engagement also continues to improve.

冥王星電視的參與度也在繼續提高。

Average monthly watch time per domestic user increased 28% year-on-year in the first quarter.

一季度國內用戶平均每月觀看時長同比增長28%。

The increased engagement, combined with domestic sell-through rates that were up 600 basis points, drove significant improvements in Pluto's domestic ARPU.

參與度的增加，加上國內銷售率上升 600 個基點，推動了 Pluto 國內 ARPU 的顯著改善。

The evolution of Pluto's domestic business also gives us confidence that a similar pattern of international monetization growth can be unlocked as we scale globally.

Pluto 國內業務的發展也讓我們相信，隨著我們在全球範圍內擴張，類似的國際貨幣化增長模式可以解鎖。

Overall, Pluto TV revenue more than doubled in Q1 on a year-over-year basis for the third consecutive quarter.

總體而言，第一季度冥王星電視收入連續第三個季度同比增長一倍以上。

The strong advertising performance from Pluto TV and our other brand-specific streaming sites and apps, all of which are critical drivers of our IQ digital ad platform, drove a 62% increase in streaming advertising revenue to $428 million.

Pluto TV 和我們其他品牌特定的流媒體網站和應用程序的強勁廣告表現，所有這些都是我們 IQ 數字廣告平台的關鍵驅動因素，推動流媒體廣告收入增長 62% 至 4.28 億美元。

Advertising revenue, which excludes streaming, grew 21% in the quarter to $2.7 billion, driven by the success of Super Bowl LV and the return of the NCAA Men's Basketball Tournament, neither of which aired on CBS in the prior year period.

不包括流媒體的廣告收入在本季度增長了 21%，達到 27 億美元，這得益於超級碗 LV 的成功和 NCAA 男子籃球錦標賽的回歸，而這兩項賽事均未在 CBS 播出。

Advertising demand continues to improve with strong scatter pricing relative to the upfront and last year's scatter market.

相對於前期和去年的分散市場，廣告需求持續改善，分散定價強勁。

Affiliate revenue, which also excludes streaming, grew 5% in Q1 to $2.1 billion.

不包括流媒體的附屬收入在第一季度增長了 5%，達到 21 億美元。

We continue to benefit from distribution renewals signed in 2020 that included incremental carriage and improved economics as well as contractual rate increases, which more than offset the decline in the number of pay TV subscribers.

我們繼續受益於 2020 年簽署的分銷續約，其中包括增加運輸、改善經濟性以及提高合同費率，這足以抵消付費電視用戶數量的下降。

Licensing and other revenue grew 11% to $1.8 billion.

許可和其他收入增長 11% 至 18 億美元。

Keep in mind that licensing revenue is reported on a consolidated basis after the elimination of significant intercompany licensing transactions related to content on Paramount+.

請記住，在消除與 Paramount+ 內容相關的重大公司間許可交易後，許可收入是在合併基礎上報告的。

Theatrical revenue was insignificant in Q1 as we had no releases in the quarter.

第一季度的影院收入微不足道，因為我們在本季度沒有發布。

We are looking forward to our first theatrical release in over a year with A Quiet Place 2, which debuts in theaters on May 28.

我們期待著一年多來的首個劇場版《寂靜之地 2》，將於 5 月 28 日在影院上映。

Total revenue was $7.4 billion, up 14% year-over-year, leading to adjusted OIBDA of $1.6 billion, up 31% year-over-year.

總收入為 74 億美元，同比增長 14%，調整後的 OIBDA 為 16 億美元，同比增長 31%。

And diluted EPS was $1.52, up 36% year-over-year.

攤薄後每股收益為 1.52 美元，同比增長 36%。

The growth in adjusted OIBDA benefited from our strong revenue growth, partially offset by costs associated with our investment in Paramount+.

調整後的 OIBDA 的增長得益於我們強勁的收入增長，部分被我們對 Paramount+ 的投資相關成本所抵消。

Q1 adjusted free cash flow was $1.7 billion, benefiting from OIBDA growth and the timing of cash production spend and favorable collections, among other factors.

第一季度調整後的自由現金流為 17 億美元，受益於 OIBDA 的增長以及現金生產支出的時機和有利的收款等因素。

Moving to the balance sheet.

轉移到資產負債表。

During Q1, we redeemed $2 billion of debt and raised $2.7 billion of cash from the sale of equity and mandatory convertible preferred securities.

在第一季度，我們通過出售股權和強制性可轉換優先證券贖回了 20 億美元的債務並籌集了 27 億美元的現金。

In combination with our strong free cash flow generation, these transactions resulted in $5.5 billion of cash on hand and total debt of $17.8 billion at quarter end.

結合我們強大的自由現金流產生，這些交易在季度末產生了 55 億美元的手頭現金和 178 億美元的總債務。

This translates to a 2.2x net leverage ratio as of March 31.

這相當於截至 3 月 31 日的 2.2 倍淨槓桿率。

I'd now like to share some insights regarding the second quarter.

我現在想分享一些關於第二季度的見解。

We expect continued robust growth in streaming revenue with the Q2 growth rates for total streaming revenue, streaming advertising revenue and streaming subscription revenue, all accelerating versus the Q1 growth rates.

我們預計流媒體收入將繼續強勁增長，第二季度總流媒體收入、流媒體廣告收入和流媒體訂閱收入的增長率均高於第一季度的增長率。

Streaming subscription revenue, in particular, will benefit from Paramount+ subscribers who began free trials in Q1 but only start generating revenue in Q2.

特別是流媒體訂閱收入將受益於派拉蒙+訂閱者，他們在第一季度開始免費試用，但在第二季度才開始產生收入。

We expect another quarter of strong double-digit advertising growth as demand continues to improve and scatter pricing remains at all-time highs.

隨著需求持續改善且分散定價仍處於歷史高位，我們預計廣告將再有一個季度實現兩位數的強勁增長。

We will also benefit from the NCAA Final 4 and championship games, which didn't occur in the prior year period.

我們還將受益於去年沒有發生的 NCAA 總決賽 4 和冠軍賽。

Turning to affiliate revenue.

轉向附屬收入。

We expect to see modest acceleration in the year-over-year growth in Q2 relative to Q1 as we continue to benefit from several new distribution deals signed in 2020 and early 2021, which include increased pricing and expanded distribution.

我們預計第二季度相對於第一季度的同比增長將適度加速，因為我們將繼續受益於 2020 年和 2021 年初簽署的幾項新分銷交易，其中包括提高定價和擴大分銷。

For content licensing, we expect revenue to decline year-on-year because Q2 2020 included significant revenue and OIBDA from the licensing of South Park.

對於內容許可，我們預計收入將同比下降，因為 2020 年第二季度包括來自南方公園許可的大量收入和 OIBDA。

In regard to Q2 adjusted free cash flow, we expect some reversal of the working capital tailwinds, which benefited Q1 largely driven by the timing of production spend and continued investment in Paramount+.

關於第二季度調整後的自由現金流，我們預計營運資金順風會出現一些逆轉，這在很大程度上得益於生產支出的時機和對派拉蒙+的持續投資，這使第一季度受益。

Looking further out, our enthusiasm for the potential of streaming continues to grow.

再往前看，我們對流媒體潛力的熱情繼續增長。

The streaming market is global.

流媒體市場是全球性的。

It is growing fast, and we are well-positioned to take share.

它正在快速增長，我們已經做好了分得一杯羹的準備。

Streaming presents a compelling market opportunity for 2 key reasons: one, unit upside, where streaming allows for a greater addressable base of viewers than linear; and two, ARPU upside because streaming ARPUs have a more compelling long-term trajectory than linear.

流媒體提供了一個引人注目的市場機會，主要有兩個原因：第一，單位優勢，其中流媒體允許比線性更大的觀眾群；第二，ARPU 上升，因為流媒體 ARPU 具有比線性更引人注目的長期軌跡。

The unit upside is especially true internationally, where streaming allows us to reach beyond the pay TV universe, which has limited penetration in many international markets.

