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

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

午安.我是投資者關係主管安東尼·迪克萊門特。我很高興歡迎您參加我們的投資者活動以及 2021 年第四季和全年收益發布會。

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

在開始之前，請注意，除了我們的收益發布之外，我們的網站上還提供包含補充資訊的趨勢表。我們想提醒您，今天的簡報中的某些陳述屬於前瞻性陳述，涉及風險和不確定性。我們向 SEC 提交的文件中更詳細地討論了這些風險和不確定性。

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

今天的一些財務評論將重點放在調整後的業績上。這些非公認會計原則財務指標的調節可以在我們的收益發布或我們的趨勢表中找到，其中包含補充資訊。在每種情況下，都可以在我們網站的投資者關係部分找到。

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

話雖如此，我要感謝您今天下午抽出時間加入我們。現在坐下來，放鬆並欣賞演出。

(presentation)

（推介會）

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

考夫曼工作室下午好，派拉蒙工作室最初的紐約總部。感謝您加入我們，歡迎參加我們的投資者活動。我從來沒有像今天這樣對這家公司的未來感到更加興奮。在今天的節目中，您將確切地明白原因，因為我們正在上升，我們正在達到新的高度。

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

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

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

維亞康姆和哥倫比亞廣播公司 (CBS) 合併已有兩年，自上次合併以來已有一年，我們正在兌現我們的承諾。從用戶群的成長到品牌認知度的成長和營業收入的成長，我們始終提前超越我們的目標。我們做這一切的速度比任何人預期的都要快，我們正在取得一個又一個的勝利。

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

這並非偶然發生。我們憑藉著一支充滿才華、創造力和專業知識的團隊以及一家大於各部分總和的綜合公司而獲勝。我們憑藉與世界各地所有人群和市場的受眾建立聯繫的熱門作品而獲勝。我們憑藉獨特的差異化串流服務（免費、付費和付費）贏得勝利。

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

當然，我必須讚揚派拉蒙+，它在不到一年的時間內就已成為行業的領先品牌。我們的策略始終是運用傳統業務的優勢，利用世界級的內容打造新的業務，推動我們的發展。

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

這就是我們作為一家公司的獨特之處，並使我們能夠取得成功。我們正在正確的地方對正確的內容進行正確的投資。基於過去兩年的成功記錄，我們有信心實現您期望和應得的投資回報。

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

我們已經啟動了一個良性循環。我們的傳統業務為我們的轉型提供動力，而我們的轉型則增強和擴展了我們的傳統。我們有太多值得驕傲、有太多值得樂觀的事情，而我們才剛開始。

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

我們在品牌中看到的機會是我父親的願景變成現實：一家強大的公司，創造的內容讓觀眾想要更多。派拉蒙始終是這願景的核心。 100 多年來，派拉蒙影城一直以卓越的電影製作而聞名。

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

但派拉蒙也是一個想法，一個成為最好的承諾。正是這個想法激勵我們將 CBS、BET、MTV、Nickelodeon、Showtime 等最好的娛樂節目匯集在一起。正是這個理念激勵我們的企業和品牌一次又一次地定義和重新定義娛樂，一代又一代。

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

事實上，派拉蒙一直在大螢幕、小螢幕以及介於兩者之間的各種設備上為全球觀眾呈現精彩的故事。這就是我們，這就是我們，這就是我們注定要成為的人。

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

這就是為什麼今天我們很高興地宣布維亞康姆哥倫比亞廣播公司已成為派拉蒙全球公司或簡稱派拉蒙。今天下午，我們邀請您仔細看看我們已經走了多遠，我們要去哪裡，最重要的是，我們計劃如何實現這一目標。

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

我們希望您注意到我們在過去兩年中所取得的非凡進步以及我們所聚集的所有動力。要知道，對我們和我來說，沒有比為所有股東釋放和最大化價值更重要的事情了。正如我所說，我從未有更多的理由對派拉蒙這家公司的未來感到興奮。

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

現在我很自豪地介紹我們的總裁兼執行長鮑勃·巴基什 (Bob Bakish)。

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

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

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

今天，當我們擁抱這個強大的名字時，我們也是令人興奮的新未來的先驅。憑藉著我們所擁有的勢頭，派拉蒙已經達到了新的高度。

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

二十多年來，我見證了派拉蒙的力量及其所代表的一切。例如，我親眼目睹了派拉蒙編劇的電影《碟中諜》系列電影的全球影響力，這些電影在世界各地的戲院一次又一次售空。

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

在我的國際生涯中，我親眼目睹了派拉蒙頻道如何迅速成為我們在美國以外市場上最大的品牌網絡之一。最近，我看到 Spike 在美國更名為派拉蒙電視網，其觀眾影響力不斷擴大，這要歸功於黃石公園等電影和大熱門影片。

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

現在我認為我們每天都越來越多地看到我們的旗艦串流服務派拉蒙+令人難以置信的勢頭。我們的勢頭正在增強。隨著它的發展，隨著我們將派拉蒙+和其他串流媒體業務提升到一個新的水平，我們看到的未來​​機會的大小與我們抓住它的雄心壯志的大小相匹配。

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

談論我們的勢頭就不能不談論串流媒體。看看事實吧。在我們的付費串流平台上，我們剛剛完成了新訂閱者有史以來最好的季度。事實上，我們公司光在第四季就新增了 940 萬串流訂閱用戶，其中 80% 來自 Paramount+。

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

在 Pluto TV（我們的免費廣告支援串流電視平台）上，我們也取得了令人驚嘆的結果。 Pluto 在第四季度獲得了創紀錄的 1000 萬月度活躍用戶，將其影響力擴展到了近 6500 萬月度活躍用戶。 2021 年全年，該公司創造了超過 10 億美元的收入，幾乎是 2 年前的 5 倍。

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

在實現我們的串流媒體目標方面，我們正在快速前進，並且速度更快。我們已經比計劃提前了一整年，發布了我們預計要到明年一月才能看到的訂閱者結果。到 2022 年底，我們預計將實現 2024 年訂戶目標，比原計劃提早兩年。

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

這種勢頭使我們在多個方面領先於行業。第四季度，我們的串流訂閱用戶成長最快。 Pluto TV 繼續在其類別中處於領先地位，無論是在每月活躍用戶數還是收入方面。此外，請注意，Paramount+ 被評為 2021 年成長最快的品牌，不僅是在串流媒體領域，而且是在任何行業。

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

我們看到這種勢頭的不僅僅是串流媒體。我們正在全力以赴，在戲劇、廣播、有線電視和串流媒體領域推出排名第一的熱門歌曲。光是在第四季度，我們就擁有所有電視節目中排名前 4 位的娛樂節目，包括 CBS 的 NCIS、Equalizer 和 FBI 以及派拉蒙網絡的 Yellowstone。

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

我們在無數類別中擁有排名第一的節目，包括《少年謝爾頓》排名第一的喜劇； 60 分鐘排名第一的新聞節目；尼克頻道的《狗狗巡邏隊》中排名第一的兒童節目； MTV 的 The Challenge 是排名第一的有線電視競賽真人秀節目；排名第一的優質節目，Showtime 的《嗜血法醫》。本季度，我們以《驚聲尖叫》和《永遠的傻瓜》成為第一家擁有兩部票房第一電影的工作室，這兩部影片將於 3 月在派拉蒙+首映。

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

展望未來，在我們非凡的派拉蒙內容引擎的支持下，我們看到了串流媒體領域的巨大全球機遇，這是一個僅靠電視和電影就可以佔領的更大的潛在市場。我們對這個機會感到很興奮。

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

我們不僅有能力競爭，而且有能力蓬勃發展，從而為消費者和股東創造巨大的價值。為什麼？因為我們有一套差異化的串流媒體成功策略，它依賴我們在四個關鍵方面的廣泛和廣泛的獨特優勢：我們的內容、我們的串流媒體業務模式、我們的平台組合和我們的全球影響力。這種廣度使我們能夠進入更大的市場，更快地滲透並有效率且可持續地完成這一切。那麼就讓我們來分解一下。

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

從我們值得一看、值得關注的內容開始，這些內容不僅豐富、深刻，而且廣泛、多元。在派拉蒙+，我們認真對待加號。我們擁有最多樣化的串流內容。這使我們能夠為整個家庭、每一代人提供服務，從 1972 年《教父》首映時著迷的祖父母，到 2022 年對《狗狗巡邏隊：大電影》同樣興奮的學齡前兒童。

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

我們不僅為整個家庭提供服務。我們服務於整個國家。從東海岸到西海岸，我們按收入和地理位置捕捉了廣泛的家庭。我們越來越多地在世界各地應用這一模式，以十多種語言創造了熱門產品。在接下來的一年裡，您將看到我們在此基礎上不斷發展，在關鍵類型領域取得成功：有劇本和無劇本、體育、新聞和活動、兒童和家庭以及各種類型的電影。

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

說到電影，我很高興地宣布，從 2024 年上映的影片開始，Paramount+ 將成為所有派拉蒙新電影在院線上映後的串流媒體之家。

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

您會在我們的串流媒體業務模式中看到類似的廣度，這是我們優勢的第二個來源。我們對自己在付費和免費串流媒體領域的實力感到自豪，包括透過 Pluto TV 在免費廣告支援的串流電視領域引領美國市場。我們滿足消費者的需求，以不同的方式服務不同的細分市場，並在此過程中達到更大的總體目標市場。

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

借助廣告和訂閱雙重收入來源的優勢，我們正在最大化收入池。

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

進入最大的潛在市場正是我們第三個優勢的核心，即我們廣泛的平台，涵蓋線性電視、戲劇和串流媒體。有些人認為我們在這些平台上的遺產是我們串流媒體道路上的障礙。我們的看法恰恰相反。

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

派拉蒙的影響力、認可度和關係是我們的串流策略發揮作用的核心原因。我們現有的平台使我們能夠推出和發展串流媒體節目和粉絲群。他們幫助我們跨平台推廣並充分利用我們的內容投資。它們擴大了我們可以建立的創造價值的商業合作夥伴關係的範圍，並提高了我們在未來快速擴展的能力。這很重要，因為未來是全球性的。

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

我們的全球影響力的廣度是我們競爭優勢的第四個來源。有些公司僅在美國境外獲得許可。我們經營。幾十年來，我們一直是一家真正的全球營運公司，團隊遍布 30 多個市場。我們擁有工作室、特許經營權、人才和製作能力，可以透過全球十多個製作中心驅動的本地相關內容來吸引全球觀眾。

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

我們準備將這一成功複製到串流媒體領域，以產生更大、更大膽的效果。現在我們知道，廣泛本身並不是目的。重要的是作為獲取重大經濟利益的手段的廣泛性。這是最大化我們的串流媒體收入並加速其成長的一種手段。這是更有效地利用投資和更有效率地營運營運的一種手段。這是一種比以往更快地前進並將串流媒體轉變為未來永續發展業務的手段。

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

並且知道這一點。我們致力於實現這樣的未來，創造這樣的價值。我們知道眼前的機會是巨大的，我們有熱情、雄心和紀律來實現這一目標。

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

截至今天，我們正在提高我們的指導，這表明我們堅信，持續執行我們的策略將帶來相匹配的業績。事實上，我們預計到 2024 年訂閱用戶數量將達到 1 億，而去年我們的訂閱用戶數量為 6,500 萬至 7,500 萬。納文將在他的演講中詳細闡述這一點以及更多內容。為了做好準備，我們的同事將向您展示我們如何以各種方式提高自己的標準，讓我們的抱負比以往任何時候都更高。

