Paramount Global (PARAA): Business Model Canvas

In der dynamischen Medien- und Unterhaltungslandschaft erweist sich Paramount Global (PARAA) als Kraftpaket, das sich strategisch durch das komplexe Terrain der Inhaltserstellung, -verteilung und der Einbindung des Publikums bewegt. Durch die Nutzung eines vielfältigen Geschäftsmodells, das traditionelle Rundfunkübertragungen, hochmoderne Streaming-Plattformen und verschiedene Inhaltsgenres umfasst, hat sich Paramount in ein umfassendes Medienökosystem verwandelt, das Zuschauer über Generationen hinweg und auf globalen Märkten bedient. Diese Untersuchung des Business Model Canvas von Paramount enthüllt die komplizierten Strategien hinter ihrem Erfolg und bietet Einblicke in die Art und Weise, wie sich ein altes Medienunternehmen im Zeitalter des digitalen Streamings neu erfunden hat.

Paramount Global (PARAA) – Geschäftsmodell: Wichtige Partnerschaften

Streaming-Plattformen

Paramount Global betreibt zwei primäre Streaming-Plattformen:

• Paramount+: 46 Millionen Abonnenten im vierten Quartal 2023
• Pluto TV: 80 Millionen monatlich aktive Nutzer im Jahr 2023

Plattform	Abonnenten/Benutzer	Umsatz (2023)
Paramount+	46 Millionen	2,8 Milliarden US-Dollar
Pluto-TV	80 Millionen monatlich aktiv	1,2 Milliarden US-Dollar

Content-Produktionsstudios und unabhängige Schöpfer

Zu den wichtigsten Content-Partnerschaften gehören:

• MTV Entertainment Studios
• Nickelodeon Studios
• CBS Studios
• Paramount Fernsehstudios

Kabel- und Satellitenfernsehverteiler

Händler	Einzelheiten zur Partnerschaft	Reichweite
Comcast	Langfristige Vertriebsvereinbarung	22 Millionen Abonnenten
Charter-Kommunikation	Umfassende Content-Distribution	15 Millionen Abonnenten

Werbeagenturen und Medieneinkaufsfirmen

Top-Werbepartnerschaften:

• GruppeM
• Publicis Media
• Omnicom Media Group

Internationale Medien- und Unterhaltungsunternehmen

Partner	Land	Art der Zusammenarbeit
Sky UK	Vereinigtes Königreich	Inhaltsverteilung
Netzwerk 10	Australien	Medienpartnerschaft

Paramount Global (PARAA) – Geschäftsmodell: Hauptaktivitäten

Erstellung und Produktion von Inhalten

Paramount Global produzierte im Jahr 2023 1.800 Stunden Originalinhalte, darunter:

Inhaltskategorie	Jährliche Produktionsstunden
Geskriptetes Fernsehen	850 Stunden
Fernsehen ohne Drehbuch	450 Stunden
Filmproduktionen	500 Stunden

Medienverteilung

Vertriebsplattformen und Abonnentenkennzahlen:

Plattform	Abonnenten (Q4 2023)
Paramount+	61,3 Millionen
Pluto-TV	80 Millionen monatlich aktive Benutzer

Werbeverkauf und Marketing

Aufschlüsselung der Werbeeinnahmen für 2023:

• Gesamter Werbeumsatz: 4,3 Milliarden US-Dollar
• Einnahmen aus digitaler Werbung: 1,8 Milliarden US-Dollar
• Einnahmen aus linearer TV-Werbung: 2,5 Milliarden US-Dollar

Entwicklung digitaler Inhalte

Investitionen in Streaming-Dienste:

Anlagekategorie	Jährliche Ausgaben
Inhaltsentwicklung	2,6 Milliarden US-Dollar
Streaming-Plattform-Technologie	350 Millionen Dollar

Markenmanagement und Lizenzierung

Kennzahlen zur Lizenzierung von geistigem Eigentum:

• Gesamter Lizenzumsatz: 780 Millionen US-Dollar im Jahr 2023
• Anzahl aktiver Lizenzverträge: 425
• Internationale Lizenzmärkte: 42 Länder

Paramount Global (PARAA) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Bibliothek mit Medieninhalten

Paramount Global besitzt eine Inhaltsbibliothek im Wert von etwa 41,7 Milliarden US-Dollar (Stand 2023). Die Bibliothek umfasst:

Inhaltskategorie	Anzahl der Titel	Geschätzter Wert
Filmkatalog	Über 4.300 Filme	22,5 Milliarden US-Dollar
Fernsehserie	Über 2.600 Fernsehsendungen	19,2 Milliarden US-Dollar