單位優勢在國際上尤其明顯，流媒體使我們能夠超越付費電視領域，後者在許多國際市場的滲透率有限。

And when it comes to ARPU upside, we think that over time, the per subscriber economics of streaming can be accretive to linear when considering the combination of advertising and subscription revenue captured by our ecosystem of free, pay and premium streaming services.

當談到 ARPU 的上升空間時，我們認為隨著時間的推移，考慮到我們的免費、付費和優質流媒體服務生態系統所獲得的廣告和訂閱收入的組合，流媒體的每位訂閱者經濟可以線性增長。

We see opportunity to drive Paramount+ subscription ARPU higher as distribution channels and subscriber mix evolve and as we expand our content offering to deliver greater and greater value to customers.

隨著分銷渠道和訂戶組合的發展以及我們擴展內容產品以向客戶提供越來越大的價值，我們看到了推動 Paramount+ 訂閱 ARPU 更高的機會。

And we see even more growth potential in advertising ARPU, where both Paramount+ and Pluto TV will benefit from increased engagement, improved targeting, dynamic ad loads and sell-through optimization.

我們看到廣告 ARPU 的增長潛力更大，派拉蒙+ 和 Pluto TV 都將受益於參與度的提高、定位的改進、動態廣告負載和銷售優化。

I would also note that in most instances outside the United States, streaming economics are already accretive as international linear ARPU is materially lower than streaming ARPU today.

我還要指出，在美國以外的大多數情況下，流媒體經濟已經在增值，因為國際線性 ARPU 遠低於今天的流媒體 ARPU。

This attractive market opportunity is one of the primary reasons we decided to raise capital in March.

這個有吸引力的市場機會是我們決定在 3 月份籌集資金的主要原因之一。

We intend to use the additional investment firepower to take our streaming efforts to the next level, building on the consistent momentum we have demonstrated over the past few quarters and leaning even more aggressively into streaming.

我們打算利用額外的投資火力將我們的流媒體工作提升到一個新的水平，在過去幾個季度展示的持續勢頭的基礎上，更加積極地傾向於流媒體。

You will see us deploy new capital in 4 major areas: first, we intend to fund development of more original series and movies exclusively for streaming; second, we will pursue incremental streaming sports rights; third, we will look to accelerate international launches and market expansion; and fourth, we plan to further reduce the amount of content we license to third-party streamers, instead, preserving more of these assets for our in-house streaming services.

您將看到我們在 4 個主要領域部署新資本：首先，我們打算資助開發更多專為流媒體製作的原創劇集和電影；第二，我們將追求增量流媒體體育權利；三是加快國際化投放和市場拓展；第四，我們計劃進一步減少我們授權給第三方流媒體的內容數量，取而代之的是，為我們的內部流媒體服務保留更多這些資產。

We're moving quickly to start deploying this capital.

我們正在迅速採取行動，開始部署這筆資金。

In fact, Bob shared some of our early investment initiatives, including the addition of Serie A football, a Paramount+ exclusive release of the movie, Infinite, and the acceleration of our international deployment plan.

事實上，鮑勃分享了我們早期的一些投資舉措，包括加入意甲足球、派拉蒙+獨家發行電影《無限》以及加速我們的國際部署計劃。

Nonetheless, the bulk of our investments will occur in 2022 and beyond.

儘管如此，我們的大部分投資將發生在 2022 年及以後。

In the months ahead, we'll have more to share on these additional investment plans as we aim to capture an even greater share of a growing long-term market opportunity.

在接下來的幾個月裡，我們將在這些額外的投資計劃中分享更多信息，因為我們的目標是在不斷增長的長期市場機會中獲得更大的份額。

With that, we can now open the line for questions.

有了這個，我們現在可以打開問題線了。

(Operator Instructions)

（操作員說明）

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

我們的第一個問題來自古根海姆的邁克爾莫里斯。

A couple of questions on the streaming business.

關於流媒體業務的幾個問題。

First one on Paramount+.

派拉蒙+的第一個。

Appreciate all the detail on sign-ups and engagement.

欣賞有關註冊和參與的所有細節。

There's a lot in there.

裡面有很多。

Hoping to dig a little bit more on trend.

希望在趨勢上挖掘更多。

I know we're only a couple of months into Paramount+, but we do have some good historic data on -- with All Access.

我知道我們只有幾個月的時間才能進入派拉蒙+，但我們確實有一些關於 All Access 的良好歷史數據。

So I'm curious if you can talk about how engagement churn has sort of trended with the new product availability, the expanded product.

所以我很好奇你能否談談參與度流失如何隨著新產品的可用性、擴展的產品而變化。

And if anything, on the content side in particular, has maybe surprised you compared to what you were anticipating and how that might inform some of those investment decisions going forward?

如果有什麼，特別是在內容方面，與您的預期相比可能會讓您感到驚訝，以及這可能會如何影響未來的一些投資決策？

And then also on Pluto, I think ad revenue growth is outpacing that sort of combination of usage and per engagement growth, engagement per user growth.

然後在冥王星上，我認為廣告收入的增長速度超過了使用量和每次參與度增長的組合，即每用戶參與度的增長。

Is that accurate?

那準確嗎？

There's a couple of moving parts in there.

裡面有幾個活動部件。

And can you kind of provide any context for what the upside is for Pluto maybe compared to how you monetize your linear audiences?

與你如何通過線性受眾獲利相比，你能否提供任何背景來說明冥王星的好處是什麼？

Sure.

當然。

Yes.

是的。

Thanks, Mike.

謝謝，邁克。

Nice midi 2-parter to open here.

不錯的 midi 2-parter 在這裡打開。

So in terms of your first question, we are super excited about what we're seeing with Paramount+.

因此，就您的第一個問題而言，我們對 Paramount+ 所看到的內容感到非常興奮。

And I'd say, I'd start with the overwhelming learning from what we've seen is that our content strategy is working.

我想說，我會從我們所看到的壓倒性的教訓開始，那就是我們的內容策略正在發揮作用。

There's no question that consumers are embracing a service, spanning live sports, breaking news and a mountain of entertainment.

毫無疑問，消費者正在接受一項服務，涵蓋體育直播、突發新聞和大量娛樂活動。

We can see that in the sub numbers.

我們可以在子編號中看到這一點。

As we mentioned, we added 6 million pay subs in the quarter globally, but the overwhelming piece of that was from Paramount+ domestic.

正如我們所提到的，我們在本季度在全球增加了 600 萬付費訂閱，但其中絕大多數來自派拉蒙+國內。

And importantly, that includes adding younger subs with an average age of new subs down 6 years.

重要的是，這包括增加年輕的潛艇，新潛艇的平均年齡下降了 6 歲。

Second point is Paramount+ is showing great lines in terms of engagement.

第二點是派拉蒙+在參與度方面表現出色。

In fact, the percent of our daily subs, which are active -- actually, the percent of our total subs, I should say, which are active on a daily basis is up sequentially and up year-over-year.

事實上，我們每日活躍的訂閱者的百分比——實際上，我應該說，每天活躍的訂閱者總數的百分比是連續上升的，並且同比上升。

And we see strong double-digit growth in hours per active user.

我們看到每位活躍用戶的小時數強勁增長。

In fact, that's up about 17% in March versus the prior year.

事實上，與去年同期相比，3 月份增長了約 17%。

When you look under that in terms of content, which is obviously the key driver, we continue to see the power of what worked before.

當您從內容（顯然是關鍵驅動因素）的角度進行研究時，我們將繼續看到以前有效的方法的力量。

That includes sports, where we obviously benefited from the Super Bowl, the NCAA, golf and UEFA, as we said.

這包括體育，正如我們所說，我們顯然從超級碗、NCAA、高爾夫和歐足聯中受益。

It includes originals, including The Stand, Star Trek and others.

它包括原件，包括 The Stand、Star Trek 等。

It includes CBS content.

它包括 CBS 內容。

Live content is strong as our shows like NCIS and Hawaii Five-0.

現場內容很強大，因為我們的節目如 NCIS 和夏威夷 5-0。

But the real news is it's now broader.