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

最後，我想說的是，我對整個公司的團隊所取得的進步感到多麼自豪。我同樣對派拉蒙未來的新高度感到興奮。

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

當我們去年與你們交談時，你們中的一些人認為我們正在執行一項不可能的任務。但今天，正如您所看到的，這不僅是可能的，而且正在發生。

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

在這裡分享更多的是一個知道一兩件事的人，關於如何將不可能變成可能。請歡迎獨一無二的湯姆克魯斯。

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

我是湯姆‧瑞安 (Tom Ryan)，串流媒體公司總裁兼執行長。我將把雜技留給湯姆克魯斯，但我確實想談談派拉蒙+的擴張和發展策略。

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

讓我們從我們的擴張開始，我們將利用我們的全球足跡將派拉蒙+帶入具有巨大潛力的新市場。僅一年時間，我們就在拉丁美洲、加拿大和澳洲的 25 個市場推出了這項服務。到 2022 年，我們將繼續保持這一勢頭，將業務擴展到全球一些最大的市場。我們將於今年夏天在英國、韓國和加勒比海地區推出。下半年我們將繼續關注歐洲、義大利、德國、法國、瑞士和奧地利。

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

為了最有效地擴大規模，我們正在為每個地區制定客製化的上市計劃，包括客製化的合作夥伴關係、行銷和分銷策略，甚至產品供應。我們正在部署硬捆綁，與當地提供者合作，讓他們的客戶立即訪問派拉蒙+以及直接面向消費者和點菜發行或有時是這三者的混合。

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

我們正在採用在美國推出的年度計劃並將其擴展到國際範圍。同時，我們正在創造全新的產品，例如針對價值至關重要且行動裝置主導串流媒體消費的市場的僅限行動裝置的計畫。

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

為了實現這一切，我們依靠長期的全球影響力以及與世界各地合作夥伴建立的龐大關係網絡。去年，我們加倍加強戰略合作夥伴關係，與美國的 T-Mobile 和歐洲的 Sky 達成了交易，僅舉兩個例子。

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

今天，我們很自豪地宣布與市場上最大的供應商之一 Canal+ 在法國建立新的合作夥伴關係。透過這種硬性捆綁合作夥伴關係，Canal+ 訂閱者將在派拉蒙+ 推出後立即訪問，從而使我們能夠獲得一個重要的立足點和強大的啟動平台。

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

此類合作夥伴關係和高度客製化的策略將幫助我們繼續快速、經濟地擴大規模，從而增強我們的競爭地位。透過我們的串流服務和 Sky Showtime（我們與 Comcast 的創新合資企業，為主要位於東歐的 9,000 萬個家庭提供服務），到今年年底，我們將與 60 多個合作夥伴一起進入 60 多個市場。

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

從 2023 年開始，我們將把目光轉向亞洲、非洲和中東，乘勢而上，將派拉蒙+帶到世界每個地區。我們的全球擴張凸顯了串流媒體領域的重要教訓。我們創造的故事的影響力取決於它們所觸及的受眾。

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

因此，除了將服務擴展到更多人之外，我們還增強了服務本身。我們不斷地問自己，如何讓這種體驗變得更好、更順暢、更個人化？不僅僅是我們如何服務用戶，我們如何取悅他們？

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

僅僅一年的時間，我們就取得了巨大的進步。我們繼續透過針對個人和個性化的節目以及獨特的編輯聲音來服務廣泛的多樣化品味。觀眾越來越多地花更多的時間在我們的熱門影片之外觀看串流媒體，並每月觀看更多種類的電視劇和電影。

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

我們正在繼續創新。我們改進了品牌中心並引入了產品系列頁面。我們利用跨平台的創新在 Paramount+ 上打造更豐富的體驗。

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

例如，透過 Pluto TV，我們率先推出了向後傾斜的線性頻道，讓用戶可以輕鬆沉浸在節目中。這是一種輕鬆的娛樂，對觀眾沒有任何要求，因為我們的程式設計團隊負責這項工作。它推動了毫不費力的發現和參與，將我們深層目錄中最好的內容帶到了前台。

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

現在，我們在美國的 Paramount+ 上推出了 20 個線性特許經營和類型頻道。因此，如果您喜歡動畫或電視經典，您可以直接投入並發現新的東西。僅僅幾週後，線性通路的採用就迅速成長。使用此功能的人在該服務上花費的時間比以前多了 40%。簡而言之，觀眾更容易找到喜歡的內容。

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

我們這些產品增強功能的目標是讓人們有充分的理由探索和享受派拉蒙+上的全部內容，使體驗如此吸引人，成為您日常生活的一部分。

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

那麼，讓我們來談談我們如何幫助訂閱者在 Paramount+ 應用程式中存取更多令人驚嘆的串流媒體服務。我們現有的 Paramount+ 和 Showtime 捆綁包一開始就表現出色。這是因為用戶可以透過簡化的註冊來存取 2 種優質內容，但可以在不同的應用程式中查看。

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

從今年夏天開始，我們將讓 Showtime 在一個應用程式體驗中更容易存取。如果您願意，Showtime 服務仍將單獨提供。但在 Paramount+ 中，您可以無縫註冊 Showtime，並且比以往任何時候都更容易發現精彩節目。

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

您只需將 Paramount+ 訂閱升級至包含 Showtime 服務的捆綁包，然後即可在單一使用者體驗中查看所有內容。然後，當您看完《金斯敦市長》後，您無需離開派拉蒙+應用程序，就可以立即觀看《數十億》的下一季。推出後不到一年，我們正在擴展到新市場，並使我們的產品更易於探索和更無縫地操作。這一切都是為了一個原因：建造一個值得我們擁有的家。

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

為了向您詳細介紹我們的全球內容策略，請歡迎我們的首席程式長 Tanya Giles。

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

謝謝，湯姆。您正在建造一個有價值的家，這是一件好事，因為我們的內容是無與倫比的。在 Paramount+ 上，我們為每個人提供了一些東西。看看吧。

(presentation)

（推介會）

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

那是一座娛樂之山。事實上，正如鮑伯所提到的，我們擁有所有串流媒體服務中最廣泛的內容多樣性。我們提供電影、兒童和家庭節目、新聞、體育和活動、無劇本電視、成人動畫和各種類型的有劇本節目。

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

我們第四季的成長並非來自其中的一兩個。每條通道都有助於交付這些訂戶。只要看看去年十大收購驅動因素：電影、運動、戲劇、喜劇、兒童。這些是吸引人們使用該服務的頭銜。

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

當我們審視是什麼讓人們參與時，範圍變得更加廣泛：真人秀擁有深厚的庫和原創系列和特許經營權，可以為粉絲提供更多他們喜歡的內容。正如鮑伯所說，我們的內容涵蓋了美國和世界各地各個年齡層的觀眾，無論是沿海還是中部地區，以及對串流媒體痴迷和好奇的觀眾。

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

我們為整個家庭提供超級服務，從學齡前兒童到狂熱的體育迷再到新聞迷。當某個家庭中的更多人觀看更多節目時，這些訂閱只會變得更有價值。帳號擁有的個人資料越多，觀看的影片越多，保留率就越高，流失率就越低。我們的成長大部分來自那些難以接觸的年輕受眾，那裡蘊藏著巨大的潛力。

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

我們也為整個國家提供服務，家庭收入範圍最廣，地理分佈不僅涵蓋東海岸和西海岸，也涵蓋美國中部地區，與其他串流媒體服務相比，Paramount+ 的指數過高。

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

現在，我們內容的廣度只是拼圖的一小部分。透過我們廣泛的平台，我們還可以在任何地方滿足用戶的需求，無論是大型影院上映、線性電視、廣告支援的串流媒體還是社交媒體，並利用這些機會交叉推廣並將我們的內容引入新的領域。

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

例如，《1883》之所以大受歡迎，不僅是因為它具有引人入勝的娛樂性。我們傾注了公司的全部力量。我們從黃石公園開始，這是有史以​​來最受歡迎的系列之一。為了利用其內建的粉絲群，我們利用我們的線性和串流媒體、免費和付費平台，在黃石公園之後立即在Pluto TV 和派拉蒙網路上採樣1883，同一天我們在派拉蒙+上發布了它。

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

除了周日，NFL 球迷們都在積極參與這項服務。由於這一切以及強有力的策略行銷活動，該活動極大地利用了我們的內部資產和能力，1883 一周又一周獲得了巨大的發展勢頭。現在它是派拉蒙+有史以來最熱門的作品。

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

我對今年晚些時候這部達頓家庭劇的下一章即將到來感到非常興奮。而這只是開始。您稍後會在節目中從我們的創作者泰勒謝裡丹 (Taylor Sheridan) 那裡聽到更多內容。

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

1883 只是利用我們內容和平台的品質和廣度的程式設計策略的一個例子。它正在發揮作用。每個用戶的標題流數量逐季且逐年大幅增加。串流原創內容的用戶正在探索比同齡人更多的內容。

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

現在，儘管我們為自己所處的位置感到自豪，但我們並沒有停滯不前。現在，當我們展望節目策略的未來時，您將聽到我們的內容領導者的聲音，我們正在加倍努力實現我們的差異化優勢。

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

首先，我們正在利用我們廣泛的內容提供，並在關鍵領域提供更多內容來深化它，特別是在我們的知識產權寶庫上建立持久的熱門特許經營權。其次，我們繼續透過我們廣泛的平台將觀眾從一個節目帶到另一個節目，從線性到串流媒體，然後再返回。最後，我們正在利用我們的全球影響力，這長期以來一直是我們公司服務國際市場的一個決定性特徵，為我們整個全球內容管道提供服務，並在此過程中擴大派拉蒙+的規模。

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

在我們深入探討每個內容領域之前，我想向您展示令人驚嘆的創意人才及其背後的正確策略可以實現什麼。這是派拉蒙+獨家推出的標誌性系列電影，擁有充滿活力的角色和扣人心弦的故事情節：《光環》。事實上，我們對第一季感到非常興奮。

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

為向您介紹更多信息，請歡迎士官長本人巴勃羅·施賴伯 (Pablo Schreiber)。

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

謝謝，塔妮亞。我的名字是巴勃羅·施賴伯，我扮演標誌性的超級士兵，士官長約翰-117。戴上酋長的頭盔、雷神錘盔甲並為星盟而戰，這簡直就是夢想成真。

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

長期以來，將這個系列變為現實一直是我們許多人的熱愛之舉。我很高興能在短短幾週內向您展示結果。無論您是科幻極客還是光環系列的鐵桿粉絲，或者您只是喜歡精彩的電視節目，孩子，我們都能為您提供一些東西。

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

好吧，實際上，我們確實有一些東西給你。請先睹為快，體驗您從未見過的光環宇宙。讓我們結束這場戰鬥。

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（推介會）

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

大家下午好。我是派拉蒙+ 電影、兒童和家庭部首席內容官布萊恩羅賓斯 (Brian Robbins)。派拉蒙影業的電影和尼克頻道的兒童和家庭內容對我們的串流策略至關重要。