Etablierte Unterhaltungsmarken

Wichtige Unterhaltungsmarken von Paramount Global:

• CBS: Über 75 Jahre Rundfunkgeschichte
• MTV: Erreicht 510 Millionen Haushalte weltweit
• Nickelodeon: Über 110 Millionen Abonnenten weltweit
• Paramount Pictures: 1912 gegründet

Produktionsstudios und kreatives Talent

Zu den Produktionsressourcen von Paramount Global gehören:

Studiostandort	Studiogröße	Jährliche Produktionskapazität
Hollywood, Kalifornien	63 Hektar	12-15 große Filmproduktionen
New Yorker Studios	22 Hektar	Über 25 Fernsehserien

Technologische Infrastruktur

Ressourcen für Streaming- und Vertriebstechnologie:

• Streaming-Plattform Paramount+: 56 Millionen Abonnenten
• Globales Content-Delivery-Netzwerk, das 180 Länder umfasst
• Fortschrittliche digitale Streaming-Infrastruktur im Wert von 1,3 Milliarden US-Dollar

Globales Mediennetzwerk

Netzwerkreichweite und Ressourcen:

Netzwerkmetrik	Menge
Fernsehsender	Über 190 Kanäle
Internationale Märkte	45 Länder
Gesamte Zielgruppenreichweite	4,3 Milliarden Zuschauer

Paramount Global (PARAA) – Geschäftsmodell: Wertversprechen

Vielfältige Unterhaltungsinhalte auf mehreren Plattformen

Paramount Global ist auf mehreren Unterhaltungsplattformen mit der folgenden Inhaltsverteilung tätig:

Plattform	Inhaltsvolumen	Jahresumsatz
Paramount+ Streaming	Über 40.000 Stunden Inhalt	3,3 Milliarden US-Dollar (2023)
Paramount-Netzwerk	Über 2.500 Programmierstunden	1,1 Milliarden US-Dollar (2023)
CBS Broadcast Network	Über 5.000 Programmierstunden	4,7 Milliarden US-Dollar (2023)

Personalisierte Streaming-Erlebnisse

Paramount+ bietet personalisiertes Streaming mit:

• KI-gesteuerte Empfehlungsalgorithmen
• Mehrere Benutzer profile Fähigkeiten
• Maßgeschneiderte Inhaltsvorschläge

Hochwertige Original- und Lizenzprogramme

Aufschlüsselung des Inhaltsportfolios:

Inhaltstyp	Anzahl der Titel	Investition
Originalserie	Über 350 Originalserien	1,8 Milliarden US-Dollar (2023)
Lizenzierter Inhalt	Über 10.000 lizenzierte Titel	750 Millionen US-Dollar (2023)

Generationen- und genreübergreifende Content-Angebote

Verteilung der Inhaltsgenre:

• Drama: 35 % des Inhalts
• Komödie: 25 % des Inhalts
• Realität: 15 % des Inhalts
• Nachrichten: 10 % des Inhalts
• Sport: 8 % des Inhalts
• Kinderprogramme: 7 % des Inhalts

Integriertes Medien- und Unterhaltungsökosystem

Das integrierte Ökosystem von Paramount Global umfasst:

Ökosystemkomponente	Jahresumsatz	Marktreichweite
Streaming-Dienste	3,3 Milliarden US-Dollar	67 Millionen Abonnenten
Lineare Fernsehsender	5,8 Milliarden US-Dollar	Globale Sendereichweite
Paramount-Bilder	1,2 Milliarden US-Dollar	Internationaler Filmvertrieb

Paramount Global (PARAA) – Geschäftsmodell: Kundenbeziehungen

Abonnementbasierte Streaming-Dienste

Paramount+ meldete im vierten Quartal 2023 weltweit 62,3 Millionen Abonnenten. Der Streaming-Dienst erwirtschaftete im Jahr 2023 einen Umsatz von 3,3 Milliarden US-Dollar.

Streaming-Dienst	Abonnentenzahl	Monatlicher Abonnementpreis
Paramount+ Essential	$5.99	42,1 Millionen Abonnenten
Paramount+ Premium	$11.99	20,2 Millionen Abonnenten

Gezielte Werbung und Personalisierung

Paramount Global erwirtschaftete im Jahr 2023 Werbeeinnahmen in Höhe von 11,6 Milliarden US-Dollar. Das Unternehmen nutzt First-Party-Daten von 55,4 Millionen Streaming-Abonnenten für gezielte Werbestrategien.