但真正的消息是它現在更廣泛了。

Nickelodeon, in particular, is turning into a powerful driver of subs and engagement, probably more quickly than we would have thought.

尤其是尼克國際兒童頻道，正以比我們想像的更快的速度轉變為潛艇和參與度的強大推動力。

It's a clear sub driver since the relaunch, and it now accounts for a strong double-digit share of streams.

自重新啟動以來，它是一個明顯的子驅動程序，現在它在流中佔據了兩位數的強勁份額。

And that's really because of the combination of compelling exclusive originals.

這真的是因為引人注目的獨家原創作品的結合。

Of course, The SpongeBob Movie: Sponge on the Run and the new Camp Coral series, combined with a big known library.

當然，《海綿寶寶電影：奔跑的海綿》和新的珊瑚營系列，以及一個知名的大型圖書館。

That's a recipe that clearly works.

這是一個明顯有效的食譜。

I think it's also worth noting that the SpongeBob franchise in totality quickly moved to the top of the rankers at Paramount+.

我認為還值得注意的是，海綿寶寶系列很快就在派拉蒙+的排名中名列前茅。

And probably what's most important here is this is an example of us replicating our strength in a legacy linear position here in kids in streaming.

也許這裡最重要的是，這是我們在流媒體中的傳統線性位置複製我們的力量的一個例子。

And we've also seen early positives from unscripted and reality as well as movies.

我們還從無劇本和現實以及電影中看到了早期的積極因素。

So early days for Paramount+, but we very much like what we see in terms of consumer reaction to the product.

派拉蒙+的早期階段，但我們非常喜歡我們看到的消費者對產品的反應。

And as you know, based on that, we're leaning in even more.

如您所知，基於此，我們更加傾向於。

Moving to the second part of your question on Pluto.

轉到關於冥王星的問題的第二部分。

As you heard today, Pluto TV continues to be an incredible growth engine for this company.

正如您今天所聽到的，冥王星電視仍然是這家公司令人難以置信的增長引擎。

And when you -- when we looked at it, we see 4 really powerful underlying growth drivers for Pluto TV, all of which are delivering now and all of which have a lot of room to run.

當你 - 當我們看到它時，我們看到了冥王星電視的 4 個非常強大的潛在增長動力，所有這些現在都在交付，而且都有很大的運行空間。

It starts with MAUs, as you heard now under just 50 million globally, that's up about 90%, slightly a hair more year-over-year.

它從 MAU 開始，正如你現在所聽到的，全球只有不到 5000 萬，增長了約 90%，比去年同期增長了一點點。

And we have substantial momentum and opportunity ahead.

我們有很大的動力和機會。

It then moves to engagement, where we see time -- you mentioned it.

然後它轉向參與，我們看到時間 - 你提到了它。

Time spent per user continues to increase.

每個用戶花費的時間繼續增加。

And this is particularly as users gain familiarity with the product and as the volume of quality content continues to increase, now about over 150,000 hours in the U.S. We also look at sell-out.

尤其是隨著用戶對產品的熟悉以及優質內容的數量不斷增加，現在在美國大約有超過 150,000 小時。我們還考慮售罄。

That was actually up about 600 basis points year-to-year, but we're nowhere near 100%.

這實際上同比增長了約 600 個基點，但我們離 100% 還差得很遠。

And so we do have substantial room to run.

所以我們確實有很大的運行空間。

And equally importantly, if you look at ad load on Pluto TV versus linear, the Pluto TV ad load is substantially below that of linear.

同樣重要的是，如果您比較 Pluto TV 上的廣告負載與線性廣告負載，Pluto TV 的廣告負載大大低於線性廣告負載。

And then there's pricing.

然後是定價。

We see advertisers with significant demand for -- in particular, connected TV inventory.

我們看到廣告商對聯網電視廣告資源有很大的需求。

And that, in turn, is supporting a great pricing dynamic.

而這反過來又支持了巨大的定價動態。

We haven't actually pushed pricing on Pluto TV in the last 2 years.

在過去的 2 年裡，我們實際上並沒有在 Pluto TV 上推動定價。

So it's really one of the most efficiently priced products on the marketplace, and that gives us a really great pricing lane going forward when we choose to pull that lever.

因此，它確實是市場上定價最有效的產品之一，當我們選擇拉動槓桿時，這為我們提供了一個非常好的定價通道。

Last thing I'd say is Pluto TV revenue now more than doubled for the third sequential quarter in a row.

我要說的最後一件事是冥王星電視收入現在連續第三個季度增長了一倍以上。

Overwhelming driver of that is volume, and that's a combination of MAUs and time spent.

壓倒性的驅動因素是數量，這是 MAU 和所花費時間的組合。

Again, we haven't pushed the price lever, and we haven't pushed sell-out much.

同樣，我們沒有推高價格槓桿，也沒有推銷太多。

And that's part of our overall streaming growth story.

這是我們整體流媒體增長故事的一部分。

It's the biggest part, and it's what helped push us to 62%.

這是最重要的部分，也是幫助我們達到 62% 的原因。

So net-net, we're in a great situation here on so many levels.

所以net-net，我們在很多層面上都處於一個很好的狀態。

Our next question comes from the line of Brett Feldman with Goldman Sachs.

我們的下一個問題來自高盛的 Brett Feldman。

Two if you don't mind.

不介意的話就兩個。

So just following up a little bit.

所以只是稍微跟進一下。

As you had noted, the quarter-end global subscriber number would include anyone that was still in a free trial period.

正如您所指出的，季度末的全球訂戶數量將包括仍處於免費試用期的任何人。

And with Paramount+ having launched in early March, anyone who signed up after the launch would have been in their free trial at the end of the quarter, so you're now 2 months past the launch.

由於派拉蒙+ 已於 3 月初推出，在推出後註冊的任何人都將在本季度末進行免費試用，因此您現在距推出 2 個月。

Many of those customers have gone through the free months, some of them have gone through a paid month.

其中許多客戶已經度過了免費的幾個月，其中一些人已經度過了付費的一個月。

Can you give us any insight into what the free-to-paid conversion is looking like and maybe how that has compared to what you historically saw with CBS All Access?

您能否向我們介紹一下免費到付費轉換的情況，以及與您過去在 CBS All Access 中看到的情況相比如何？

And then Naveen, thank you for the color around sort of the 4 areas you're looking to sort of lean in with your investment on streaming.

然後是 Naveen，感謝您為流媒體投資提供的 4 個方面的顏色。

Can you give us any context?

你能給我們任何背景嗎？

Are certain of those a little more front burner than others?

確定其中一些比其他更重要嗎？

You said we might start to see that in the financials next year.

你說我們可能會開始在明年的財務中看到這一點。

What does that mean?

這意味著什麼？

And then really, the more important question is if you're investing more, how should we think about seeing that payoff?

然後真的，更重要的問題是如果你投資更多，我們應該如何考慮看到回報？

Do you think you can meet your long-term targets sooner?

你認為你能更快地實現你的長期目標嗎？

Do you think there's upside?

你覺得有好處嗎？

Any further insight there would be greatly appreciated.

任何進一步的見解將不勝感激。

Yes.

是的。

Sure, Brett.

當然，布雷特。

So look, to your first question, we like what we're seeing in general with respect to conversion and churn.

所以看，對於你的第一個問題，我們喜歡我們在轉化和流失方面所看到的一般情況。

Unpacking that a bit, conversion rates from trial to pay are consistent with what we've seen historically with All Access.

稍微拆開包裝，從試用到付費的轉換率與我們在 All Access 歷史上看到的一致。

And that's despite the fact that we've ramped sub growth pretty significantly, and so we're not seeing any kind of degradation in quality as we widen the subscriber net.

儘管事實上我們已經顯著提高了次增長，因此隨著我們擴大訂戶網絡，我們沒有看到任何質量下降。

That's a good thing.

這是好事。

And it's particularly a good thing given that we had the Super Bowl this year, which clearly brought in a bunch of folks for the Super Bowl.