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

去年，派拉蒙影業為派拉蒙+實現了新的里程碑，其中包括《寂靜之地2》，該片除了取得票房成功外，還是該平台上排名第一的電影收購推動力，以及《狗狗巡邏隊：大電影》的上映日期，派拉蒙+有史以來播放量最多的電影。

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

今年我們準備的將是派拉蒙影業有史以來最好的院線之一。我們來看看吧。

(presentation)

（推介會）

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

你剛剛看到的明星力量，湯姆克魯斯、珊卓布拉克、布萊德彼特、瑪格羅比、伊德瑞斯艾爾巴和金凱瑞，他們肯定會有觀眾在戲院排隊觀看這些電影。然後這些電影將進入派拉蒙+，成為最大的必看電影的所在地。

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

但在串流媒體中，電影必須融入更大的策略。光靠它自己是不夠的。消費者期望品質和數量。他們期待世界的建設、創新和講故事。

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

派拉蒙影業擁有許多享譽全球的深受喜愛的特許經營權，它將實現這一切。我們所有精彩電影的所在地將是派拉蒙+。

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

從我們和孩之寶的合作夥伴手中獲得變形金剛的特許經營權。全球光是電影收入就達 50 億美元，零售收入更是數倍。我們很高興下一章將在2023 年上映的《變形金剛》第七部《野獸崛起》中拉開帷幕，我們將聘請兩位令人難以置信的天才導演：小斯蒂芬·卡普爾和主演安東尼·拉莫斯。這部電影將是三部中的第一部。

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

但在此之前，我們將在今年秋天為尼克兒童和家庭推出新的動畫系列，為這個標誌性品牌提供全新的視角。 2024 年，我們將透過一部具有內建知名度和現有粉絲群的 CG 動畫《變形金剛》院線電影進一步擴展該系列。

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

我們正在《刺猬索尼克》中複製這一成功，它是 30 多年來深受人們喜愛的全球英雄，最近成為派拉蒙家族標誌性電影系列的一部分。 4 月 8 日，備受期待的《索尼克》續集將在戲院首映。今天我們很高興地宣布，派拉蒙和世嘉將於明年為派拉蒙+開發首個原創索尼克系列。這部真人影集將由伊德瑞斯艾爾巴配音，飾演納克魯斯 (Knuckles) 角色。派拉蒙和世嘉 raw 也正在開發第三部索尼克劇場版電影。

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

所有這些內容將使派拉蒙+成為這個非常受歡迎的特許經營權的所在地。 《噤界》是我們本土系列電影的經典之作，其中兩部熱門電影的全球票房收入達 6.5 億美元。 《噤界》的懸念遠遠超出了艾伯特一家的範疇，我們很高興向您展示恐怖的深度。我的朋友約翰‧克拉辛斯基 (John Krasinski) 將向您介紹更多相關內容。

(presentation)

（推介會）

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

謝謝你，約翰。像約翰這樣的人才本身就是品牌，擁有大量忠實的粉絲群，他們會跟隨他們從影院到派拉蒙+。在接下來的24 個月裡，您將看到從《壯志凌雲》、《失落之城》、《龍與地下城》和《碟中諜》等大片，到奧斯卡獲獎導演達米恩·查澤雷(布拉德皮特和瑪格特羅比) 主演的《巴比倫》，最近宣布與創意夢想家馬特斯通和特雷帕克、《南方公園》的幕後策劃者以及音樂巨星肯德里克拉馬爾的合作。

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

所有這些都將進入派拉蒙+。正如鮑伯所說，我們很高興從 2024 年上映開始，Paramount+ 將成為所有派拉蒙院線電影的所在地。

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

現在，正如派拉蒙影業已將自己打造成一代又一代觀眾的首要電影製片廠品牌一樣，尼克國際兒童頻道 (Nickelodeon) 也是全球擁有最忠實觀眾的兒童和家庭品牌。因為透過串流媒體，一旦家庭訂閱，他們就會保持訂閱狀態。

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

觀看兒童和家庭內容的觀眾流失率降低了兩位數，創造了更強大的長期價值。美國有 2500 萬個家庭有 2 至 11 歲的孩子，全球還有數百萬個家庭，Paramount+ 是兒童內容的頂級提供者之一，從我們的角度來看，其優勢是巨大的。

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

從海綿寶寶宇宙開始。它是該平台上播放量排名第一的作品，共有 13 季和 2 部全新衍生劇《Kamp Koral》和《Patrick Star》。此外，我們今天還宣布了 3 部派拉蒙+獨家推出的新角色驅動電影，以及一部正在製作中的大型院線電影。

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

2023 年，由塞斯羅根(Seth Rogen) 執導的新《忍者龜》電影將在院線上映，我們還將迎來海龜熱的新紀元，他將這部影片帶回了喜劇和動作的原始DNA。緊接著本系列之後，我們將推出派拉蒙+獨家推出的一部由反派驅動的《海龜》電影。

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

當我們建立本土特許經營權時，我們也會引入新的特許經營權。今年秋天，我對《Monster High》感到非常興奮，我們將透過一部真人音樂電影、一部新的動畫系列以及來自美泰合作夥伴的熱門玩具系列，將這些經典怪物重新介紹給全新一代的孩子。

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

本月晚些時候，我們將在派拉蒙+首映《大我》，這是幾乎所有四年級學生都知道和閱讀的暢銷書系列的首部改編版。一探究竟。

(presentation)

（推介會）

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

現在，說到學前班，沒有什麼比狗狗巡邏隊更重要了。因此，繼《狗狗巡邏隊：大電影》在派拉蒙+大獲成功後，我們為2023 年在影院上映的續集《神奇大電影》開了綠燈。 Nickelodeon) 製作的首部PAW 衍生電視劇搭配使用。

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

一個學前班特許經營權的成功對整個投資組合產生了漸強的影響，其中還包括這些派拉蒙+的電影：《布魯的線索》、《布魯的大城市冒險》今年推出的電影。 2023 年，一部根據有史以來觀看次數最多的 YouTube 影片和我們高收視率的尼克系列電影改編的長篇《鯊魚寶寶》電影。

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

今天，我們宣布《愛探險的朵拉》回歸，為學齡前兒童推出新的動畫系列，以及與最近為大齡兒童推出的戲劇一樣的真人系列。因此，有了所有這些精彩的內容，我們處於最佳位置...

Hey, Brian.

嘿，布萊恩。

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

嘿，米蘭達。這完全是個驚喜，完全沒有排練過。

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

完全沒有排練過。其實我就在附近，正在拍攝《愛卡莉》第二季。所以我只是想我應該過來確保我們的節目在這裡得到良好的支持。並提醒大家去年夏天有多大。

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

100%。我的意思是，《愛卡莉》是去年派拉蒙+ 上最受歡迎的喜劇收購推動者。感謝您，它在社交媒體上帶來了數十億的印象。正如你所說，你現在正在錄製新一季，該劇將於今年晚些時候首播。

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

是的。這對我們所有人來說都是一次偉大的回歸，我們非常感謝該劇的所有粉絲。我什至有點喜歡再次成為模因。不管怎樣，謝謝你的插頭。我得回去休息了。我們正在解決卡莉和弗雷迪之間所有未解決的問題。感謝您對我的包容，再次感謝大家，謝謝，布萊恩。

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

感謝您的光臨。太棒了。謝謝你，米蘭達。 《愛卡莉》不僅本身就大受歡迎，而且還為派拉蒙+打開了製作更多青少年內容的大門，這對我們來說是另一個巨大的機會。

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

1 億 13 至 34 歲的青少年觀眾具有極其影響力，推動了 3 兆美元的消費能力。他們是內容的龐大消費者，平均每人訂閱 5 個 SVOD，並且在社交領域中佔據主導地位。他們的認可是你能想像到的最有效的行銷活動。

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

因此，我們將針對他們推出一整套針對青少年的電影和劇集，部分由Awesomeness 提供支持，該工作室是近期青少年熱門影片《To All the Boys》、《PEN15》和《完美約會》的幕後製作者。我們的電影包括最近上映的《In Between》，由《The Kissing Booth》中的青少年偶像喬伊·金(Joey King) 主演，以及即將上映的電影，例如《榮譽社會》(Honor Society)，這是一部混合了《選舉》和《賤女孩》的高中喜劇，由《東鎮市長》的安格瑞·賴斯(Angourie Rice) 和《蓋塔·馬塔拉佐》(Gaten Matarazzo) 主演。取自《怪奇物語》。

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

還有根據《紐約時報》暢銷書系列改編的《噓噓》、由勒布朗·詹姆斯Spring Hill 公司出品的《幻想足球》、由馬賽·馬丁主演的《少狼》以及由原班演員主演的新電影《少年狼》的回歸，這將建立一個新的狼人系列名為 Wolfpack，改編自 Edo van Belkom 的廣受好評的書籍。

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

所以這一切。這正是我在規定的時間裡能擠出來的。還有更多、更多的內容、創造力和創新即將到來。綜合起來，派拉蒙備受喜愛的傳奇IP 清單、整個生態系統中備受矚目的明星力量以及尼克國際兒童頻道(Nickelodeon) 首創的劃時代熱門作品，都使派拉蒙+成為最大、最具標誌性的特許經營權的所在地，為從學齡前兒童到嬰兒潮一代的每個人提供服務以及 X、Y 和 Z 代。

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

因此，如果您是其中任何一個的粉絲，那麼您一定有派拉蒙+。更重要的是，這些作品將出現在電影、電視劇和消費產品中，激發全球粉絲的熱情，並推動訂閱量、參與度和保留率。

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

說到全球粉絲圈，沒有什麼比《星際爭霸戰》粉絲圈更重要了。 J.J. 在這裡談論這個宇宙的下一步是什麼。艾布拉姆斯。

(presentation)

（推介會）

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

《星際爭霸戰》一直著眼於未來。但今年，我們將前往《過去的企業》和新的前傳系列《星際爭霸戰：奇異新世界》，我將飾演派克船長。我們將在冒險中探索整個銀河系中意想不到的地方，這些冒險直指《星際爭霸戰》如此偉大的核心。看看吧。

(presentation)

（推介會）

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

我是喬治·奇克斯 (George Cheeks)，派拉蒙+ 新聞和體育部門的首席內容官。這裡是傳奇的聖西羅，國際米蘭和AC米蘭的主場，也是許多令人興奮的歐洲冠軍聯賽和意甲比賽的舉辦地。您可以在 Paramount+ 上觀看所有影片。

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

我們擁有許多現場體育賽事中最大的特許經營權。這是服務的真正差異化因素。現在來談談這個問題，讓我們聽聽派拉蒙+上最受歡迎的運動的 2 位聲音。來自我們位於紐約的NFL 演播室的嘉賓是NFL 歷史上最偉大的朱利安·埃德爾曼(Julian Edelman)，來自我們的冠軍聯賽演播室的嘉賓是哥倫比亞廣播公司體育頻道(CBS Sports) 的歐洲冠軍聯賽(UEFA Champions League) 主持人凱特·阿卜多(Kate Abdo)。還有誰比我們廣受好評的報道中的一位面孔更適合在 Paramount+ 上談論足球的成功呢？把它拿走。

Thanks, George. Is something funny, Kate?

謝謝，喬治。有什麼好笑的嗎，凱特？

Yes. He said football.