Social-Media-Engagement

Die Social-Media-Plattformen von Paramount Global:

• CBS: 5,2 Millionen Twitter-Follower
• MTV: 8,7 Millionen Instagram-Follower
• Paramount+ Twitter: 1,3 Millionen Follower

Kundensupport über digitale Plattformen hinweg

Support-Kanal	Durchschnittliche Reaktionszeit	Kundenzufriedenheitsrate
Live-Chat	12 Minuten	87%
E-Mail-Support	24 Stunden	79%
Telefonsupport	15 Minuten	82%

Treueprogramme und Inhaltsempfehlungen

Der Personalisierungsalgorithmus von Paramount+ generiert 65 % der Zuschauerinteraktion durch empfohlene Inhalte. Die Plattform verfolgt den Anzeigeverlauf der Benutzer bei 42,7 Millionen aktiven monatlichen Benutzern, um maßgeschneiderte Empfehlungen bereitzustellen.

Empfehlungsmetrik	Leistung
Content-Abschlussrate	58%
Empfohlene Wiedergabezeit für Inhalte	42 % der Gesamtansicht

Paramount Global (PARAA) – Geschäftsmodell: Kanäle

Paramount+ Streaming-Plattform

Im vierten Quartal 2023 meldete Paramount+ weltweit 63 Millionen Abonnenten. Die Abonnementpreise liegen zwischen 4,99 und 11,99 US-Dollar pro Monat. Die Plattform erwirtschaftete im Jahr 2023 einen Direktumsatz von 3,3 Milliarden US-Dollar.

Abonnementstufe	Monatspreis	Hauptmerkmale
Unverzichtbar	$4.99	Begrenzte Werbung
Premium	$11.99	Keine Werbung, Live-Sport

Pluto-TV

Pluto TV, im Besitz von Paramount Global, meldete im Jahr 2023 monatlich 72 Millionen aktive Nutzer. Die Plattform generiert Einnahmen durch Werbung, wobei die Werbeeinnahmen für das Jahr auf schätzungsweise 1,2 Milliarden US-Dollar geschätzt werden.

Traditionelle Kabel- und Satellitenfernsehnetze

Paramount besitzt mehrere Kabelnetze, darunter:

• MTV – Erreicht 510 Millionen Haushalte weltweit
• Comedy Central – Verfügbar in 164 Ländern
• Nickelodeon – Ausstrahlung in über 180 Ländern

Netzwerk	Globale Reichweite	Jahresumsatz (2023)
MTV	510 Millionen Haushalte	1,5 Milliarden US-Dollar
Comedy Central	164 Länder	800 Millionen Dollar

Mobile und digitale Streaming-Anwendungen

Die mobile App Paramount+ wurde im Jahr 2023 29,4 Millionen Mal heruntergeladen. Die App unterstützt Streaming in 14 verschiedenen Ländern mit Kompatibilität mit mehreren Geräten.

Social Media und digitale Marketingkanäle

Paramount Global unterhält eine bedeutende Präsenz in den sozialen Medien:

• YouTube: 52,3 Millionen Abonnenten auf allen Netzwerkkanälen
• Instagram: 38,6 Millionen Follower insgesamt
• Facebook: 45,2 Millionen Follower insgesamt

Plattform	Follower/Abonnenten	Engagement-Rate
YouTube	52,3 Millionen	4.2%
Instagram	38,6 Millionen	3.7%

Paramount Global (PARAA) – Geschäftsmodell: Kundensegmente

Streaming-Unterhaltungskonsumenten

Paramount+ meldete im vierten Quartal 2023 weltweit 62 Millionen Abonnenten. Der Streaming-Umsatz erreichte im Jahr 2023 3,3 Milliarden US-Dollar.

Streaming-Plattform	Abonnentenzahl	Monatlicher Abonnementpreis
Paramount+	62 Millionen	$9.99
Pluto-TV	80 Millionen monatlich aktive Benutzer	Kostenlos

Kabel- und traditionelles Fernsehpublikum

Paramount besitzt mehrere Kabelnetze, die rund 794 Millionen Haushalte weltweit erreichen.

• CBS: 96,4 Millionen Fernsehhaushalte
• MTV: 87,4 Millionen TV-Haushalte
• Nickelodeon: 74,3 Millionen TV-Haushalte
• Comedy Central: 69,2 Millionen TV-Haushalte

Junge Erwachsene und Millennials

Zielgruppe für Plattformen wie MTV, Comedy Central und Paramount+.

