Paramount Global (PARA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de los medios y el entretenimiento, Paramount Global (Para) surge como una potencia, navegando estratégicamente el complejo mundo de la creación de contenido, la distribución y el compromiso de la audiencia. Al aprovechar un modelo de negocio robusto que abarca la transmisión tradicional, las plataformas de transmisión de vanguardia y las diversas marcas de entretenimiento, la compañía se ha posicionado a la vanguardia de una revolución de los medios digitales que combina la tecnología innovadora sin problemas con la narración convincente en múltiples canales y segmentos de audiencia.

Paramount Global (para) - Modelo de negocios: asociaciones clave

Plataformas de transmisión

Paramount Global opera asociaciones clave con:

• Plutón TV (subsidiaria de propiedad total)
• Paramount+ (plataforma de transmisión propiedad)
• Paramount+ Servicio de transmisión internacional en 25 mercados

Plataforma	Suscriptores	Ganancia
Paramount+	67 millones de suscriptores (cuarto trimestre de 2023)	Ingresos de transmisión de $ 3.3 mil millones (2023)
TV Plutón	80 millones de usuarios activos mensuales	$ 1.1 mil millones de ingresos publicitarios (2023)

Estudios de producción de contenido y redes

Paramount Global colabora con:

• CBS Studios
• Paramount Television Studios
• MTV Entertainment Studios
• Nickelodeon Studios

Socios de tecnología y distribución

Pareja	Detalles de colaboración
Amazonas	Distribución de videos
Roku	Plataforma de distribución de contenido
Apple TV	Distribución de aplicaciones y contenido

Agencias de publicidad y compradores de medios

Las asociaciones de publicidad clave incluyen:

• Publicis groupe
• WPP
• Grupo de medios de Omnicom

Medios internacionales y compañías de entretenimiento

Región	Pareja	Tipo de colaboración
Reino Unido	Cielo	Distribución de contenido
Australia	Red 10	Intercambio de contenido
América Latina	Telefónica	Asociación de plataforma de transmisión

Paramount Global (para) - Modelo de negocio: actividades clave

Producción y desarrollo de contenido

Paramount Global produjo 632 horas de programación original en 2023. La compañía invirtió $ 6.8 mil millones en creación de contenido en sus diversas redes y plataformas de transmisión.

Categoría de contenido	Horas de producción anuales	Inversión estimada
Televisión con guión	287 horas	$ 3.2 mil millones
Transmisión de contenido original	215 horas	$ 2.1 mil millones
Realidad y programación sin guión	130 horas	$ 1.5 mil millones

Gestión de servicios de transmisión

Paramount+ tenía 60 millones de suscriptores a nivel mundial a partir del cuarto trimestre de 2023, con un ingreso recurrente anual de $ 3.3 mil millones de servicios de transmisión.

• Plataformas de transmisión administradas: Paramount+, Plutón TV
• Tasas de suscripción mensuales: $ 9.99 (estándar), $ 14.99 (prima)
• Penetración del mercado global de transmisión: 6.2%

Ventas y marketing publicitarios

Paramount Global generó $ 11.2 mil millones en ingresos por publicidad en 2023, con una tasa de crecimiento publicitaria digital del 7.3%.

Canal publicitario	Ganancia	Cuota de mercado
Publicidad televisiva	$ 7.6 mil millones	4.5%
Publicidad digital	$ 3.6 mil millones	2.8%

Distribución de medios en múltiples plataformas

Paramount distribuyó contenido en 180 países, con 27 redes de televisión propiedad y 11 servicios de transmisión internacionales.

• Plataformas de distribución: cable, satélite, transmisión, bajo demanda
• Mercados internacionales atendidos: 180 países
• Canales de distribución total: 38

Gestión de la marca y la propiedad intelectual

Paramount posee más de 4,000 títulos de películas y más de 70,000 episodios de televisión, con una cartera de propiedades intelectuales valorada en $ 15.6 mil millones.