鑑於我們今年舉辦了超級碗，這顯然是一件好事，這顯然為超級碗帶來了一群人。

But as with the broader sub base, they're sticking around for more, again, for this broader Paramount+ offering.

但與更廣泛的子基地一樣，他們再次為更廣泛的派拉蒙+產品提供更多支持。

On the churn side, again, remains in the same range as prior year despite the massive growth in the sub base.

在客戶流失方面，儘管次級基數大幅增長，但仍與去年相同。

Specifically to your question of the 30-day free trial, which we did for launch, I'd highlight 2 points.

特別是關於我們為發布而進行的 30 天免費試用的問題，我要強調 2 點。

One is, believe it or not, the conversion rate was actually marginally above our historical trial conversion rates.

一個是，不管你信不信，轉化率實際上略高於我們的歷史試驗轉化率。

So we are happy about that.

所以我們對此感到高興。

And second, that particular program, the 30-day free trial, ended on March 31 and is no longer in the market.

其次，該特定程序，即 30 天免費試用，於 3 月 31 日結束，不再投放市場。

By the way, a little look forward past the end of the quarter, both conversion and churn improved in April, both versus prior year and versus March.

順便說一下，在本季度末稍稍展望一下，4 月份的轉化率和客戶流失率都比去年同期和 3 月份都有所改善。

So net-net, we feel great about what we're seeing in this area.

所以net-net，我們對我們在這個領域看到的東西感覺很好。

I'm going to flip it to Naveen in a second for the second part of your question, but I do want to say, he highlighted the 4 investment areas.

對於您問題的第二部分，我將在一秒鐘內將其轉給 Naveen，但我確實想說，他強調了 4 個投資領域。

Probably the biggest investment area when push comes to shove will be more originals.

在緊要關頭，可能最大的投資領域將是更多的原創作品。

We're very excited about what we have in the pipeline on the series side.

我們對系列方面的準備工作感到非常興奮。

And we see our studios, be that Paramount, be that Nickelodeon, be that MTV Entertainment, ramping original studios as part of this capital raise.

我們看到我們的工作室，無論是派拉蒙，還是尼克國際兒童頻道，還是 MTV 娛樂公司，都在增加原創工作室作為此次融資的一部分。

And we're working on that.

我們正在努力。

And of course, we talked about movies and how we're ramping that and really excited about moving to an exclusive original movie per week as we get part of the way into 2022.

當然，我們還談到了電影以及我們是如何推動這一點的，並且在進入 2022 年的過程中，我們對每週製作一部獨家原創電影感到非常興奮。

And so a lot going on there in terms of our plans to deploy that capital.

就我們部署這筆資金的計劃而言，那裡發生了很多事情。

Naveen?

納文？

Yes.

是的。

So let me try to add a little color in terms of how we see the deployment of that capital playing out.

因此，讓我嘗試在我們如何看待資本部署方面添加一點色彩。

You heard Bob talked today about some of the ways in which we're already starting to deploy that capital, which, as a reminder, it's things like the addition of Serie A football on Paramount+, the Infinite movie being released on Paramount+, significant acceleration of our international expansion plans and starting to ramp up to getting an original movie each week on Paramount+.

你今天聽到 Bob 談到了我們已經開始部署資本的一些方式，提醒一下，這就像在 Paramount+ 上增加 Serie A 足球，在 Paramount+ 上發行的 Infinite 電影，顯著加速我們的國際擴張計劃，並開始增加每週在派拉蒙+上獲得一部原創電影。

So those things will allow us to start deploying some of the incremental cash, as I said, in the second half of '21.

因此，正如我所說，這些事情將使我們能夠在 21 年下半年開始部署一些增量現金。

That being said, we're obviously not going to spend $2.7 billion overnight.

話雖如此，我們顯然不會在一夜之間花費 27 億美元。

So the bulk of the investment will happen over a multi-year period of time.

因此，大部分投資將在多年的時間內發生。

And we are continuing to be diligent in evaluating a variety of different investment options against one another, and we're very focused on the ROI of those across all of the different buckets that we articulated.

我們將繼續努力評估各種不同的投資選擇，我們非常關注那些在我們闡明的所有不同領域的投資回報率。

So I would expect that as we commit to some of those specific plans, we'll look to share more about the expense magnitude, the timing of the cash versus the expense, which could be different, by the way.

因此，我希望在我們致力於其中一些具體計劃時，我們將尋求更多地分享有關費用規模、現金與費用的時間安排，順便說一下，這可能會有所不同。

And I think perhaps most importantly, how those investment plans affect our goals for subscriber and revenue growth, which is obviously the intent, the motivation behind any of those investments is to try to exceed some of the goals that we've already set for ourselves.

我認為也許最重要的是，這些投資計劃如何影響我們的訂戶和收入增長目標，這顯然是意圖，任何這些投資背後的動機都是試圖超越我們已經為自己設定的一些目標.

One other point that I think is important just to be aware of from a timing perspective, as I said, we are starting to fund some of these early initiatives this year.

正如我所說，我認為從時間的角度來看很重要的另一點是，我們今年開始為其中一些早期計劃提供資金。

Though I'd note that our expectations for full year OIBDA and free cash flow really haven't changed materially because of the overperformance in Q1.

儘管我注意到我們對全年 OIBDA 和自由現金流的預期並沒有因為第一季度的超常表現而發生重大變化。

So that is hopefully helpful to you in terms of thinking about some of the timing elements of this.

因此，在思考其中的一些時間元素方面，希望對您有所幫助。

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

我們的下一個問題來自摩根士丹利的 Ben Swinburne。

Bob, can you talk a little bit more about what we should be expecting with the June product?

Bob，你能多談談我們對六月產品的期待嗎？

I don't know if you called it a relaunch or the new tier.

我不知道您是否將其稱為重新啟動或新級別。

Anything to add on distribution partners or kind of marketing push?

有什麼要添加的分銷合作夥伴或營銷推動嗎？

And then Naveen, I'd like to just take another swing at one of the topics from the Investor Day, which is your content spending company-wide.

然後是 Naveen，我想再談一下投資者日的一個主題，那就是您在公司範圍內的內容支出。

Post the capital raise, sitting here today, can you -- is there any way to help us think about how you think about the overall growth in content investment for ViacomCBS over the course of the sort of forecast period you talked about at Investor Day?

發布融資，今天坐在這裡，有什麼方法可以幫助我們思考在您在投資者日談到的那種預測期內，您如何看待 ViacomCBS 內容投資的整體增長？

Yes.

是的。

So we'll take this sequentially, Ben.

所以我們將按順序處理，Ben。

So on the $4.99 product, we're really excited about it.

所以對於 4.99 美元的產品，我們真的很興奮。

It obviously brings live sports, breaking news and amount of entertainment, including this expanded original slate, to the market, at a lower price point.

顯然，它以較低的價格為市場帶來了現場體育賽事、突發新聞和大量娛樂節目，包括這個擴大的原創節目。

That's great from a consumer perspective.

從消費者的角度來看，這很棒。

For us, it also has cost advantages, which improve margins versus the legacy $5.99 product, which we will be discontinuing from a new subscriber standpoint.

對我們來說，它還具有成本優勢，與傳統的 5.99 美元產品相比，它提高了利潤率，從新用戶的角度來看，我們將停止使用該產品。

If you step back from it, we believe 2 tiers of Paramount+ really maximizes its ability to drive the total addressable market.

如果您退後一步，我們相信 Paramount+ 的 2 層確實最大限度地發揮了其推動整個潛在市場的能力。

Obviously, the lower price point at $4.99 is good for the more cost-sensitive consumer, and thus helps maximize total subscribers for Paramount+.

顯然，4.99 美元的較低價格點對成本敏感的消費者有利，因此有助於最大限度地提高派拉蒙+的總訂戶。

It also adds another important asset for us in terms of advertising inventory.

在廣告庫存方面，它還為我們增加了另一項重要資產。

It will become part of IQ.

它將成為智商的一部分。

And because there's so much opportunity in high-quality, premium streaming, digital advertising, we see the product actually generating higher ARPUs over time than the $9.99 product.