Plattform	Bevölkerungsgruppe im Grundschulalter	Zuschauerprozentsatz
MTV	18-34 Jahre	62%
Comedy Central	18-49 Jahre	55%

Zuschauer von Kinder- und Familienunterhaltung

Nickelodeon erwirtschaftet mit umfangreichen Kinderprogrammen einen Jahresumsatz von 1,8 Milliarden US-Dollar.

• Nick Jr. erreicht 58,4 Millionen Haushalte
• TeenNick richtet sich an die Altersgruppe der 12- bis 17-Jährigen
• Nicktoons konzentriert sich auf animierte Inhalte

Internationale Medienkonsumenten

Die Zahl der internationalen Streaming-Abonnenten belief sich im Jahr 2023 auf 21,1 Millionen.

Region	Abonnentenzahl	Wachstumsrate
Lateinamerika	9,2 Millionen	18%
Europa	7,5 Millionen	12%
Asien-Pazifik	4,4 Millionen	8%

Paramount Global (PARAA) – Geschäftsmodell: Kostenstruktur

Kosten für die Produktion und Lizenzierung von Inhalten

Im Geschäftsjahr 2023 meldete Paramount Global Ausgaben für die Produktion und Lizenzierung von Inhalten in Höhe von 8,7 Milliarden US-Dollar.

Ausgabenkategorie	Betrag (in Milliarden US-Dollar)
Paramount+ Originalinhalt	2.3
Lizenzierung von Streaming-Inhalten	1.9
Produktion linearer TV-Inhalte	2.5
Filmproduktion	2.0

Wartung von Technologie und Infrastruktur

Die Kosten für die Technologieinfrastruktur für Paramount Global beliefen sich im Jahr 2023 auf insgesamt 1,2 Milliarden US-Dollar.

• Cloud-Computing-Infrastruktur: 450 Millionen US-Dollar
• Wartung von Netzwerk und Rechenzentrum: 350 Millionen US-Dollar
• Investitionen in Cybersicherheit: 250 Millionen US-Dollar
• Entwicklung einer digitalen Plattform: 150 Millionen US-Dollar

Marketing- und Werbekosten

Die Marketingausgaben für Paramount Global erreichten im Jahr 2023 3,5 Milliarden US-Dollar.

Marketingkanal	Ausgaben (in Millionen US-Dollar)
Digitales Marketing	1,200
Fernsehwerbung	1,050
Social-Media-Kampagnen	650
Print- und Außenwerbung	600

Gehälter für Talent- und Kreativpersonal

Die gesamten Personalkosten für Paramount Global beliefen sich im Jahr 2023 auf 4,6 Milliarden US-Dollar.

• Vergütung der Führungskräfte: 85 Millionen US-Dollar
• Gehälter für kreative Talente: 2,3 Milliarden US-Dollar
• Technik- und Supportpersonal: 1,5 Milliarden US-Dollar
• Leistungsprämien: 720 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

Die F&E-Ausgaben für Paramount Global beliefen sich im Jahr 2023 auf 620 Millionen US-Dollar.

F&E-Schwerpunktbereich	Investition (in Millionen US-Dollar)
Streaming-Technologie	250
Inhaltsanalyse	180
KI und maschinelles Lernen	120
Innovation in der Benutzererfahrung	70

Paramount Global (PARAA) – Geschäftsmodell: Einnahmequellen

Abonnementgebühren von Streaming-Plattformen

Paramount+ erwirtschaftete im Jahr 2023 einen Streaming-Umsatz von 3,3 Milliarden US-Dollar. Die Plattform meldete im vierten Quartal 2023 weltweit 61,4 Millionen Abonnenten.

Streaming-Plattform	Abonnenten	Jahresumsatz
Paramount+	61,4 Millionen	3,3 Milliarden US-Dollar
Pluto-TV	80 Millionen monatlich aktive Benutzer	1,2 Milliarden US-Dollar

Werbeeinnahmen

Paramount Global meldete für das Geschäftsjahr 2023 Werbeeinnahmen in Höhe von 9,4 Milliarden US-Dollar.

• Lineare TV-Werbung: 6,2 Milliarden US-Dollar
• Digitale Werbung: 3,2 Milliarden US-Dollar

Lizenzierung und Vertrieb von Inhalten

Die Lizenzierung von Inhalten generierte für Paramount Global im Jahr 2023 einen Umsatz von 2,7 Milliarden US-Dollar.

Lizenzkategorie	Einnahmen
Inländische Lizenzierung	1,8 Milliarden US-Dollar
Internationale Lizenzierung	900 Millionen Dollar

Internationale Marktexpansion

Der internationale Streaming-Umsatz erreichte im Jahr 2023 1,5 Milliarden US-Dollar, was einem Wachstum von 45 % gegenüber dem Vorjahr entspricht.