是的。他說的是足球。

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

是的。我知道他說的是足球、冰凍苔原、跑鞋。

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

我認為喬治實際上是在談論用腳踢的足球。

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

或許。但如果您一直在觀看派拉蒙+，那麼您就會看到有史以來最偉大的足球比賽。山羊。我會知道。我和他一起玩。

You played with Lionel Messi?

你和萊昂內爾·梅西一起踢球嗎？

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

可愛，凱特。不，湯姆·布雷迪。透過 Paramount+，您將能夠觀看下一代足球界最耀眼的明星：帕特里克·馬霍姆斯、喬什·艾倫、亨利國王。

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

是的，是的。好吧，那很好，但我們的明星只需要一個名字。羅納多、內馬爾。

Cowboys, the Bears, the Raiders.

牛仔隊、熊隊、突襲者隊。

Liverpool, Real Madrid, Munich.

利物浦、皇家馬德里、慕尼黑。

Bill Belichick.

比爾貝利切克.

Old Traffic.

老交通。

Old Traffic. What is that? Stadium?

老交通。那是什麼？體育場？

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

是的，朱爾斯，這是一個體育場。你和我來這裡的原因是為了提醒大家，足球，你的和我的，正在為派拉蒙+帶來創紀錄的觀眾。這對每個人來說都是一件好事。

Agreed. Don't you mean soccer?

同意。你不是說足球嗎？

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

這是足球，朱爾斯。無論如何，我認為現在是時候了解一下 Paramount+ 提供的所有體育賽事了，從美國大師賽到男子四強賽，從大學橄欖球到 PGA 巡迴賽，從 NFL 到歐洲冠軍聯賽。

I think you mean soccer, right?

我想你指的是足球，對嗎？

Stop it, Jules. Roll the tape.

別這樣，朱爾斯。捲起膠帶。

(presentation)

（推介會）

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

正如凱特和朱利安所說，無論我們談論的是足球還是足球，派拉蒙+都獲勝，因為我們擁有其他人沒有的東西：派拉蒙+和哥倫比亞廣播公司體育頻道共同推動訂閱和參與的體育生態系。我們擁有電視界最有價值的資產——NFL，它的表現比以往任何時候都更好。

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

以我們的感恩節遊戲為例。超過 4000 萬球迷收看，成為 31 年來觀看次數最多的常規賽比賽，也是 Paramount+ 有史以來觀看次數最多的常規賽比賽。這種破紀錄的勢頭一直持續到季後賽，成為我們有史以來直播次數最多的非超級盃週末。

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

現在，在短短一個橄欖球賽季的時間裡，Paramount+ 上的 NFL 活躍訂閱者數量增加了 88%，直播時間增加了 67%，而且未來還會有更多精彩。感謝我們歷史性的多平台協議，將我們與 NFL 的關係延長至 2033 年。

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

光是「21/22 年歐洲冠軍聯賽」賽季就繼續為派拉蒙+帶來破紀錄的觀眾人數。我們正在擴大我們的國際覆蓋範圍。 Paramount+ 最近獲得了墨西哥和中美洲的英超聯賽轉播權。

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

在智利，Paramount+ 將直播智利國家足球隊 2026 年 FIFA 世界盃預選賽。 Paramount+ 和 Network 10 將在境內播放澳洲頂級聯賽和澳洲國家隊比賽。

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

Paramount+ 也是完整 CBS 新聞組合的所在地。這包括我們最近重新命名的24/7 串流新聞服務，該服務將提供來自CBS 頂級廣播新聞人才的新原創節目、由頂尖記者和電影製作人製作的一系列即將推出的紀錄片，以及對該網絡標誌性新聞專營權的點播訪問。

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

現在，正如鮑勃所說，我們的主要區別之一是我們從電視到戲劇的廣泛業務集合，共同努力推動全球串流媒體。我們公司擁有全球最大的廣播網絡，在世界各地擁有強大的網絡，其中包括阿根廷頂級廣播公司 Telefe；智利頂級網路Chile Vision；英國第 5 頻道；和澳洲網路 10。

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

例如，在哥倫比亞廣播公司（CBS），我們在每一小時的網路節目中宣傳派拉蒙+。去年，該節目在哥倫比亞廣播公司 (CBS) 的播出次數達到 40 億次，播放量達到 1,500 個。我們的網路不斷製作出一部又一部熱門影片，這些熱門影片在派拉蒙+上在世界各地找到了新的觀眾。

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

Network 10 最成功的澳洲電視劇之一《五間臥室》已移至派拉蒙+。 《五間臥室》現在是該服務上最大的節目之一，有助於推動澳洲的早期訂閱成長，我們在澳洲的訂閱數量遠遠超出了我們的預期。

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

在拉丁美洲，我們的團隊還將當地廣播熱門節目改編成派拉蒙+原創作品，例如 Telefe 上的大熱門《廚藝大師》，以及派拉蒙 Plus 上的《放手大廚》。 CBS 的兩部劇集《邪惡》和《海豹突擊隊》去年成為派拉蒙+原創劇集，並迅速成為美國收視率最高的原創劇集中的兩部。今天，我們很高興地宣布派拉蒙+獨家舉辦海豹突擊隊電影活動的計劃。

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

現在，我們繼續添加哥倫比亞廣播公司在派拉蒙+上的熱門劇集，例如《聯邦調查局》(FBI)，該劇已成為該服務的頂級節目之一，以及喜劇《幽靈》(Ghosts)，這是在廣播中排名第一的新喜劇，也是派拉蒙+從黃金時段娛樂到排名第一的喜劇系列。

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

最重要的是，不同的受眾以不同的方式觀看優質內容。隨著我們繼續發展派拉蒙+並建立更多特許經營權，我們可以吸引最大的廣播觀眾並在串流媒體上吸引獨特且可增加的觀眾。哥倫比亞廣播公司 (CBS) 將採用我們全球流行的特許經營權，並將其轉變為本地派拉蒙+原創作品。

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

今天，我們宣布《海軍罪案調查處雪梨》（NCIS Sydney）是一部獨特的澳洲版美國熱門電視劇，將於明年在澳洲派拉蒙+（Paramount+）上映。新劇集將在世界上風景最優美的港口城市之一拍攝。它將講述當地故事和當地創意人才，其中包括《海軍罪案調查處洛杉磯》的創始人肖恩布倫南 (Shane Brennan)，他本人也是澳洲人。這一切都匯集了體育直播、突發新聞、主要娛樂特許經營權和廣播網絡方面的最佳表現，推動派拉蒙+吸引世界各地的觀眾。

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

現在我想把它交給我的同事兼朋友克里斯·麥卡錫。

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

謝謝喬治，大家好。我是克里斯·麥卡錫 (Chris McCarthy)，派拉蒙+ (Paramount+) 成人動畫和真人秀節目的首席內容官。我很高興今天能在這裡與大家談論這兩種類型以及智慧財產權的全球力量。

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

成人動畫和現實內容有許多共同點。具有傳奇色彩的人物、令人震驚的場景和引起共鳴的大笑時刻。它們展示了我們都可以理解的誇大事實。這就是為什麼它們在全世界如此受歡迎。他們對我們來說都佔有特殊的地位。

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

我們因推出《真實世界》而創造了真人秀電視節目，並憑藉《南方公園》和《比維斯與大頭》，在 25 年前幫助將成人動畫帶入主流並走向世界。直到今天，我們在這兩方面都是全球領導者。隨著派拉蒙+在全球加速擴張，我們正在加倍努力。

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

讓我舉個例子。當我們在美國推出《澤西海岸》時，它立即引起了轟動，因此我們向世界各地的當地演員授予了特許經營權。透過《阿卡普爾科海岸》和《裡約海岸》，我們在墨西哥和巴西推出了派拉蒙+，它們很快就成為這些市場上排名第一的系列。今天我很高興地宣布我們將更新這兩個系列。為了進一步加速我們的全球發布，我們將在全球新增 7 個海岸。

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

你看，這是我們的全球競爭優勢之一，全球知名的真人秀 IP 和本地演員陣容。它使我們能夠以令人難以置信的效率在新市場定制我們的產品。這就是我所說的海岸事物。

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

這讓我接受了挑戰。創造了現實競爭的IP現在即將先創造一個新的現實。我身後是阿根廷的拍攝地，我們正在那裡拍攝首個全球連網的競賽系列。而且因為它發生在一個地點，所以我們以近 2/3 的成本製作 5 個系列。

Take a look at The Challenge War the Worlds.

看看挑戰世界大戰。

(presentation)

（推介會）

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

而這只是開始。看看我們正在進行的工作的範圍和規模。它確實使我們處於領先地位。

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

現在我們來談談成人動畫的力量。 《南方公園》和《比維斯與大頭》是世界上最受歡迎和普遍認可的 IP。去年，《南方公園》是美國排名第一的成人動畫系列劇，在全球範圍內，該劇的觀看時長超過500 億分鐘，這意味著在任何特定時間，都有超過100,000 人觀看《南方公園》 。

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

我很高興地說，在我們慶祝 25 週年之際，該系列即將回歸。這一切都始於去年，當時我們在 Paramount+ 上推出了兩部新的串流電影，這些電影在美國表現最佳，在國際市場排名第一。

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

現在，我們將在接下來的 6 年裡，每年推出 2 部新的《南方公園》電影，以鞏固這一勢頭。我很高興在這裡首次宣布，隨著我們今年推出該系列，Paramount+ International 將成為包含 310 集的完整南方公園圖書館的獨家所在地。此外，從2024 年開始，《南方公園》系列的新劇集將在Paramount+ 上在美國和國際串流媒體首播，完整目錄將於2025 年登陸美國，使Paramount+ 成為《南方公園》的全球獨家SVOD 之家。

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

現在，我們還將在今年 7 月以一部以 20 年後為背景的全新電影迎接《比維斯和大頭》回歸，這肯定會為新老粉絲重新點燃該系列電影的熱情。我們將在這一勢頭的基礎上推出一個以當今為背景的新系列。

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

這些只是我們不斷打造全球 IP 來推動 Paramount+ 擴張的偉大動畫項目中的一小部分。現在談到IP 的力量，去年黃石公園吸引並吸引了數百萬粉絲，成為了一種現象，不僅在美國線性電視節目中排名第一，而且在國際上也同樣如此，派拉蒙+是其SVOD 之家。

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

為了鞏固這一勢頭，我們從起源故事《1883》開始，對該系列進行了實時特許經營。事實上，正如您之前從 Tanya 那裡聽到的那樣，這是 Paramount+ 有史以來最熱門的影片。顯然，我們才剛開始釋放該 IP 的全部潛力。

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

在這裡向您介紹更多關於這一點的是我們的創意合作夥伴泰勒·謝裡丹（Taylor Sheridan）？

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

好的。我們如何重新發明輪子？我們接下來要做的事情是什麼？我們正處於電視劇本的一個有趣時期，因為每個人都在試圖找到這種講故事的新方式，而我在我所有的節目中都做到了這一點，我看到了美國經歷中被遺忘的部分。

Taylor is an extraordinary writer.