而且由於高質量、優質的流媒體、數字廣告有很多機會，我們看到隨著時間的推移，該產品實際上產生了比 9.99 美元的產品更高的 ARPU。

So it really is quite exciting there.

所以那裡真的很令人興奮。

I'd also point out that adding this to our quiver, broaden the portfolio we have to work with distributors to meet their objectives really strengthens our position as a supplier of choice.

我還要指出，將其添加到我們的箭袋中，擴大我們必須與分銷商合作以實現他們的目標的產品組合，確實加強了我們作為首選供應商的地位。

We add that to our existing offerings, both in free with Pluto TV and the Paramount and Showtime OTT and BET Plus pay products.

我們將其添加到我們現有的產品中，包括 Pluto TV 以及派拉蒙和 Showtime OTT 和 BET Plus 付費產品均免費提供。

Obviously, it's at the lower end of the price point, so it could work for a subset of their consumer base.

顯然，它處於價格點的低端，因此它可能適用於他們的一部分消費者群。

It also, related to the cost structure, gives us more flexibility on promotions.

它還與成本結構相關，為我們提供了更多的促銷靈活性。

And so that's something we're excited to deploy.

所以這是我們很高興部署的東西。

And lastly, I'd note, it will launch in early June with broad distribution.

最後，我要指出的是，它將在 6 月初推出，並廣泛分佈。

So very excited about the $4.99 product and how it will continue to drive Paramount+.

對這款 4.99 美元的產品以及它將如何繼續推動 Paramount+ 感到非常興奮。

Naveen?

納文？

Yes.

是的。

So on the content expense, as you will remember, Ben, from our Investor Day, we highlighted the fact that we expect streaming content expense to increase materially between 2020 and 2024.

因此，關於內容費用，你會記得，本，在我們的投資者日，我們強調了一個事實，即我們預計流媒體內容費用將在 2020 年至 2024 年期間大幅增加。

And I'd say that our plan for this year, 2021, does incorporate some rapid progress in ramping up streaming content.

我想說的是，我們今年 2021 年的計劃確實在增加流媒體內容方面取得了一些快速進展。

In fact, streaming content expense in 2021, I think, will more than double relative to 2020.

事實上，我認為 2021 年的流媒體內容費用將比 2020 年增加一倍以上。

And now it's important to remember that not all of the expense and cash impact is incremental to total company spend because we do expect to continue to reallocate content from linear to either a shared context where it's doing double duty on both linear and streaming or exclusively on streaming.

現在重要的是要記住，並非所有的費用和現金影響都會增加公司總支出，因為我們確實希望繼續將內容從線性重新分配到共享上下文，在該上下文中它在線性和流媒體上都承擔雙重職責，或者專門在流媒體。

That being said, we do expect that what we've described as sort of roughly $15 billion of total company content expense to increase modestly over the next few years.

話雖如此，我們確實預計我們所描述的大約 150 億美元的公司內容總支出將在未來幾年適度增加。

So not -- the entire amount of the increase of streaming investment will not be incremental to total company, but there will be some increase.

所以不是——流媒體投資的全部增加不會增加公司總數，但會有一些增加。

Now that's all precapital raise.

現在這都是資本前融資。

With the additional capital, we now have the ability to invest more aggressively.

有了額外的資本，我們現在有能力進行更積極的投資。

And so I would expect that streaming content expense and total company expense should be somewhat higher but very importantly, over time, generate return in the form of incremental subs, MAUs, streaming revenue.

因此，我預計流媒體內容費用和公司總費用應該會更高，但非常重要的是，隨著時間的推移，會以增量訂閱、MAU、流媒體收入的形式產生回報。

And as I said earlier, most of that impact will really start to be seen in '22 and beyond.

正如我之前所說，大部分影響將在 22 年及以後真正開始顯現。

And the piece that we're funding in '21 as I said earlier, I think, is largely offset by some of the overperformance we've seen in Q1.

我認為，正如我之前所說，我們在 21 年資助的部分在很大程度上被我們在第一季度看到的一些超額表現所抵消。

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。

Just staying on Paramount+.

只是留在派拉蒙+。

We've seen some of your competitors experience a pull-forward and growth in subs on their streaming platforms during the pandemic.

我們已經看到您的一些競爭對手在大流行期間在他們的流媒體平台上體驗到訂閱量的增長和增長。

And in Q1, you had the benefit of substantial marketing push and the rebranding, which accelerated subscriber growth.

在第一季度，您受益於大量的營銷推動和品牌重塑，從而加速了用戶增長。

I'm curious how you're think -- how we should think about growth in subs at Paramount+ over the next couple of quarters?

我很好奇你是怎麼想的——我們應該如何看待派拉蒙+未來幾個季度的潛艇增長？

And then my follow-up question is just sort of circling back to your comments on international expansion also on Paramount+.

然後我的後續問題只是回到你對派拉蒙+國際擴張的評論。

You highlighted a bunch of markets.

你強調了一堆市場。

You gave us some great color, which I really appreciate.

你給了我們一些很棒的顏色，我真的很感激。

I'm curious where you see the biggest opportunity?

我很好奇你認為最大的機會在哪裡？

What markets?

有哪些市場？

And outside of Spanish language, are you ramping up in local language like your peers as well?

在西班牙語之外，您是否也像同齡人一樣使用當地語言？

Yes.

是的。

Sure, Alexia.

當然，亞歷克西亞。

Let me take both of those.

讓我把這兩個都拿走。

So actually, I don't think a comparison to peer services and how they did or didn't pull forward subscriber growth with COVID is really the right question for us.

所以實際上，我不認為與同行服務進行比較，以及他們如何通過 COVID 推動訂戶增長，這對我們來說確實是正確的問題。

And that's simply because Paramount+ just launched, and so it's in a bit of a different situation.

這僅僅是因為派拉蒙+剛剛推出，所以它的情況有點不同。

With Paramount+, we're ramping up product for new consumers.

通過派拉蒙+，我們正在為新消費者增加產品。

And so we're focused on generating awareness to those consumers and obviously converting them into subscribers.

因此，我們專注於提高對這些消費者的認識，並將他們明顯地轉化為訂閱者。

To that end, we're focused on executing against the content strategy that I articulated, the specific content additions that we talked about coming, in particular, as 2021 continues to play out as really the primary driver of growth.

為此，我們專注於執行我所闡述的內容戰略，我們談到即將推出的具體內容添加，特別是隨著 2021 年繼續發揮真正的主要增長動力。

And I'd remind you that the good news on that tip is that we have a really exciting content slate coming, whether you look at the kids space, things like new version of Rugrats, new version of iCarly, both of which are in the current quarter.

我要提醒您，關於該提示的好消息是，我們將推出一個非常令人興奮的內容，無論您是查看兒童空間，還是新版本的 Rugrats、新版本的 iCarly，這兩者都在本季度。

And then, of course, Star Trek: Prodigy later in the year, and those are just examples.

然後，當然，今年晚些時候的《星際迷航：神童》，這些只是例子。

Scripted space, we're -- I'm super excited about the first Yellowstone spinoff.

腳本空間，我們——我對黃石公園的第一部衍生劇感到非常興奮。

That's something -- that franchise has a big fan base.

就是這樣——這支球隊擁有龐大的粉絲群。

And so I'm bringing a new version exclusively to Paramount+ late in the year, will be great.

因此，我將在今年晚些時候為派拉蒙+ 獨家推出一個新版本，這會很棒。

And that joins a whole bunch of other scripted shows, some that are coming back like Why Women Kill and Star Trek: Discovery.

這加入了一大堆其他腳本節目，其中一些像女性為什麼殺人和星際迷航：發現一樣回歸。

Reality, really a wheelhouse for us.

現實，對我們來說真的是一個駕駛室。

And related to that, the music space, which is more general unscripted, I mean this Cradle to Stage show we have with Dave Grohl is cool.

與此相關的是，更一般的無腳本音樂空間，我的意思是，我們與 Dave Grohl 的這個從搖籃到舞台的表演很酷。

RuPaul has a huge fan base, so a new version of RuPaul coming, et cetera.