• Lateinamerika: 450 Millionen US-Dollar
• Europa: 650 Millionen US-Dollar
• Asien-Pazifik: 400 Millionen US-Dollar

Merchandising und Markenpartnerschaften

Merchandising- und Markenpartnerschaften trugen im Jahr 2023 650 Millionen US-Dollar zum Umsatz von Paramount Global bei.

Kategorie „Partnerschaft“.	Einnahmen
Unterhaltungsartikel	350 Millionen Dollar
Markenkooperationen	300 Millionen Dollar

Paramount Global (PARAA) - Canvas Business Model: Value Propositions

A single, scaled streaming service (Paramount+) combining premium content and live events.

• Global Paramount+ subscribers reached 79.1 million as of Q3 2025.
• Direct-to-Consumer revenue for Q3 2025 was $2.17 billion, marking a 17% year-over-year increase.
• Global Average Revenue Per User (ARPU) for streaming services was approximately $8.40 in Q3 2025, up 11% year-over-year.
• The ad-supported tier of Paramount+ is projected to account for 58% of its viewers in 2025.

Free, ad-supported streaming via Pluto TV for budget-conscious viewers.

• Pluto TV boasts over 80 million monthly active users globally.
• Free, ad-supported television services, including Pluto TV, generated $4.9 billion in revenue in 2024.

Must-have live content, including NFL games and breaking news via CBS.

• NFL on CBS viewership saw an increase of 5%, with streaming viewership up over 50% year-over-year (based on prior period data).

High-quality theatrical releases that feed the streaming service flywheel.

Metric	Value	Period/Context
Filmed Entertainment Revenue	$768 million	Q3 2025
Theatrical Slate Plan	At least 15 films annually	Beginning in 2026
Filmed Entertainment Adjusted OIBDA	$20 million	Q1 2025

Diverse portfolio appealing to multiple demographics (Nickelodeon, BET, Showtime).

• The TV Media segment, which includes Nickelodeon and CBS, generated $3.8 billion in revenue in Q3 2025.
• Paramount+ includes content from Showtime, with the premium tier contributing to an increased average revenue per user.

Paramount Global (PARAA) - Canvas Business Model: Customer Relationships

You're managing a massive direct-to-consumer (D2C) operation, so the relationship with the subscriber has to be as frictionless as possible. For Paramount+ subscribers, the core interaction is designed to be automated and self-service, which is crucial when you're managing a base that hit 79 million global subscribers at the end of the first quarter of 2025.

If a customer signs up directly through the Paramount+ website, they manage everything-upgrades, downgrades, and payment method updates-by navigating to their account settings at www.paramountplus.com/account. If they signed up via a third party, like Apple, Google Play, or Roku, the management shifts to those platform stores, which is a necessary complexity in the modern distribution landscape.

The focus on keeping subscribers happy is clear in the retention metrics. Paramount Global saw churn improve by 130 basis points year-over-year in Q1 2025. This improvement is directly tied to personalized content recommendations, which help keep users engaged. Engagement itself is up; global watch time per user on Paramount+ increased by 17% year-over-year in Q1 2025. Also, global viewing hours across both Paramount+ and Pluto TV surged by 31% in that same quarter.

Here's a quick look at how those D2C relationships translated to financials in Q1 2025:

Metric	Value (Q1 2025)	Change YoY
Paramount+ Global Subscribers	79.0 million	+11%
Net Subscriber Adds (Q1)	1.5 million	N/A
DTC Subscription Revenue	N/A	+16%
Global ARPU (Average Revenue Per User)	N/A	+2%
DTC Adjusted OIBDA Improvement	$177 million	Improvement

For the advertising and affiliate side, the relationship is much more high-touch. You're not dealing with an automated portal; you're dealing with dedicated sales teams. Paramount Global has been actively structuring these teams, especially internationally, to provide integrated solutions across its ecosystem of free-to-air networks, pay TV channels, and streaming platforms. For instance, the company appointed new leadership for International Ad Sales in September 2025 and for UK Sponsorships in June 2025, showing a commitment to dedicated, senior-level management for these major partners. These teams work to seamlessly place brands into programming using internal creative groups like Paramount Brand Studios.

Even with automation, technical and billing issues require human intervention. Paramount Global maintains customer support channels to handle these necessary escalations. The goal is to keep the friction low so that engagement metrics, like the 17% year-over-year increase in watch time per user in Q1 2025, remain strong. If onboarding takes 14+ days, churn risk rises, so support efficiency is key.