泰勒是一位非凡的作家。

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

我喜歡泰勒的寫作。它有一種強度。這是一個緊迫的事。

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

作為藝術家，我們彼此非常信任和熱愛。所以從那裡將會發生很多好事。

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

在黃石公園，我講述了達頓家族的背景故事。 1932 年，我選擇了那個時刻來回顧，因為你會看到我們在 1883 年遇到的孩子們現在正試圖在狂野的西部成為精英們的遊樂場時撫養下一代達頓。就巴斯·里夫斯而言，那是一個平行世界，1880 年代，巴斯·里夫斯，他是密西西比河以西第一位負責整個俄克拉荷馬州領土治安的非裔美國警察。

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

當我選角時，我正在尋找我們這一代的偉大演員。大衛·奧伊羅是一代天才。

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

看看像巴斯李維斯這樣的角色，我的意思是，這就是獨行俠的原型，但他卻被從歷史中抹去了。我迫不及待地想騎上馬講述這個故事。

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

我想去尋找電影明星。和史泰龍這樣的人合作的機會，就是遵循這個模式。

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

塔爾薩國王是一個非常有趣的故事。他是一輩子的黑幫。他替老闆頂罪，在監獄裡待了 25 年，一直守口如瓶，現在終於出來了。接下來你知道，他在塔爾薩。所以他現在必須開始新的生活，創造一個幫派，因為他們希望他成為一個賺錢的人。這就是樂趣開始的時候。

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

我試圖做的就是盡可能真實地窺視一個世界。為什麼這是中央情報局和特種部隊之間的實際計劃，卻無人知曉。當我寫完試播集後，妮可·基德曼很早就加入了這個項目，並被它深深感動，她想以製片人的身份參與其中。

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

我們聘請了佐伊·索爾達娜 (Zoe Saldana)，這將深入探討間諜活動和軍隊之間的界限。我很想探索最豐富、最鼓舞人心的故事。我只想和那些我欽佩的人一起工作。

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

在《蘭德人》中，我為比利鮑伯松頓開發了這一點。他是石油公司的危機經理。

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

這是我們通常看不到的石油行業的世界。當你看到寫得這麼好的時候，你真的很興奮。

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

我想繼續製作以 1 小時為增量放映的長片。派拉蒙和我有同樣的願景。他們認識到我們正在創造的東西很特別，並且他們為我們提供了實現這一目標的資源，這是一個很好的合作夥伴。

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

我是 David Nevins，Paramount+ 腳本原創部門的首席內容長。我身後是一個倫敦攝影棚，我們在那裡製作全球腳本原創作品，為派拉蒙+提供動力。我們製作的節目在全國和世界各地引起共鳴，我們在每個市場為每個市場製作它們。

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

這是一條雙向街道，我們在世界各地推出美國製作的節目，以及我們將其帶到美國和世界各地市場的國際製作節目。儘管我們專注於粉絲喜愛的系列，但我們仍在創造突破性的新 IP。我們將最高水準的表演、編劇和攝影以及好萊塢最好的技術融入我們所做的一切中。

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

結果是令人上癮的娛樂。這就是吸引訂戶並讓他們回頭看更多內容的原因，這種節目可以讓您在周六下午或睡前放鬆一下，也可以讓您在家裡度過一個懸疑的周五晚上。

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

《接受邀請》是好萊塢最瘋狂的故事之一，標誌性電影《教父》幾乎沒有發生。這是一部引人入勝的限量劇集，由邁爾斯·特勒、朱諾·坦普爾、馬修·古德和喬瓦尼·拉比西主演。這裡有一個高峰。

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

接下來是《油脂：粉紅女郎的崛起》，這是一部引人注目的音樂前傳，是經典電影的前傳，經過驗證，對幾代人都具有吸引力，但今天又以尖端的音​​調樂和編舞進行了更新。看看這個剛剛製作的舞蹈。

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

今年晚些時候，我們將迎來基弗·薩瑟蘭和一部令人興奮的心理驚悚片《兔子洞》。 《善戰邪惡》的創作者講述了一個女人的真實故事，她意識到她的父親是現實生活中臭名昭著的笑臉連環殺手。派拉蒙圖書館的作品也已經準備好更新，例如由莉茲·卡普蘭和約書亞·傑克遜主演的《致命誘惑》。

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

對我們來說，這些節目在國際上的表現如何至關重要，因為派拉蒙+是為全球觀眾設計的。為了向您詳細介紹我們的國際製作計劃，請允許我將其交給我的倫敦同事 Maria Kyriacou。

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

謝謝你，大衛。正如您所說，派拉蒙+在各個方面都是真正的全球服務。我們的生產能力遍及 20 多個國家，從阿根廷到以色列，再到我在倫敦的家，這為我們帶來了令人難以置信的優勢。

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

在英國，我們很高興今年夏天推出派拉蒙+，將我們所有的節目和電影帶給英國觀眾，並將我們在這裡擁有的卓越人才帶給全球觀眾。從《紐約時報》暢銷小說《莫斯科紳士》的戲劇化到英國熱門電影《性感野獸》的前傳系列，我們對即將推出的內容感到興奮不已。

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

隨著我們將派拉蒙+擴展到全球市場，我在世界各地的同事正在創作新內容，例如我們的第一部義大利原創《法拉奇小姐》和一部來自德國的驚悚片《死亡化學》。我們正在擴大與國際團體的合作關係，其中包括《寄生蟲》的韓國製作公司 CJ Entertainment，首先是一部發人深省的新劇《Yonder》。事實上，我們已經計劃製作 50 多個新的國際原創作品。快速瀏覽一下。

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

作為一家公司，我們也透過阿根廷的 Telefe 以及最近收購的 Chilevisión、TeleColombia 和 Studio Telemexico 成為西班牙語內容的領先製作商，我們每年首播超過 5,000 小時的內容。我們利用這一規模來推動派拉蒙+推出《Los Enviados》和《塞西莉亞》等熱門劇集，我可以確認這些劇集已被選為第二季。才華洋溢的莫妮卡·巴巴羅（Monica Barbaro）在這裡向我們介紹新的浪漫喜劇《午夜》。

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

謝謝，瑪麗亞。在派拉蒙備受期待的《壯志凌雲特立獨行》中與傳奇人物湯姆·克魯斯一起扮演戰鬥機飛行員菲尼克斯後，我很高興能和家人在一起。此時此刻，我正在墨西哥與迭戈·博內塔一起拍攝一部美麗的新電影《午夜》，講述了索菲和亞歷杭德羅的故事，這兩個雄心勃勃的人在正確的地點但錯誤的時間相遇。

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

我扮演一位事業心強的電影明星，過著看似光鮮亮麗的生活。我的世界與亞歷杭德羅發生了碰撞，他到目前為止一直按照深思熟慮的可預測計劃生活。到目前為止，這是一次令人難以置信的拍攝，我們迫不及待地想與您分享我們每天在片場體驗到的魔力。

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

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

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

謝謝你，瑪麗亞。正如瑪麗亞所說，我們所做的事情的核心是講述精彩的迷人故事，那些感動我們、激發我們、讓我們思考的故事，那些讓我們無法停止談論的故事。憑藉《你的榮譽》和《黃夾克》等熱門劇，更不用說《嗜血法醫》復興版在全球範圍內取得的巨大成功，Showtime 一直是一個偉大的製片人，他們害怕錯過那些引起全球轟動的劇集，這些劇集主導了文化對話並成為基石。

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

正如 Tom 之前所說，這包括美國訂閱者，他們很快就能在 Paramount+ 中輕鬆存取 Showtime。展望未來，我們對這些正在製作中的全球熱門作品感到非常興奮。 《第一夫人》，由維奧拉·戴維斯、米歇爾·菲佛和吉蓮·安德森開始，深入剖析米歇爾·歐巴馬、貝蒂·福特和埃莉諾·羅斯福的生活。看看吧。

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

《數十億》的創作者又推出了另一部來自他們的宇宙的節目，探索資本主義的輪廓。超級興奮：Uber 之戰。如果說《Billions》是關於這個宇宙的大師，那麼《Super Pumped》則是關於企業家。這是預覽。

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

我很高興地宣布，我們已經開始製作《Super Pumped》第二季，該劇將講述 Facebook 的崛起。今天，我們也訂購了《億萬》第七季。

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

即將上映的還有由喬·博恩瑟(Jon Bernthal) 主演的標誌性美國舞男《讓對的人進來》(Let the Right One in)，該片改編自斯堪的納​​維亞吸血鬼傳奇，由德米安·比齊爾(Demian Bichir) 和雷普利(Ripley) 主演，精彩演繹了帕特里夏·海史密斯(Patricia Highsmith) 的經典懸疑片，講述了一位前往意大利的美國遊客的故事被謀殺指控打斷。

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

優質節目、巨星、具有全球吸引力的引人入勝的故事。這就是當我們增強內容引擎以在派拉蒙+上製作出讓全世界都看不夠的節目時的樣子。我們才剛開始。

Now let me turn things back over to Bob.

現在讓我把事情轉回給鮑伯。

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

正如您所看到的，派拉蒙憑藉我們強大的內容引擎，在各個類型領域都達到了新的高度。而這個引擎反過來又為公司創造了令人信服的價值創造機會。

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

在此分享更多詳細信息，請歡迎我們的財務長 Naveen Chopra。

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

謝謝鮑勃，大家好。今天下午，我的同事解釋了我們計劃如何將我們的旗艦串流服務提升到新的高度。現在我想解釋一下策略如何推動我們今天和未來的財務表現。

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

首先，我將分享我們第四季度業績的一些亮點，並回顧我們在串流媒體領域的非凡成就。然後我將談論未來，從我們揭露的變化開始，這對於理解我們未來的財務目標非常重要。我將解釋我們的差異化串流策略如何轉化為具有財務吸引力和健康的長期利潤的業務。然後我們將圍繞所有這些內容提供一些具體細節，並更新我們的長期目標和 2022 年的期望。

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

讓我們從第四季度的業績開始，我們今天早些時候發布的新聞稿對此進行了更詳細的介紹。第四季我們增加了 940 萬串流媒體訂閱者，我們的服務全球訂閱者總數達到 5,610 萬。

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

Paramount+ 在本季繼續吸引絕大多數新訂戶。但 Showtime OTT 的季度新增量也創歷史新高。在廣告支援的串流媒體領域，Pluto TV 繼續蓬勃發展，全球月活躍用戶數增加 1,000 萬，達到 6,440 萬，實現了最大的季度月活躍用戶成長。這些服務結合起來，推動了另一個季度異常強勁的營收成長。

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

受惠於訂閱收入的強勁成長，全球串流媒體營收年增近 50%，達到 13 億美元，增幅再次加速至令人印象深刻的 84%。同時，我們看到傳統業務持續強勁，廣告和聯盟收入均有所成長。

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

我們的資產負債表在第四季也有所增強，我們出售了非核心房地產資產，年底手頭現金為 63 億美元。自從維亞康姆和哥倫比亞廣播公司合併以來，我們的淨債務餘額現在減少了 70 億美元，並為抓住擺在我們面前的巨大串流媒體機會提供了充足的火力。

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

說到串流媒體，正如您在今天的活動中所聽到的那樣，2021 年確實是非凡的。自Paramount+ 推出不到一年，我們的內容、行銷和發行引擎推動了爆炸性成長，到2021 年，我們平台上的全球串流訂閱者數量增加了超過2,600 萬。近80%。

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

我們知道，這種成長依賴優質內容來吸引和留住廣泛的訂閱者。我們看到這個公式正在發揮作用。事實上，如果我們看看我們國內的派拉蒙+業務，隨著內容選擇的擴大，自推出以來的過去三個季度的平均月活躍率都在上升。