RuPaul 擁有龐大的粉絲群，因此新版本的 RuPaul 即將推出，等等。

And we got comedies, we talked about movies.

我們有喜劇，我們談論電影。

Our movies push starting in June is massive.

我們從 6 月開始推出的電影非常龐大。

And by the way, it's true to the Paramount name.

順便說一句，派拉蒙的名字是真實的。

So I think movies will have a great home and be a great product for Paramount+.

所以我認為電影將有一個很棒的家，並成為派拉蒙+的一個很棒的產品。

All this content to varying degrees will be supporting with marketing to make sure, again, consumers have awareness, and we convert them into subscribers.

所有這些內容都將在不同程度上支持營銷，以再次確保消費者有意識，我們將他們轉化為訂閱者。

The biggest piece probably will be our movie campaign, a mountain of movies, which is about to kick off.

最大的一塊可能是我們的電影活動，即將開始的電影堆積如山。

So you should look to us to continue to build our global sub base and actually accelerate revenue growth as the year goes on.

因此，您應該期待我們繼續建立我們的全球子基地，並隨著時間的推移實際加速收入增長。

To your second question on international.

關於你關於國際的第二個問題。

Look, this is something that's near and dear to my heart.

看，這是我心中最親近的東西。

I look at the international streaming opportunity, and it's clearly global, and we're going after it.

我著眼於國際流媒體機會，它顯然是全球性的，我們正在追求它。

As I mentioned, we'll now be in 45 markets by the end of 2022.

正如我所提到的，到 2022 年底，我們將進入 45 個市場。

Content is, of course, key to that.

當然，內容是其中的關鍵。

And this company really has critical mass across genres and across geographies.

這家公司確實擁有跨流派和跨地域的臨界質量。

And so that starts with the Viacom Media Networks, and that includes Channel 5, Network 10, Telefe, MTV, Nickelodeon, Comedy Central.

這從維亞康姆媒體網絡開始，包括第 5 頻道、第 10 頻道、Telefe、MTV、尼克國際兒童頻道、喜劇中心。

They bring library.

他們帶來圖書館。

They bring local format derivatives, and they bring made-for-market local content.

他們帶來本地格式的衍生產品，他們帶來為市場定制的本地內容。

That library gets a scale out of the gate.

那個圖書館門外有一個天平。

The local content, both format and originals add really critical elements for subscriber acquisition and retention in many, many key markets.

本地內容，無論是格式還是原創內容，都為許多關鍵市場的訂戶獲取和保留添加了非常關鍵的元素。

And Chilevisión adds another important piece to this equation.

Chilevisión 為這個等式增加了另一個重要部分。

To your question, international content will also be an important part of fortifying the global Paramount+ pipeline.

對於您的問題，國際內容也將成為加強全球 Paramount+ 渠道的重要組成部分。

It's not just about Spanish, I would highlight.

我要強調的不僅僅是西班牙語。

It's about using our international studio assets to create a robust pipeline for Paramount+ because those studio assets, outside the United States, bring benefits in terms of access to incremental creativity, really attractive economics.

這是關於使用我們的國際工作室資產為派拉蒙+創建一個強大的管道，因為這些工作室資產在美國以外的地方，在獲得增量創造力方面帶來了好處，真正有吸引力的經濟。

And they help us drive volume further faster.

它們幫助我們更快地提高音量。

We mentioned -- and I mentioned it a bit in my prepared remarks.

我們提到了——我在準備好的發言中提到了一點。

We're at the very early stages of bringing this to bear but it's going to be another exciting piece of the equation.

我們正處於實現這一目標的早期階段，但這將是另一個令人興奮的部分。

Add to that, of course, we've got output deals that routinely come up, giving us incremental access to content from Paramount and CBS and Showtime.

當然，除此之外，我們還有經常出現的輸出交易，使我們能夠增量訪問派拉蒙、CBS 和 Showtime 的內容。

So put it together, we've got a lot of content to work with outside the United States for Paramount+, and a lot more is coming.

綜上所述，我們在美國以外的地區為 Paramount+ 準備了很多內容，而且還會有更多內容。

And when you look at international and ViacomCBS and Paramount+, it's not just the content story.

當您查看國際、維亞康姆CBS 和派拉蒙+ 時，它不僅僅是內容故事。

The other differentiating piece here is our on-the-ground operations, and they bring real additional advantages, unlocking that streaming opportunity.

這裡的另一個差異化部分是我們的實地運營，它們帶來了真正的額外優勢，釋放了流媒體機會。

That starts with relationships, whether they're creative or commercial, and you heard 2 examples of that coming to life in my remarks with Megacable and Mercado Libre.

首先是關係，無論它們是創造性的還是商業性的，在我與 Megacable 和 Mercado Libre 的評論中，你聽到了 2 個這樣的例子。

Hose are on-the-ground relationships that we were able to convert into streaming opportunity.

軟管是我們能夠將其轉化為流媒體機會的實地關係。

As we look out, it's possible that we'll do some partnerships in select international markets, additional markets.

正如我們所看到的，我們可能會在選定的國際市場和其他市場建立一些合作夥伴關係。

But net-net, I look at this, and I'm super excited about the global opportunity for ViacomCBS and streaming.

但是 net-net，我看著這個，我對 ViacomCBS 和流媒體的全球機會感到非常興奮。

And we really do see a strong runway of growth outside the U.S.

我們確實看到了美國以外的強勁增長勢頭。

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。

A couple of them.

其中幾個。

First, I want to just dig in a little bit deeper into the comment about what people are actually doing on Paramount+.

首先，我想更深入地挖掘一下人們在派拉蒙+上實際在做什麼的評論。

It seems like Nickelodeon, just looking at like sort of the top shows every day, seeing things like SpongeBob and Paw Patrol, it seems like they are driving a very substantial part of viewership.

看起來像 Nickelodeon，每天都在看類似的頂級節目，看到像海綿寶寶和爪子巡邏這樣的東西，似乎他們正在推動相當大一部分的收視率。

And wondering like when you look at sort of the promotion, you talked about sports and some of the stuff that you have, and you certainly have had some originals, but it looks like the kid stuff is really driving viewership.

並且想知道當您查看某種促銷活動時，您談到了體育運動和您擁有的一些東西，而且您當然有一些原創作品，但看起來孩子們的東西確實在推動收視率。

I guess a big picture question is like you said double digits.

我想一個大問題就像你說的兩位數。

Like is it half is kids?

好像一半是孩子？

Like how substantial is kids programming?

就像孩子們編程有多重要？

And how do you get more viewership of some of the adult skewing?

以及如何獲得更多成人歪曲的收視率？

I'd be curious how you're thinking about the marketing message because it seems like kids has been a very powerful force for you.

我很好奇你是如何看待營銷信息的，因為看起來孩子對你來說是一股非常強大的力量。

And then I just want to follow-up on 2 things.

然後我只想跟進兩件事。

One, you said -- you haven't commented.

一，你說 - 你還沒有評論。

Are Paramount+ subs higher today than 36 million?

今天，派拉蒙+ 的訂閱人數是否高於 3600 萬？

Could you give us any clarity on that?

你能給我們澄清一下嗎？

And then I think you mentioned one movie, one original movie a week in 2022.

然後我想你提到了一部電影，2022 年每週一部原創電影。

Does that include the 45-day after movies that are coming out in theaters?

這是否包括上映後 45 天的電影？

Or is that a dedicated original movie every single week?

還是每週都有一部專門的原創電影？

I just wasn't clear what you meant by that.

我只是不清楚你的意思。

Sure, Rich.

當然，里奇。

A lot there.

那裡很多。

So on Paramount+ and kids.

所以派拉蒙+和孩子們。

Clearly, kids is working for us.

顯然，孩子們正在為我們工作。

And no, it is not half of the consumption.

不，這不是消費的一半。

Again, material double-digit percentages, but nowhere near half.

再次，物質百分比是兩位數，但遠不及一半。

What's driving that relative to the other, call it, genres and demographics, is really the fact that we were able to at launch provide not only critical massive library product, which we could do in other categories, but volume of exciting, exclusive original linked to known franchises.