The overall health of the D2C relationship management is reflected in the profitability trend. The DTC Adjusted OIBDA (Operating Income Before Interest, Taxes, Depreciation, and Amortization) improved by $177 million year-over-year in Q1 2025. By Q2 2025, the segment posted an adjusted OIBDA of $157 million, a massive jump from just $26 million in Q2 2024.

Here are the key relationship-driving engagement statistics from Q1 2025:

• Paramount+ ranked as a top three SVoD service in Original Series hours watched domestically.
• Global viewing hours across Paramount+ and Pluto TV increased 31% year-over-year.
• The service had 19 of the top ten streaming originals in Q1, including 'Landman' and 'Yellowjackets' premieres.
• The company remains on track to reach domestic profitability for Paramount+ in 2025.

Finance: draft 13-week cash view by Friday.

Paramount Global (PARAA) - Canvas Business Model: Channels

You're looking at how Paramount Global (Paramount Skydance Corporation as of August 2025) gets its content into the hands of viewers and customers. It's a mix of old-school reach and new-school delivery, and the numbers from the third quarter of 2025 really show that tension.

Direct-to-Consumer (DTC) apps: Paramount+ (SVOD) and Pluto TV (FAST)

This is the growth engine, honestly. The DTC segment, which bundles Paramount+ (Subscription Video on Demand) and Pluto TV (Free Ad-supported Streaming Television), posted a strong 17 percent year-over-year revenue increase in Q3 2025, hitting $2.17 billion. Paramount+ is the heavy lifter here, with its revenue surging 24 percent in the quarter. You see the subscriber base expanding, too; they ended Q3 2025 with 79.1 million global subscribers, adding 1.4 million net additions during the quarter. That's up from 79 million at the end of Q1 2025. The average revenue per user (ARPU) for streaming also climbed 11 percent year-over-year to approximately $8.40 in Q3. Pluto TV keeps pace with record global viewing hours, supporting the ad revenue side of the DTC equation. It's worth noting that Paramount expects the DTC business to be profitable for the full year 2025, having posted an adjusted OIBDA of $340 million in Q3 alone, a significant jump from $49 million a year ago. They are phasing out free trialers, which totaled 1.2 million at the end of Q3.

Here's a quick look at the DTC performance snapshot:

Metric	Q3 2025 Value	Year-over-Year Change
Total Streaming Revenue	$2.17 billion	+17 percent
Paramount+ Global Subscribers	79.1 million	+14 percent (vs. prior year)
Streaming ARPU	$8.40	+11 percent
DTC Adjusted OIBDA (Profit)	$340 million	Significant improvement vs. prior year

Traditional TV Media: CBS broadcast network and owned cable networks

The linear side is definitely facing headwinds, but it still moves a massive audience. The TV Media segment brought in $3.8 billion in revenue for Q3 2025, which was down 12 percent year-over-year. Advertising revenue within that segment was $1.465 billion, also down 12 percent, reflecting the softer linear ad market. Still, the CBS broadcast network remains a powerhouse, holding its position as the most-watched network in primetime for the 17th consecutive season. The owned cable networks-Nickelodeon, MTV, Comedy Central, and others-are part of this revenue stream, though they are feeling the direct impact of cord-cutting.

Theatrical box office distribution via Paramount Pictures

The theatrical channel is all about tentpole releases, and 2025 saw a recalibration after major 2024/early 2025 hits. The Filmed Entertainment segment, which houses Paramount Pictures, generated $768 million in revenue for Q3 2025. This was down 4 percent year-over-year on a comparable basis, as the theatrical slate underperformed expectations for the quarter. The company plans to address this by expanding theatrical output to at least 15 films annually starting in 2026. For context, in Q1 2025, Theatrical revenue specifically was $148 million, benefiting from the tail end of films like Gladiator II.

Affiliate agreements with MVPDs (cable/satellite) and vMVPDs (e.g., YouTube TV)

This is the traditional distribution backbone, where Paramount collects fees for carrying its linear channels. Q3 2025 saw TV Affiliate revenue come in at $1.74 billion. That number was down 7 percent year-over-year, which management directly tied to the ongoing decline in pay TV subscriber volume. You see this channel shrinking as more households drop traditional cable and satellite packages.

Content licensing to third-party platforms globally

Licensing content to other services globally provides a crucial cash flow component. In Q3 2025, the Licensing and Other revenue line saw a 22 percent year-over-year decline, which the company attributed to the timing of content delivery schedules. To give you a sense of the scale when timing is favorable, total content licensing revenue in Q2 2025 was $690 million. This channel is cyclical, depending heavily on when major library deals or exclusive content windows close.