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

隨著受眾在該服務上花費的時間越來越多，流失率在這一年中每季也有所改善。隨著參與度和保留率的提高，Paramount+ 訂閱者的終身價值也隨之提高。

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

為了強調 Bob 和 Tom 的共同觀點，2021 年對 Pluto TV 來說也是不平凡的一年。除了突破 10 億美元的收入門檻外，Pluto TV 的用戶和觀看時間也經歷了巨大的成長。

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

全球總觀看時長成長了 50% 以上，達到 48 億小時，而國內月活躍用戶觀看時長則健康成長了 12%。稍後，我將解釋我們 2021 年的表現如何指導我們對未來串流媒體成長的預期。

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

但在此之前，讓我解釋一下我們對財務揭露所做的改變，這將提高這種直接面向消費者的成長的可見性，同時強調我們傳統業務的獲利能力。今天，我們在網站上發布了重新制定的趨勢時間表，透過 3 個新細分市場的鏡頭展示歷史結果，如下所示。

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

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

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

其次是電影娛樂公司，由派拉蒙影業公司和尼克兒童頻道組成。最後，是一項高成長的直接面向消費者的業務，其中包括我們的D2C 串流服務的全球運營，其中包括Paramount+、Pluto TV、Showtime OTT、BET+ 和Noggin，所有這些都在一個細分市場中。

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

仔細觀察新報告架構下的各個部門，您會注意到我們電視媒體部門的獲利能力，該部門去年產生了近 230 億美元的收入，調整後的 OIBDA 接近 60 億美元。電視媒體 OIBDA 年成長 1%，OIBDA 利潤率為 26%。

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

在我們的 D2C 領域，營收成長了 83%，令人印象深刻。如您所知，我們將繼續在這一成長背後進行投資，以抓住高度策略性的市場機會。由於這項投資，D2C 在 2021 年營運虧損約 10 億美元。

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

除了分部報告的變化之外，我們也不斷改善收入揭露。我們新的報告細分有 4 種收入類型：廣告、聯盟和訂閱、戲劇和許可以及其他。

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

如果與我們的 D2C 服務沒有直接關係，我們的串流收入現在將被視為 D2C 部門或電視媒體部門的廣告或聯盟行銷和訂閱收入。為了更仔細地了解直接面向消費者的情況，我們還將分別發布 Paramount+ 和 Pluto TV 的收入和訂閱者或每月活躍用戶。

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

如圖所示，截至 2021 年底，Paramount+ 擁有 3,280 萬全球串流媒體訂閱者。正如 Bob 所提到的，Paramount+ 一直是訂閱用戶成長的關鍵驅動力，占我們去年全球串流媒體新增 2,620 萬用戶的 80% 以上。

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

Paramount+ 2021 年營收 13 億美元，年增 115%。第四季國內付費 ARPU 接近 9 美元，反映出基本用戶、高級用戶和促銷用戶的混合。 2022 年，我們預期國內 ARPU 和國際 ARPU 都會上升。

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

國內 ARPU 將受益於廣告貨幣化的改善以及試用和促銷訂閱者向全額付費訂閱者的轉變。隨著我們在平均 ARPU 顯著高於我們目前國際子基地的大型國際市場推出產品，國際 ARPU 也將得到改善。

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

現在，在 Pluto TV 中，您現在知道我們在 2021 年增加了超過 2,100 萬的全球月活躍用戶，實現了近 90% 的收入成長。那就是 11 億美元的收入。在美國，Pluto 高效的商業模式和令人印象深刻的 ARPU 成長表明了日益強勁的利潤潛力。

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

事實上，Pluto TV 的全球 ARPU 年增 17% 至 1.64 美元，國內 ARPU 大幅提高至 2.54 美元，年增 44%。我們也簡化了記錄直接面向消費者的內容費用的方式，以便更清楚地向公司展示串流媒體投資的實際成本。

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

我們不再記錄部門之間的公司間許可。相反，我們根據每個報告細分受眾群利用的分發視窗的相對價值將內容成本分配給每個細分受眾群。

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

這項變化對於D2C投資意味著什麼？那麼，根據我們新的報告結構，2020 年 D2C 內容支出約為 10 億美元，2021 年約為 22 億美元。我們對這個未來感到非常興奮，因為它利用我們傳統媒體企業的資產來建立一個大規模的全球直接面向消費者的業務，並且具有有吸引力的長期利潤。

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

正如鮑伯所指出的，與付費電視相比，串流媒體為派拉蒙帶來了巨大的增量市場機會。事實上，相對於我們現有的付費電視覆蓋範圍（覆蓋3 億家庭）而言，我們的串流策略涵蓋了這一數字的兩倍多，覆蓋超過6 億寬頻家庭（不包括中國和印度） 。

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

這個數字將繼續成長，特別是在增加行動寬頻用戶時，我們很快就會在某些地區針對派拉蒙+推出僅限行動裝置的計劃，以實現以前無法訪問的細分市場。

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

我們廣泛的串流媒體方法使我們能夠以更好的長期經濟效益佔領這個不斷增長的潛在市場的更大份額。讓我用我們的行動手冊中的 3 個例子來解釋我們的方法如何產生經濟效益並創造長期價值。

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

首先，在派拉蒙+和整個生態系統中，我們受益於訂閱和廣告收入的結合。這為我們提供了多種成長方式，而不僅僅是潛水艇和價格。

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

我們的雙收入流模型使我們能夠透過增強參與度和貨幣化來提高 ARPU。我們還可以透過吸引數億願意支付較低訂閱費或不支付訂閱費的消費者來吸引更多的受眾。

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

幾十年來，廣告一直為媒體商業模式提供動力。它為廣播電視提供動力。這對有線電視來說至關重要。今天，當我們展望未來時，它作為 Paramount+ 等混合訂閱廣告支援模式的一部分以及作為 Pluto TV 的純廣告支援服務的一部分，為我們的串流媒體劇本增加了令人難以置信的價值。

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

其次，在發行方面，我們也採用了差異化的策略，將一流的消費者體驗和巨大的串流媒體潛在市場與傳統有線電視模式的有吸引力的經濟效益結合起來，而我們的合作夥伴專注於使用串流媒體服務，以進一步利用其寬頻業務並擴大客戶服務。

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

以我們與 Sky 的硬捆綁交易或我們今天宣布的與 Canal+ 的交易為例，Paramount+ 立即分發給數百萬 Sky Cinema 或 Canal+ 客戶。雖然 ARPU 低於我們的直接面向消費者的頻道，但高於線性電視。訂戶規模成長得非常快。我們不承擔客戶獲取、計費或支援成本。當系列賽結束時，我們消除了客戶流失的風險。這項策略得益於我們與全球 MVPD 的長期合作關係以及 Paramount+ 的差異化價值主張。

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

當然，這些硬性捆綁關係讓我們能夠透過補充我們更高的 ARPU 直接管道和透過 Amazon、Roku 和 Apple 等串流媒體平台獲取的客戶來最大限度地擴大覆蓋範圍。

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

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

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

與純粹的串流媒體不同，我們的投資回報率方程式受益於廣泛的平台，如票房收入、Pluto TV、第三方授權、下載到自有產品和消費產品等。再加上每個派拉蒙+客戶的終身價值直接歸因於該作品，這種多元化的模式在許多流行的派拉蒙+版本中始終表現出引人注目的投資回報率，這讓我們回到了我們差異化的串流劇本。

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

這些貨幣化機會提高了串流內容的回報，並且是純粹串流媒體所無法獲得的。在我們的模型中，這些傳統業務是經濟和促銷價值的強大來源。雖然《金斯敦市長》和《1883》等高影響力的派拉蒙+獨家影片對我們的發展非常重要，但它們只是我們成功方程式的一部分。 Paramount+ 也由豐富的共享內容和庫內容組合提供支援。

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

憑藉我們直接面向消費者業務的強勁勢頭和差異化的串流媒體策略，我們相信，正如鮑勃所說，未來的機會只有與我們抓住機會的雄心規模相匹配。就在一年前，我們設定了到 2024 年底全球串流訂閱用戶數量達到 6,500 萬至 7,500 萬的目標。

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

今天，我們將這一目標提高到 2024 年底全球 D2C 用戶數量超過 1 億。

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

在Pluto TV，參與度和ARPU 在過去一年中顯著加快，提高了我們透過預期在2024 年達到1 億至1.2 億全球MAU 貨幣化的能力。加速的貨幣化改進Pluto TV 意味著我們 2024 年 D2C 收入的目標大幅增加。

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

去年，我們的全球串流媒體收入目標是到2024 年超過70 億美元。的數位視訊廣告在我們的電視媒體部分捕獲。

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

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

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

D2C 收入的增量既包括更積極的訂戶假設，也包括訂閱價格上漲和廣告貨幣化成長共同推動的 ARPU 改善。當然，現在我們的成長取決於提供殺手級內容。

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

去年，我們曾告訴您，預計 2024 年串流內容支出將超過 50 億美元。我們現在預計 D2C 內容支出將從去年的 22 億美元成長到 2024 年的 60 億美元以上。

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

鑑於這些投資，我們預測 D2C OIBDA 損失將在 2023 年達到最大，但到 2024 年將會有所改善，屆時我們的全球 D2C 業務將開始看到我們完整內容的好處，包括派拉蒙 Pay1 電影。到那時，我們將在更多的市場推出，廣告和訂閱貨幣化將更高，內容攤銷費用的分層將開始穩定。從長遠來看，我們的模型表明 D2C 細分市場的利潤率將接近我們目前的電視媒體業務。

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

我還想就2022 年每個細分市場的近期預期提供一些資訊。 。

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

同樣，我們預計 Filmed Entertainment 調整後的 OIBDA 將比去年同期保持穩定，目前的電影名單不會改變。在 D2C 領域，我們預計在 Paramount+ 的帶領下將迎來非常健康的用戶成長，並且 Pluto TV 的持續擴張，所有這些都將轉化為全年 D2C 收入成長超過 60%。

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

事實上，我們預計第一季 D2C 營收成長將超過 2021 年全年 D2C 營收成長速度。隨著我們的發展，直接面向消費者的內容和國際發布將得到更多投資。因此，我們預計 2022 年 D2C 領域的 OIBDA 損失將增加約 5 億美元。

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

就同​​比趨勢而言，2021年上半年納入了多項不可比項目，使OIBDA在此期間受益，包括超級碗、新冠疫情對線性製作和電影發行的影響以及派拉蒙+的推出，而派拉蒙+的推出並沒有讓OIBDA受益。趨勢。

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

今天我們已經討論了很多內容。我知道大家都很期待問答環節。因此，讓我代表我的同事回顧 4 個要點。

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

首先，在短短一年的時間裡，派拉蒙+的表現超出了所有人的預期。我們擁有強大的動力和信譽來將自己打造為規模化的串流媒體播放器。

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

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

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

第三，我們正在將我們的雄心壯志提升到新的高度。我們正在投資成長，對串流媒體訂閱者和串流媒體收入設定了更高的目標。

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

第四，也是最重要的一點，我們正在執行差異化的串流策略，利用我們的傳統業務實現更快的成長和有吸引力的長期 D2C 利潤。

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

接下來，讓我介紹一下投資者關係執行副總裁安東尼·迪克萊門特 (Anthony DiClemente)，他將帶領我們進行問答。

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

謝謝納文，也謝謝大家加入我們。今天的討論由我們的總裁兼執行長鮑勃·巴基什 (Bob Bakish) 主持。納文‧喬普拉 (Naveen Chopra)，我們的財務長；以及 Streaming 總裁兼執行長 Tom Ryan。