相對於另一個，稱之為流派和人口統計，推動這一點的真正原因是，我們能夠在發佈時不僅提供關鍵的大型圖書館產品，我們可以在其他類別中做到這一點，而且還提供大量令人興奮的獨家原創鏈接到已知的特許經營權。

And that, in particular, was the combination of the SpongeBob movie, which obviously was a theatrical movie we chose to redeploy on Paramount+ and the new SpongeBob series Camp Coral.

特別是海綿寶寶電影的組合，這顯然是我們選擇在派拉蒙+上重新部署的一部戲劇電影和新的海綿寶寶系列珊瑚營。

We had that ready to go because we had a movie for theaters and because we had a series that we were going to launch on Nickelodeon, call it linear.

我們已經準備好了，因為我們有一部要上映的電影，而且因為我們有一個系列要在 Nickelodeon 上推出，稱之為線性。

As you look forward, those kind of things start to happen in the other genres.

正如你所期待的那樣，這類事情開始在其他類型中發生。

I mean, I'm very excited about what's going on with reality.

我的意思是，我對現實中正在發生的事情感到非常興奮。

As you know, we launched with Real World New York.

如您所知，我們是在 Real World New York 推出的。

It was only a couple of episodes, so it wasn't really volume.

這只是幾集，所以它不是真正的音量。

And MTV The Challenge.

和 MTV 挑戰。

There, there was a little more volume, but it's the first series.

在那裡，有更多的音量，但這是第一個系列。

As the year plays out, we basically have one new exclusive original in the reality space and unscripted space every month.

隨著歲月的流逝，我們基本上每個月都會在現實空間和無腳本空間中推出一個新的獨家原創。

So that's more fuel for that tank, and that should start converting that genre lane for Paramount+, and we will market that, particularly leveraging our linear networks and social, where we know those fan bases are.

所以這對那個坦克來說是更多的燃料，應該開始為派拉蒙+轉換那種類型的路線，我們將推銷它，特別是利用我們知道這些粉絲群所在的線性網絡和社交網絡。

The other one I'd really highlight is movies.

我真正要強調的另一個是電影。

I mean, we have movies on Paramount+, but frank -- today, but frankly, not that many of them.

我的意思是，我們在派拉蒙+上有電影，但坦率地說——今天，但坦率地說，沒有那麼多。

That game changes dramatically in June, where we first drop an additional 1,000, and they're real movies.

這場比賽在 6 月發生了巨大變化，我們首先減少了 1,000 部，它們是真正的電影。

They're not deep library.

他們不是深庫。

Then we, late in June, have Infinite, which should create a lot of noise.

然後我們，在 6 月下旬，有 Infinite，這應該會產生很多噪音。

I've seen the film.

我看過這部電影。

It's fun film.

很有趣的電影。

People love Mark Wahlberg.

人們喜歡馬克沃爾伯格。

And then that leads to more, I call it, library, again, not deep library, including pay 1 library in July and then Quiet Place on a short window from theatrical, leading into later in the summer, Paw Patrol.

然後這導致更多，我稱之為圖書館，再次，不是深度圖書館，包括在 7 月支付 1 個圖書館，然後在劇院的一個短窗口上的安靜地方，導致夏天晚些時候，Paw Patrol。

So we got a lot going on.

所以我們做了很多事情。

And people love movies in premium television.

人們喜歡付費電視中的電影。

They love movies in streaming.

他們喜歡流媒體中的電影。

They already, based on engagement, love movies on Paramount+.

基於參與度，他們已經愛上了派拉蒙+ 上的電影。

We just don't have the volume we're about to have.

我們只是沒有我們即將擁有的數量。

Let me use that to actually go to your third question for a second, which is around a movie a week.

讓我用它來回答你的第三個問題，大約是一周看一部電影。

Does it include short window, pay 1 or not?

是否包括短窗口，是否支付1？

Yes, it includes short window pay 1, call that a dozen pictures a year.

是的，它包括短窗口支付 1，每年有十幾張照片。

The original movie per week will be an exciting movie per week.

每周原創電影將是每週精彩的電影。

It will be a range of different kinds of movies.

這將是一系列不同類型的電影。

Some of them will be blockbusters that are heavily marketed from theatrical, the A Quiet Place 2-type films.

其中一些將是大片，從劇場版《寂靜之地 2》類電影中大量銷售。

Some of them -- the vast majority of them will be made for Paramount+.

其中一些——絕大多數將是為派拉蒙+製作的。

Those will be sourced from Paramount through our Paramount players, studio or substudio as well as through other studio operations we have, including Nickelodeon.

這些將通過我們的派拉蒙播放器、工作室或子工作室以及我們擁有的其他工作室運營（包括尼克國際兒童頻道）從派拉蒙採購。

As you know, we have the awesomeness side of Nickelodeon, which has done a great series of YA movies, including for streamers.

如您所知，我們擁有 Nickelodeon 令人敬畏的一面，它製作了一系列很棒的 YA 電影，包括為流媒體製作的電影。

So really excited about deploying that and getting that to have something on the platform every week that's fresh for someone to watch.

非常高興能夠部署它並讓它每週在平台上都有一些新鮮的東西供人們觀看。

Your second question, I have a mark here of 36 plus.

你的第二個問題，我這裡的分數是36+。

Yes.

是的。

I think he was asking about subs post the end of the quarter.

我認為他在本季度末詢問潛艇。

We're not providing any numbers, but just remember, the 36 is total global streaming subscribers, Rich, not just Paramount+.

我們沒有提供任何數字，但請記住，36 位是全球流媒體訂閱者總數，Rich，而不僅僅是派拉蒙+。

Our next question comes from the line of John Janedis with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 John Janedis。

Bob, a lot of questions coming up about the value of traditional leader networks and the historical pricing model breaking as direct-to-consumer rollouts accelerate.

Bob，關於傳統領導者網絡的價值以及隨著直接面向消費者的推出加速而打破的歷史定價模型出現了很多問題。

So I wanted to ask you, to what extent do you see changes in pricing for TV or cable networks as Paramount+ scales into the tens of millions domestically?

所以我想問你，隨著 Paramount+ 在國內的規模擴大到數千萬，你認為電視或有線電視網絡的定價在多大程度上發生了變化？

And then separately, how are you thinking about the go-to-market strategy and programming budget going forward for Showtime?

另外，您如何看待 Showtime 未來的上市策略和節目預算？

Is a range of 10 to 15 originals a year in the ballpark?

每年有 10 到 15 個原件嗎？

Or does that need to be stepped up?

還是需要加強？

Yes.

是的。

Sure, John.

當然，約翰。

So on your first question, I'd start with the fact that ViacomCBS is a critically important content supplier to the MVPD ecosystem.

因此，關於您的第一個問題，我首先要說的是 ViacomCBS 是 MVPD 生態系統的一個極其重要的內容供應商。

Why do I say that?

我為什麼這麼說？

We do have the #1 linear portfolio on share, and we do lead on a range of key demographics.

我們確實擁有排名第一的線性投資組合，並且我們確實在一系列關鍵人口統計數據方面處於領先地位。

Within that, we have must-have content, including sports, including the NFL.

其中，我們有必備的內容，包括體育，包括 NFL。

Beyond that, we have a really broad opportunity to work with them to create value.

除此之外，我們還有一個非常廣泛的機會與他們合作創造價值。

And you see that, for example, as we deploy our assets in the advanced ad space.

例如，當我們在高級廣告空間中部署我們的資產時，您會看到這一點。

And we have advanced ad partnerships with most of the large MVPDs at this point.

目前，我們與大多數大型 MVPD 建立了先進的廣告合作夥伴關係。

And more recently, we've become a supplier to the app space with both free and pay streaming products.

最近，我們已成為應用程序空間的供應商，提供免費和付費流媒體產品。

And we supply those to both their set-top box and their broadband-only infrastructure, things like Flex.

我們為他們的機頂盒和僅限寬帶的基礎設施（如 Flex）提供這些服務。

So that gives us even more to work with.