You should track the Q4 2025 results closely to see if the expected acceleration in DTC revenue for 2026, as projected by the new leadership, begins to materialize against these Q3 linear declines. Finance: draft 13-week cash view by Friday.

Paramount Global (PARAA) - Canvas Business Model: Customer Segments

Global streaming subscribers seeking premium, exclusive content:

• Global Paramount+ subscribers totaled 79 million as of Q1 2025.
• Paramount+ added 1.5 million net subscribers in Q1 2025.
• The global subscriber base dipped to 77.7 million by the end of Q2 2025.
• Subscription revenue for the Direct-to-Consumer (DTC) segment jumped approximately 23% year-over-year in Q2 2025.

Ad-tolerant viewers utilizing the free Pluto TV service:

• Pluto TV reported global Monthly Active Users (MAUs) reaching 83 million in Q2 2025.
• Global viewing hours across Paramount+ and Pluto TV surged 31% year-over-year in Q1 2025.
• Pluto TV was the most popular free ad-supported streaming television (FAST) service in Canada as of December 2024.

Traditional linear TV households paying for cable/satellite bundles:

• CBS is on track to be the most-watched network in U.S. primetime for the 17th consecutive season.
• Affiliate and subscription revenue for TV Media dipped 9% in Q1 2025.
• Global spending on linear TV ads is forecast at $143.9 billion for 2025.
• Linear TV now represents just 12.4% of total global ad spend.

Global advertisers seeking mass reach across linear and digital platforms:

The advertising landscape shows a clear shift in spend allocation across platforms.

Segment	Q2 2025 Revenue Amount	Year-over-Year Change
DTC Advertising (Paramount+ & Pluto TV)	$494 million	-4%
TV Media Advertising	$1.87 billion	-6%
Total Company Advertising (Q1 2025)	$2.5 billion (excluding Super Bowl impact)	Unchanged/Flat (excluding Super Bowl impact)

• Global Connected TV (CTV) spend is forecast to reach $39.9 billion in 2025.
• 56% of marketers plan to boost OTT/CTV budgets in 2026.

International audiences for localized content and global streaming expansion:

• Paramount+ saw subscriber decline of 1.3 million in Q2 2025, attributed to a bulk deal expiration in Europe.
• The company undertook a 3.5% U.S. workforce reduction in 2025 to optimize margins amid global expansion.
• Pluto TV is available in the Americas and Europe.

Paramount Global (PARAA) - Canvas Business Model: Cost Structure

The Cost Structure for Paramount Global is heavily influenced by the significant capital required to fuel its content engine and the ongoing integration and transformation following the Skydance merger. You're looking at a business model where large, upfront investments are necessary to maintain relevance in the competitive media landscape.

High fixed costs related to content production and acquisition remain a primary driver of expenditure. While specific content cost figures for Q3 2025 aren't explicitly broken out in the same line item as revenue, the company expects adjusted operating income (adj. OIBDA) losses in Q4 2025 due to seasonally-weighted content costs in the Direct-to-Consumer (DTC) segment. This signals that content spend is a major, variable, yet substantial, fixed-like cost component. The company is planning to increase its investment in content moving forward, with a stated goal of investing $1.5 billion in content as part of the new strategy.

Significant technology and marketing spend for DTC platform growth is another critical area. The DTC division, which includes Paramount+, saw revenue increase 17 percent to $2.17 billion in Q3 2025. The post-close period of Q3 2025 saw the DTC segment achieve an adj. OIBDA of $235 million, showing improved efficiency, but this is balanced against the need to continue scaling the platform globally.

Linear TV distribution and affiliate fee expenses are tied to the legacy business, which continues to face headwinds. The TV Media segment generated $3.8 billion in revenue in Q3 2025. This revenue is directly impacted by the costs associated with maintaining distribution agreements and the associated affiliate fees, which saw revenue decline 7 percent year-over-year to $1.74 billion in the quarter.

Restructuring and merger-related charges have directly impacted recent profitability. Paramount Global posted a net loss of $257 million for the third quarter of 2025, which was explicitly based on merger-related expenses and restructuring costs. Furthermore, the company anticipates a restructuring charge of $500 million in the fourth quarter of 2025 related to its realignment and transformation efforts. The overall cost-cutting initiative, following the Skydance merger, has increased the efficiency target to at least $3 billion in run-rate savings by 2027, up from a prior $2 billion target.