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

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

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

我們的第一個問題將來自古根漢的麥克莫里斯。

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

我想，對於我的一個問題，我想問一下您的訂閱者指南的路徑，即到 2024 年將達到 1 億。幾年來，是否有不同的里程碑會加速或導致這條道路的波動？您能否向我們提供更多有關您如何看待該用戶群的地理組合演變的詳細資訊？

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

當然。麥克，我是納文。我來回答這個問題。就我們如何看待我們的 D2C 業務成長到 1 億而言，我們確實認為未來幾年將會出現相對穩定的成長。如果我要進一步細分的話，我會說幾件事。

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

第一，正如我在電話會議上提到的，我們確實預計到 2022 年我們將超過我們之前對 2024 年的指導。這讓您對 2022 年的預期有所了解。

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

就潛艇的地理組成而言，我們顯然有全球的野心，這意味著我們預計國內潛艇和國際潛艇都將成為實現 1 億次目標的重要貢獻者。如果你想想我們今天的 D2C 用戶群，你會發現它確實偏向國內。但隨著我們的進步以及我們在更多市場推出派拉蒙+，國際訂閱者所佔的比例將持續成長。

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

如果我展望 2024 年，我預計國內業務仍將占我們基地的較大部分。但你會看到明年幾季新增用戶的分佈可能是國內的，也可能是國際的。

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

以第四季為例，我們看到巨大的成長主要來自美國。但明年的某些季度，我們將在新市場推出新產品，或推出新合作夥伴，其中更多成長將偏向國際市場。但從長遠來看，國內和國際都將很重要，因為歸根結底，我們正在建立全球 D2C 業務。

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

麥克，我唯一想補充的是，1 億數字不包括我們預期的 Sky Showtime 訂閱者。這是一家未合併的合資企業，我們顯然預計其數量將達到數百萬個。

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

是的。需要明確的是，第四季的次級成長在國內有所傾斜。謝謝，麥克。我們將接受德意志銀行的 Bryan Kraft 提出的下一個問題。

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

Naveen，您能否估算一下未來幾年串流投資的自由現金流投資規模？或者也許可以談談 EBITDA 和自由現金流之間的增量以及何時可能達到高峰？這樣我們就可以幫助建模——幫助我們建模。

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

鮑勃，你和克里斯麥卡錫最近談過，克里斯今天談到了強調公司轉向以更大的方式利用特許經營權。您能談談這與歷史上的情況有何不同嗎？預測？

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

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

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

原因是我們看到了去年我們能夠大幅改善營運資本的好處，並且我們希望繼續這樣做。因此，雖然從獲利角度來看會有增量投資，但現金流的影響應該更溫和一些。鮑伯？

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

是的。關於您關於特許經營權的問題，我們絕對會在內容投資方面更加關注特許經營權。我認為，如果你回顧一下這家公司的歷史，可能大部分的特許經營工作都是在尼克頻道完成。您看到我們希望迅速採取行動，並透過派拉蒙+與海綿寶寶電影和第一部海綿寶寶衍生系列《Kamp Koral》的推出從中受益。

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

從那時起，你看到的是——包括今天，你看到的是對特許經營權的更廣泛的承諾，包括從戲劇到系列的策略。你今天聽到了關於索尼克的說法。你可以看到 1883 年黃石公園產卵時的情況。

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

因此，這確實是一種哲學上的變化，與跨平台和串流媒體的單一公司心態相聯繫，這是我們擁抱特許經營權的步驟功能變化。

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

偉大的。謝謝你，布萊恩。我們將回答高盛的布雷特·費爾德曼的下一個問題。

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

因此，當您概述了最初的預期，即您將把當時分配給串流媒體業務的內容支出從 10 億美元增加到 50 億美元時，您表示，這並不一定都是增量的到公司。從那時起，您顯然在串流媒體產品方面取得了巨大的成功。您站出來並表示願意進行更多投資。

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

所以問題是，您所概述的到 2024 年額外增加 20 億美元，這在多大程度上是純粹增量？它在多大程度上代表您傳統電視媒體業務的更快重新分配？

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

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

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

是的。布雷特，讓我試著給你一些補充說明。我認為你問的問題的本質實際上是公司內容總支出與我們在 D2C 中進行的增量投資相結合會發生什麼。

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

答案如下。在我們積極投資 D2C 成長的同時，我們也謹慎管理傳統業務的支出。這既適用於內容投資，也適用於尋找其他機會來提高營運效率。

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

實際上，在過去幾年中，您已經看到我們相當廣泛地這樣做，無論是合併網路之類的事情，還是尋找其他提高營運費用效率的方法。我們認為我們能夠做到這一點非常具有創新性。

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

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

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

以克里斯·麥卡錫提到的一些事情為例，他正在利用全球製作能力來製作《挑戰》等節目。因此，這個公式將成為我們營運業務的關鍵部分，公司內容總支出的成長速度比您在 D2C 方面看到的要低得多。這也是讓公司在 2024 年及以後恢復獲利成長的關鍵部分。

Local language content investment?

本地語言內容投資？

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

是的。因此，對於本地內容、全球內容，我們堅信本地內容的重要性。我想指出的是，這對我們來說並不是一個新概念。正如鮑勃所指出的那樣，我們歷史上的大部分時間都在世界各地開展業務。我們看到了利用大量現有本地內容並將其與來自美國的傳播良好的全球內容相結合的巨大機會。

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

我們有很多這樣的例子，無論是黃石公園還是德克斯特。我們也利用全球格式。您在克里斯的演講中也聽說過這一點。我們現在也越來越多地將國際市場上製作的內容帶回美國。

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

因此，有許多機會可以利用我們的全球足跡，這也是我們隨著時間的推移考慮內容費用的一部分。因此，當我們談論 2024 年 60 億美元的 D2C 內容投資時，我們假設混合了全球內容和本地製作的內容。

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

偉大的。非常感謝，布雷特。我們將回答摩根士丹利的本‧斯溫伯恩 (Ben Swinburne) 提出的下一個問題。

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

鮑勃，自從您來到維亞康姆以來，您採取了一種新的分銷合作夥伴關係方法，這顯然對於推動直接面向消費者至關重要。我想知道您是否可以根據我們今天下午聽到的情況來談談您的策略，以利用國際和美國的分銷合作夥伴關係。的一些擔憂。

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

當然，本。所以看。如果你回顧公司的歷史，你會發現我們長期以來一直相信無處不在的分銷並以這種方式執行。因此，當我們審視 D2C 領域時，我們相信無處不在的分發是推動獲得最大潛在 TAM 的強大槓桿。現在，在這樣做的過程中，我們相信您需要一個真正多方面的策略。這就是我們追求硬捆綁、渠道商店和純 D2C 的地方。每一種策略都有不同的特點，但總的來說它們都非常強大。因此，在硬捆綁方面，特別是我們今天宣布的 Sky 和 ​​CANAL+ 交易，我們有機會以非常低的訂戶獲取成本獲得非常快速的子基礎，並且未來的流失率最小。因此，當我們開始擴大規模時，我們非常喜歡這一點。你看看通路店那邊。這提供了對流量的存取。你支付的銷售成本稍高一些，但用戶數量也相當可觀。然後您就可以獲得 D2C，它為您提供最高的 ARPU 並讓您能夠進入整個市場。我們認為，隨著時間的推移，這種整合將創造出成長最快且最穩定的子基礎，並且再次使我們能夠與不同類型和規模的合作夥伴合作建立我們的串流媒體業務。順便說一句，您看到我們也在美國這樣做，無論是與 MVPD 合作，我們都擴大了我們的關係，不僅包括線性渠道，不僅包括高級廣告銷售，還包括流媒體應用程序，包括免費和支付。您會看到我們正在這樣做 - 現在與 T-Mobile 等行動電信商合作，我們在 21 年末推出了 Paramount+，並期待在第一季度末開始行銷，以真正開始推動訂戶來源，然後在第二季度中期左右進行計費整合。我們認為這些強大的合作夥伴關係非常強大，我們致力於利用它們來追求無處不在的分銷並滲透到最大的潛在市場。所以我希望這會有所幫助。

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

您想向美國的 MVPD 發表演講嗎？ [前進]。

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

好吧，我討論了它們，——外觀。 MVPD，如果你看一下的話。從廣義上講，自從我們成立這家公司以來，我們一直在完成交易，最近是與康卡斯特。同樣，這些交易現在非常現代，因為它們結合了線性提要、[最佳廣告銷售]和應用程式。 [我們]與一家顯然是基石內容提供者的公司有著非常牢固的合作關係。我們期待在該領域開展業務，不斷增長業務，特別是當他們追求寬頻並將其寬頻帳戶用於視訊時。我們再次成為他們的天然合作夥伴。

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

偉大的。非常感謝，本。我們將回答 LightShed 的 Rich Greenfield 提出的下一個問題。

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

我其實有幾個。我知道你說了一個，但很快：我想，對鮑伯來說，什麼時候開始。當您說您的平台具有差異化時，您最指的是什麼呢？您認為 Paramount+ 與其他服務的最大差異是什麼？第二，我認為 - Naveen，我認為你說過 D2C 利潤率應該接近線性利潤率。我認為這是一個投資者很難理解的問題：每個人都為每個管道付費，而不是只為他們想要的東西付費，所以從長遠來看，這個數學是如何計算的？

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

當你考慮自由現金流時，這是一個簡單的內務問題。顯然，今年你的自由現金流沒有支付你的股利。你實際上看到了淨債務增加。當您想到「22」和「23」時，相對於您剛才提到的增加的投資，我們應該如何考慮那些變化的部分？

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

是的，當然，里奇。讓我開始吧。所以我們在串流媒體方面絕對有差異化的策略。這種差異發生在我概述的幾個維度上。它從內容開始。正如我所說，我們非常重視派拉蒙+的「加」。我們擁有最廣泛的內容選擇，包括娛樂方面的完整類型組合；訊息;當然，還有運動、NFL、歐洲足球、高爾夫、NCAA 等等。所以我們認為這是一個真正的差異化因素。我們已經看到所有這些管道共同努力推動我們的成長，包括在第四季度，我們對結果非常滿意。除此之外，我們相信免費和付費的結合，Pluto 與 Paramount+ 的結合是強大的；我們在這方面是與眾不同的。請記住，我們擁有美國排名第一的 FAST 產品。根據我看到的統計數據，儘管我們已經是第一名，但我們在美國的領先優勢在第四季度有所擴大。第三點，您已經看到我們如何使用更廣泛的平台來駕駛。我認為我們在這方面比其他任何人都做得更好。看看我們對黃石公園所做的事情 [以及 1883 年]。看看與 Halo 和 NFL 季後賽的整合。我們確實在利用這些平台，最後是這件事的全球面。幾十年來，我們一直在國際上開展業務。我相信，就我們的分銷策略（包括硬捆綁）而言，我們是創新者。 [這是]非常有益的策略。您將在 22 年看到好處。順便說一句，你會看到其他人關注我們，因為我們已經看到這種情況開始發生，但就像我們因成為FAST 的市場領導者並更早到達那裡而受益一樣，我們也很早就到了，你獲得先發優勢。所以我們有很多差異化。它運作得非常好，並將在未來帶來真正的紅利。納文？