所以這給了我們更多的工作機會。

And you look at 2020 and you look at through the first quarter of 2021, and you see that we're using that asset base to consistently close deals.

你看看 2020 年，看看 2021 年第一季度，你會看到我們正在使用該資產基礎來持續完成交易。

Deals with companies that are formidable, the likes of Comcast, Verizon, YouTube, Hulu.

與強大的公司打交道，例如 Comcast、Verizon、YouTube、Hulu。

And when you take the contractual -- when you take that and then you combine the contractual rate increases for deals that are in flight, you've seen that drive affiliate growth and incremental distribution in linear.

當你接受合同時 - 當你接受它，然後你結合正在進行的交易的合同費率增加時，你已經看到這推動了會員增長和線性增量分佈。

So it's a powerful combination.

所以這是一個強大的組合。

As we look forward, including to a world, as you described, with D2C and Paramount+ growing, et cetera, we like our position.

正如我們所期待的那樣，包括您所描述的一個世界，隨著 D2C 和派拉蒙 + 的增長等等，我們喜歡我們的位置。

We are among the most important content suppliers in the industry.

我們是業內最重要的內容供應商之一。

We know how to get deals done.

我們知道如何完成交易。

The addition of streaming, including Paramount+, gives us even more to work with.

流媒體的加入，包括派拉蒙+，為我們提供了更多的合作機會。

And remember, that helps us drive value for those customers and simultaneously helps them evolve their business as consumers increasingly embrace broadband versus, say, set-top box.

請記住，這有助於我們為這些客戶創造價值，同時隨著消費者越來越多地接受寬帶而不是機頂盒，幫助他們發展業務。

And our ability to do that, in turn, drives real revenue and asset value for ViacomCBS.

而我們這樣做的能力反過來又推動了 ViacomCBS 的實際收入和資產價值。

So yes, negotiations might be a little more complicated than they have been in the past, but I feel very good about our asset base.

所以是的，談判可能比過去複雜一點，但我對我們的資產基礎感覺很好。

We have the best affiliate team in the business, and I feel great about the outlook of our partnerships with MVPDs.

我們擁有業內最好的聯盟團隊，我對我們與 MVPD 合作的前景感到非常滿意。

To your second question, Showtime, Showtime is on a really nice roll.

關於你的第二個問題，Showtime，Showtime 的進展非常好。

It produces great content.

它產生了很棒的內容。

And as we look at the segmentation of the consumer in the United States, there's no question that there's a significant market for a more upscale, more coastal, more R-rated offering, that's what premium is.

當我們觀察美國消費者的細分時，毫無疑問，對於更高檔、更沿海、更 R 級的產品來說，存在一個重要的市場，這就是溢價。

And as you saw, Showtime really continued its great run in the first quarter.

正如你所看到的，Showtime 在第一季度確實繼續保持強勁勢頭。

It had the top 2 scripted premium series with Your Honor and Shameless.

它擁有前 2 名的劇本高級系列，與 Your Honor 和 Shameless。

It had record OTT sub growth and growth in total subscribers, and it had record engagement.

它擁有創紀錄的 OTT 子增長和總用戶增長，並且擁有創紀錄的參與度。

So it's working.

所以它正在工作。

The fundamental driver here is content, originals in particular, again, Shameless and Your Honor in the first quarter.

這裡的基本驅動力是內容，尤其是原創內容，同樣是第一季度的《無恥之徒》和《法官大人》。

Movies are important, too, as they always have been in the premium category.

電影也很重要，因為它們一直屬於高端類別。

As we look forward with Showtime, because this is part of your question, we like our slate.

當我們期待 Showtime 時，因為這是您問題的一部分，我們喜歡我們的名單。

We currently have about 10 or 12 tentpole series per year, and we support that or package that with 3 to 5 kind of lower-cost original series.

我們目前每年大約有 10 或 12 個 tentpole 系列，我們支持或將其與 3 到 5 種低成本的原始系列打包。

Your look what's coming.

你看看會發生什麼。

It's the return of Dexter, it's the return of billions.

這是德克斯特的回歸，是數十億的回歸。

It's a new series called [American Russ] with Jeff Daniels, a new series called Yellow Jackets with Juliette Lewis and Christina Ricci.

這是一個與 Jeff Daniels 合作的名為 [American Russ] 的新系列，與 Juliette Lewis 和 Christina Ricci 合作的一個名為 Yellow Jackets 的新系列。

It's -- that's pretty hairy kind of series.

這是 - 這是相當多毛的系列。

It's about a plane crush in Latin America and a girls soccer team and kind of what happens in that.

這是關於拉丁美洲的飛機迷戀和女子足球隊以及其中發生的事情。

We're doing a great project on first ladies.

我們正在為第一夫人做一個很棒的項目。

You could think quasi-Crown of the U.S. and then starting with Viola Davis playing Michelle Obama, really excited about that.

你可以認為是美國的準王冠，然後從維奧拉戴維斯扮演米歇爾奧巴馬開始，真的很興奮。

We're going to do a Ray Diamond movie.

我們要拍一部雷·戴蒙德的電影。

So the list goes on.

所以名單還在繼續。

And that product, by the way, is not only good for Showtime in the U.S. where it will continue to drive engagement and performance in the category, but it's also going to increasingly benefit Paramount+ outside the U.S. where Showtime product is an integral component of the offering.

順便說一句，該產品不僅對美國的 Showtime 有好處，它將繼續推動該類別的參與度和績效，而且它還將越來越多地使美國以外的 Paramount+ 受益，因為 Showtime 產品是該類別中不可或缺的組成部分。提供。

By the way, the movie outlook is good for Showtime, too, and we have optionality in-house.

順便說一句，Showtime 的電影前景也很好，而且我們在內部也有選擇權。

So we're feeling great about Showtime, both stand-alone and as an integral part of ViacomCBS, including in streaming.

所以我們對 Showtime 感覺很好，無論是獨立的還是作為 ViacomCBS 的一個組成部分，包括流媒體。

So with that, in closing, I just want to say a couple of things.

因此，最後，我只想說幾件事。

Clearly, very exciting times at ViacomCBS.

顯然，在 ViacomCBS，這是非常激動人心的時刻。

We have strong operating momentum.

我們擁有強勁的經營勢頭。

We have amazing content, and we have a streaming strategy that is really delivering.

我們有很棒的內容，我們有一個真正交付的流媒體策略。

You see all of that in our first quarter, and it really positions us well moving forward.

您在我們的第一季度看到了所有這些，這確實使我們能夠很好地向前發展。

As management, we have a focus on value creation and delivering for our shareholders.

作為管理層，我們專注於為股東創造價值和交付。

That's true overall and certainly with respect to streaming as we build on these strong early results and momentum, particularly with respect to Paramount+.

總體而言，這對於流媒體來說是正確的，因為我們建立在這些強勁的早期結果和勢頭之上，特別是在派拉蒙+方面。

It's a differentiated product.

這是一個差異化的產品。

It's a product with real competitive advantages, and we're investing to deliver on its promise.

這是一款具有真正競爭優勢的產品，我們正在投資以兌現其承諾。

So thank you for your time today.

所以謝謝你今天的時間。

Thank you for your support.

謝謝您的支持。

We look forward to continuing the dialogue as we execute and deliver on the ViacomCBS growth opportunity.

我們期待在執行和交付 ViacomCBS 增長機會時繼續對話。

And finally, I'd like to thank all the Viacom CBS employees for all they do every day to drive our company forward.

最後，我要感謝維亞康姆 CBS 的所有員工，感謝他們每天為推動公司向前發展所做的一切。

Stay well, everyone.

保持良好，大家。

Thanks, Bob, and thank you all for joining us.

謝謝，鮑勃，謝謝大家加入我們。

That concludes our earnings call.

我們的財報電話會議到此結束。

Thank you, ladies and gentlemen.

謝謝你們，女士們，先生們。

That concludes today's conference.

今天的會議到此結束。

You may now disconnect your lines, and have a wonderful day.

您現在可以斷開線路，度過美好的一天。