The burden of financing operations is reflected in the substantial interest expense on debt. Paramount ended Q3 2025 with gross debt of $13.6 billion. While the Q3 2025 interest expense is not explicitly stated, the interest expense on debt for the fiscal quarter ending in June of 2025 (Q2 2025) was $214 million.

Here's a quick look at the key financial figures impacting the cost side of the equation as of late 2025:

Cost/Expense Driver Component	Financial Metric/Amount	Period/Context
Gross Debt	$13.6 billion	End of Q3 2025
Restructuring Charge Anticipated	$500 million	Q4 2025 Forecast
Total Cost Savings Target	$3 billion (run-rate)	By End of 2027
Interest Expense on Debt (Closest Data)	$214 million	Fiscal Quarter Ending June 2025 (Q2 2025)
Net Loss Attributable to Merger/Restructuring	$257 million	Q3 2025 Net Loss
Planned Content Investment	$1.5 billion	Forward-looking goal

The cost structure is clearly undergoing a major overhaul, aiming to shed legacy expenses while funding the digital transition. You can see the impact of this in the segment results:

• DTC adj. OIBDA margin: 12 percent (pre-close) and 18 percent (post-close) in Q3 2025.
• TV Media adj. OIBDA margin: 20 percent (pre-close) and 23 percent (post-close) in Q3 2025.
• TV Affiliate Revenue: $1.74 billion in Q3 2025.
• TV Advertising Revenue: $1.465 billion in Q3 2025.

The company is definitely making aggressive moves to right-size its operating expenses. Finance: draft 13-week cash view by Friday.

Paramount Global (PARAA) - Canvas Business Model: Revenue Streams

You're looking at the core ways Paramount Global brings in cash as of late 2025, post-Skydance merger. It's a mix of legacy media cash flow and aggressive streaming investment.

Subscription revenue from Paramount+ is definitely the primary growth driver you need to watch. The Direct-to-Consumer (DTC) division, which houses Paramount+, saw its revenue increase by 17 percent year-over-year on a pro forma basis in Q3 2025. Paramount+ itself drove a significant portion of this, with its revenue growing 24 percent to reach $1.77 billion for the quarter. The global subscriber base reached 79.1 million worldwide by the end of Q3 2025, up 10 percent year-over-year, with Average Revenue Per User (ARPU) also growing by 11 percent.

Advertising revenue from TV Media and Pluto TV is still a major component, though facing headwinds. The company reported total revenue of $6.7 billion for the third quarter of 2025, which was flat compared to the prior year on a pro forma basis. Within the TV Media segment, advertising revenue specifically fell 12 percent year-over-year to $1.465 billion in Q3 2025. Pluto TV's performance is bundled into the DTC advertising figures, which saw growth driven by both it and Paramount+.

Affiliate fees from cable and satellite distributors represent a declining segment you must account for. This revenue stream, part of the TV Media segment, was reported at $1.74 billion in Q3 2025, marking a 7 percent decline year-over-year, directly attributable to ongoing pay TV subscriber volume loss.

Theatrical box office and content licensing revenue from Filmed Entertainment shows the impact of the Skydance integration. Filmed Entertainment pro forma revenue increased 30 percent year-over-year in Q3 2025, largely due to the consolidation of Skydance licensing and other revenue. The company plans to recalibrate its film strategy, aiming for an output of at least 15 films annually starting in 2026, up from about eight films per year previously.

Management has been clear on the streaming focus: they expect Paramount+ to achieve domestic profitability by the end of 2025. On a full-year basis, the entire DTC segment is expected to be profitable in 2025, with profitability growth anticipated in 2026.

Here's a quick look at the Q3 2025 segment revenue breakdown:

Revenue Stream Category	Q3 2025 Revenue Amount (Millions USD)	Year-over-Year Change
Total Company Revenue	$6,700	Flat (Pro Forma)
TV Media Advertising Revenue	$1,465	Down 12 percent
TV Media Affiliate Revenue	$1,740	Down 7 percent
Direct-to-Consumer (DTC) Revenue	$2,170	Up 17 percent
Paramount+ Subscription Revenue (Component of DTC)	$1,770	Up 24 percent
Filmed Entertainment Revenue (Pro Forma)	$768	Up 30 percent

The key takeaways on the revenue mix are:

• Paramount+ global subscribers hit 79.1 million as of end of Q3 2025.
• DTC segment posted a profit of $340 million in Q3 2025.
• TV Media segment revenue declined 12 percent to $3.8 billion in Q3 2025.
• The company is targeting at least $3 billion in run-rate efficiencies by 2027.
• Expected 2026 total revenue forecast is $30 billion.

Finance: draft 13-week cash view by Friday.