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

是的。所以 Rich，你的問題的答案，首先，關於利潤率實際上是鮑勃所描述的內容的延伸，即在建立我們的 D2C 業務時，我們正在執行一個根本不同的劇本。事實上，我們正​​在做的很多事情實際上複製了您在傳統宇宙中看到的一些經濟效益，特別是您提到的一些事情。因此，無論是跨多個平台利用內容的能力，還是使用捆綁和其他合作夥伴關係來有效獲取訂閱者並確保他們不會像純 D2C 業務中那樣流失的能力，無論是使用我們內建的促銷平台或全球製作能力的能力，我們正在談論與您在純粹的串流媒體業務中看到的截然不同的串流媒體經濟版本。這就是為什麼我們對長期利潤潛力的看法截然不同。關於你關於自由現金流的問題，我想指出幾點。第一，正如我所說，我們確實認為我們正在進行的投資對自由現金流的影響比你在損益表上看到的要溫和。此外，隨著我們在未來幾年轉向更大的 D2C 投資模式，我們擁有非常強勁的資產負債表。請記住，今年我們的資產負債表上有 68 億美元——對不起，資產負債表上有 63 億美元的現金，這對於我們在串流媒體領域的投資來說綽綽有餘。我們沒有短期到期的債券，我們繼續保持大量的左輪手槍產能，因此我們喜歡我們的財務狀況。我們完全有能力投資以抓住 D2C 的成長；並繼續實現我們所有的財務優先事項，正如我之前闡述的那樣，其中包括透過串流媒體投資於有機成長。它包括為我們的股息提供資金，並包括將我們的資產負債表去槓桿化。我認為到 2022 年，您實際上會看到我們在做這三件事。

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

偉大的。感謝您提出多個問題，Rich。我們將回答瑞銀集團 (UBS) 的約翰‧霍杜利克 (John Hodulik) 提出的下一個問題。

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

偉大的。如果可以的話，我有兩個問題。首先，在授權方面，你們在內容授權方面又取得了強勁的季度表現，但同時也談到了你們如何在幾年內取消付費窗口。您能否談談—也許您可以量化這項變更的影響。也許可以給我們一些關於您預計這條線在未來幾年的趨勢的資訊。這是第一名。然後快速跟進：您可以告訴我們您對國際體育轉播權的興趣嗎？我認為，鮑勃，你們在墨西哥和中美洲製定了一些新的足球權利。我認為有一些關於你們可能競標印度 IPL 的新故事，但對此有什麼想法或你們將來可以獲得的新權利嗎？

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

是的，當然，約翰。所以看。在內容授權方面，如您所知，我們在維亞康姆哥倫比亞廣播公司（現在的派拉蒙）制定了戰略重點，將我們的內容引擎指向我們的串流媒體平台，特別是派拉蒙+。我們已經在第四季度看到了早期的好處。我們相信，當我們尋求創造資產價值時，這從根本上來說是正確的做法，並且在串流媒體領域有明顯的資產價值創造例子，您可以取得成功。我們再次希望獲得成功，所以我們正在這樣做。同時，我們將繼續履行派拉蒙+先前達成的協議。所以這些就像特定節目的[第 N 季加 1 季]，也許以傑克·瑞恩 (Jack Ryan) 為例。我們已經簽訂了合同，並將繼續這樣做。我們也繼續進行一些選擇性的非獨家許可，我們發現這是一種有效的特許經營開發工具，因為我們繼續為派拉蒙+構建新版本的產品，所以您應該期望我們隨著時間的推移會這樣做。我們再次認為它在策略上已經成熟，我們認為我們也可以從中獲得一些增量的財務利益。

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

至於你關於國際體育權利的問題，你看。雖然現在還為時過早，但我們已經在美國看到了體育運動作為派拉蒙+的一部分所帶來的真正好處。正如您在其中一張圖表中看到的那樣，NFL 是 2021 年該產品訂閱用戶增加的第一來源。例如，體育迷在第四季度也是《海豹突擊隊》、《金斯敦市長》和《1883》等節目的大消費者。因此我們正在考慮並有選擇地添加體育產品國際上。我們已經在拉丁美洲做了一些這樣的事。我們在澳洲已經做了一些這樣的事。印度的 IPL 確實是 Viacom18，它是我們在那裡的合資企業。再說一遍，我們認為運動是累積性的，而且肯定是我們的差異化因素。您需要在支付金額方面遵守紀律。您需要有效地提取價值，包括透過與其他產品的共同使用，但體育絕對是我們串流媒體劇本的一部分。順便說一句，當我們追求這個機會時，我們從哥倫比亞廣播公司體育頻道的傳統中受益匪淺。

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

偉大的。非常感謝，約翰。我們將回答花旗銀行 Jason Bazinet 的下一個問題。

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

可能是一個有點複雜的問題，但是在 - 根據電影或電視的舊會計標準，你將根據匹配收入進行攤銷，對吧，作為最終收入的百分比，因此利潤率在所有方面都是一致的方式通過。在串流媒體世界中，我認為攤銷是串流的函數。它有點忽視了這樣一個事實，即消費者從新內容中獲得的效用比舊內容更多，所以你如何——任何人如何才能相信串流媒體業務將與你的新電視媒體部門一樣好？例子？

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

傑森，我首先會嘗試一下，只是為了理解分配方法。首先，正如我在準備好的演講中所說，我們的一般成本分配方法是基於任何給定服務有權利用的窗口的相對價值。因此，這解決了我們如何在影院和串流媒體之間分配成本的問題，例如，如果一部電影在影院上映，然後最終在派拉蒙+上播出。就串流媒體內部的分配而言，我們實際上並未完全按照您所描述的方法進行分配。人們認識到這樣一個事實，即內容在串流媒體服務的早期往往具有更高的價值，因此許多（聽不清楚）會隨著時間的推移而加速傳播。這就是為什麼隨著我們繼續建立我們的圖書館並在派拉蒙+上收集越來越多的內容，我們相信該模型有機會發揮作用的原因之一。我在準備好的發言中提到，帶領我們度過 23 年 D2C 峰值損失拐點的一件事是，我們當時正處於一個時間點，我們實際上開始看到事情開始下滑從攤銷的角度來看，與前兩年相反的是，一切都進來了，什麼​​都沒有出去。因此，您確實開始看到當時業務的營運槓桿有所改善。

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

我還想補充一點，因為你所說的內容並不能反映我們在串流媒體中看到的情況。您說，就串流媒體消費而言，只有新內容才重要。這實際上絕對不是真的。誠然，新的原創作品是獲取訂閱者的關鍵，但串流媒體中最有價值的是圖書館，特別是劇集數量豐富的劇集。所以你看看海軍罪案調查處、聯邦調查局、海豹部隊、海綿寶寶等等。在某些情況下，這些對於吸引人們參與來說非常有價值，但在大多數情況下，就參與而言。參與度是用來管理流失的，所以就內容的價值而言，這並不全是獨家原創。這些圖書館非常有價值。當你看看派拉蒙，也就是我們現在所說的公司，我們擁有來自原始派拉蒙工作室、哥倫比亞廣播公司、Showtime 和有線電視網絡的非常深入、非常高品質的庫。這些對於派拉蒙+和 Pluto TV 的串流媒體都非常有價值，所以不要忽視這個價值，因為它非常重要。這也是我們長期串流媒體經濟的關鍵。

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

非常感謝，傑森。我們將回答富國銀行史蒂夫·卡霍爾的最後一個問題。

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

只是一種漫長的國內問題。所以我想知道你是否可以談談你認為派拉蒙+的國內訂閱者處於什麼位置以及可以走向何方。同樣，您談到了 9 美元的 ARPU。當我們考慮訂閱和廣告收入時，您如何看待國內 ARPU 的上升空間？

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

就在我們播放國內派拉蒙+的時候。我想，如果你能回到過去，你可能會看到黃石公園的一些早期季節的安排略有不同，這些安排是在競爭對手的服務上進行的。您是否有任何手段可以在未來幾年內將黃石圖書館完全整合到派拉蒙+上？

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

是的，史蒂夫。讓我從這裡開始。所以我想說，我們正處於派拉蒙+訂戶之旅的早期階段。請記住，該產品在一年前的今天還不存在。因此，在 3 月的時間範圍內推出後，我們已經看到它在 2021 年日曆上不斷構建，但實際上，例如，第四季度是我們第一次在腳本方面出現類似規模的情況。因此，派拉蒙+在美國的建設規模還有很長的路要走。今天你確實看到了我們遇到的所有這些類型的令人難以置信的內容陣容，所以我再次認為訂閱者有很大的發展空間。我將處理黃石點，然後將其翻轉到 Naveen 的 ARPU。關於黃石公園，你是對的。該交易是在維亞康姆與哥倫比亞廣播公司合併之前完成的。那很不幸。我們並沒有放棄這個機會，而是選擇積極參與衍生系列，例如《1883》，以及以[創造者]和金斯敦市長為主角的相關係列。你看到更多的東西即將到來。這對我們來說非常有效。黃石公園是國際派拉蒙+的一部分。這就是我們今天對這個特許經營權的看法。納文？

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

是的，讓我來談談 ARPU。從 ARPU 角度來看，我們仍然感到非常鼓舞，特別是在國內市場。您在準備好的評論中看到了我們在第四季度經歷的 9 美元的付費 ARPU。我們認為國內 ARPU 短期和長期都會持續上升。短期來看，確實有兩個關鍵因素。我們預計，促銷和試用訂閱者持續轉變為全額付費訂閱者將會帶來好處。我們繼續看到非常健康的試用到付費轉換率，所以我們實際上認為從 ARPU 和整體收入的角度來看，這對該服務來說都是一個令人信服的機會。我們也期望看到派拉蒙+基本層廣告貨幣化的持續改進。必需品層是我們用戶群的重要組成部分，實際上既是必需品，又是優質用戶，是一種平衡的組成，但隨著服務參與度的不斷增長，我們已經看到必需品層產生的[廣告] ARPU有所改善。我們預計，隨著我們為 Paramount+ 添加越來越多的內容，這種情況將會持續下去。從長遠來看，我們也看到 ARPU 的上升空間——隨著服務內容選擇的不斷增長以及 Paramount+ 的使用變得更加習慣，調整價格的能力就會顯現出來。我認為，在這方面，我們可能會從總體類別中獲得一些順風，您會看到價格繼續上漲，因此我們可能有機會調整價格，並仍然保持我們相對於其他公司的價值主張。因此，我們非常看好 ARPU 的成長方向。正如我所指出的，這絕對是我們將業務從目前略高於 30 億美元的 D2C 收入增長到 2024 年超過 90 億美元的關鍵因素之一。這是關於增加用戶和增加 ARPU，所以我們真的很喜歡這個等式以及它可以創造的成長。

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

太好了，謝謝，納文。感謝大家今天抽出寶貴時間提出問題。這是一場重要的對話。對於我們現在稱為派拉蒙的公司來說，這確實是一個令人興奮的時刻。

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

看。這是一個充滿動力的時代，也是一個充滿巨大前進機會的時代。再次感謝您加入我們。我們感謝您一如既往的支持，並祝福大家一切順利。我們很快就會和你談談。