Categoría de IP	Activos totales	Valor estimado
Biblioteca de cine	Más de 4.000 títulos	$ 9.2 mil millones
Episodios de televisión	Más de 70,000 episodios	$ 6.4 mil millones

Paramount Global (para) - Modelo de negocio: recursos clave

Extensa biblioteca de contenido de medios y entretenimiento

Paramount Global posee una biblioteca de contenido valorada en aproximadamente $ 55 mil millones a partir de 2023. La biblioteca incluye:

Categoría de contenido	Número de títulos	Valor estimado
Biblioteca de cine	Más de 4,300 películas	$ 32.5 mil millones
Biblioteca de televisión	Más de 7,000 episodios de TV	$ 22.5 mil millones

Diversas marcas de entretenimiento

Paramount Global administra múltiples marcas de entretenimiento:

• CBS: 16 estaciones de televisión propias
• MTV: 24 canales internacionales
• Nickelodeon: disponible en más de 170 países
• Paramount+: 61.1 millones de suscriptores globales a partir del cuarto trimestre de 2023

Infraestructura de tecnología de transmisión avanzada

Detalles de la infraestructura de tecnología de transmisión:

Componente tecnológico	Especificación
Infraestructura en la nube	Servicios web de Amazon y plataforma de Google Cloud
Red de entrega de contenido	Tecnologías de Akamai
Inversión tecnológica anual	$ 750 millones en 2023

Equipos creativos y de producción talentosos

Composición de la fuerza laboral:

• Total de empleados: 19,200 (a partir de 2023)
• Profesionales creativos: 6.500
• Personal de producción: 3.800

Cartera de propiedad intelectual fuerte

Activos de propiedad intelectual:

Categoría de IP	Número de propiedades	Valor estimado
Franquicias cinematográficas	42 franquicias activas	$ 18.5 mil millones
Franquicias de televisión	63 franquicias activas	$ 12.3 mil millones

Paramount Global (para) - Modelo de negocio: propuestas de valor

Entrega de contenido de entretenimiento multiplataforma

Paramount Global ofrece contenido en múltiples plataformas que incluyen:

Plataforma	Suscriptores/alcance
Paramount+	46 millones de suscriptores (cuarto trimestre de 2023)
TV Plutón	80 millones de usuarios activos mensuales
Parámetro de red	Alcance de la televisión lineal de 75 millones de hogares

Programación diversa a través de géneros y datos demográficos

La cartera de contenido incluye:

• Noticias: CBS News
• Sports: CBS Sports
• Entretenimiento: MTV, Comedy Central
• Transmisión: paramount+ serie original

Opciones de transmisión asequibles y accesibles

Servicio de transmisión	Precio mensual
Paramount+ esencial	$5.99
Paramount+ Premium	$11.99

Contenido original y con licencia de alta calidad

Inversión de contenido: $ 6.5 mil millones en gastos de contenido para 2023

• Paramount+ serie original: más de 150 originales
• Propiedades de la franquicia: Star Trek, Misión imposible
• Studio de películas: Paramount Pictures

Experiencias de entretenimiento personalizadas

Características de personalización:

• Algoritmos de recomendación impulsados ​​por IA
• Múltiples perfiles de usuario por cuenta
• Preferencias de visualización personalizables

Paramount Global (para) - Modelo de negocio: relaciones con los clientes

Modelos de transmisión basados ​​en suscripción

Paramount+ reportó 63 millones de suscriptores a nivel mundial a partir del cuarto trimestre de 2023. El servicio de transmisión ofrece tres niveles de suscripción primarios:

Nivel de suscripción	Precio mensual	Características
Básico	$5.99	Comerciales limitados
De primera calidad	$11.99	Sin comerciales, deportes en vivo
Paquete con showtime	$14.99	Acceso a contenido premium

Recomendaciones de contenido específicas

Paramount Global utiliza algoritmos de recomendación impulsados ​​por la IA en todas las plataformas:

• El 73% de los usuarios de Paramount+ se relacionan con sugerencias de contenido personalizadas
• Algoritmos de aprendizaje automático analizar más de 250 puntos de datos de interacción de usuario
• Tasa de precisión de recomendación: 68%

Compromiso de las redes sociales

Las métricas de redes sociales de Paramount Global a partir de 2024:

Plataforma	Recuento de seguidores	Tasa de compromiso
Instagram	5.2 millones	3.7%
Twitter/X	2.8 millones	2.1%
Facebook	4.5 millones	2.9%

Atención al cliente en plataformas digitales

Los canales de atención al cliente de Paramount Global:

• Tiempo de respuesta del soporte de chat en vivo 24/7: 3.2 minutos
• Tiempo de resolución de soporte por correo electrónico: 12 horas
• Disponibilidad de soporte telefónico: 8 am-11pm EST
• Calificación de satisfacción del cliente: 87%

Programas de fidelización para espectadores dedicados

Características del programa Paramount+ Loyalty:

• Acceso temprano a contenido exclusivo para suscriptores a largo plazo
• Sistema de puntos de recompensa: 1 punto por $ 1 gastado
• Contenido de bonificación trimestral para suscriptores durante 12 meses
• Programa de referencia: $ 10 crédito por cada nuevo suscriptor

Paramount Global (para) - Modelo de negocios: canales

Paramount+ plataforma de transmisión

A partir del cuarto trimestre de 2023, Paramount+ reportó 63 millones de suscriptores a nivel mundial. La plataforma generó $ 3.3 mil millones en ingresos de transmisión en 2023.

Métrica de plataforma	2023 datos
Suscriptores globales totales	63 millones
Ingresos de transmisión	$ 3.3 mil millones

Servicio de transmisión gratuito de Plutón TV

Plutón TV alcanzó los 80 millones de usuarios activos mensuales en 2023. La plataforma generó $ 1.1 mil millones en ingresos por publicidad.

Métrica de TV Plutón	2023 datos
Usuarios activos mensuales	80 millones
Ingresos publicitarios	$ 1.1 mil millones

Redes de transmisión tradicionales (CBS)

CBS continúa manteniendo una importante audiencia de TV lineal con aproximadamente 16.5 millones de espectadores en horario estelar en 2023.

Aplicaciones de transmisión móvil y digital

• Paramount+ móvil Descargas de aplicaciones: 25 millones en 2023
• Horas de transmisión móvil mensuales promedio: 450 millones
• Contribución de ingresos de la aplicación móvil: $ 780 millones

Socios de distribución de terceros

Paramount Global tiene asociaciones de distribución con:

• Video de Amazon Prime
• Apple TV
• Roku
• Google TV

Socio de distribución	Alcance de suscriptor
Video de Amazon Prime	12 millones de amenazos+ suscriptores
Apple TV	5 millones de paramount+ suscriptores
Roku	8 millones de suscriptores de Paramount+

Paramount Global (para) - Modelo de negocio: segmentos de clientes

Consumidores de transmisión de entretenimiento

Paramount+ reportó 60 millones de suscriptores a nivel mundial a partir del cuarto trimestre de 2023. Los ingresos de transmisión alcanzaron los $ 3.3 mil millones en 2023.

Plataforma de transmisión	Recuento de suscriptores	Ingresos anuales
Paramount+	60 millones	$ 3.3 mil millones
TV Plutón	80 millones de usuarios activos mensuales	$ 1.5 mil millones

Audiencias de TV de cable y tradicional

Las redes de televisión lineales de Paramount alcanzaron 87.3 millones de hogares en los Estados Unidos a partir de 2023.

• CBS: 41.5 millones de espectadores por semana
• MTV: 22.6 millones de espectadores mensuales
• Comedy Central: 18.7 millones de espectadores mensuales

Demográfico más joven (Gen Z, Millennials)

Paramount se dirige al público más joven a través de contenido y plataformas específicas.

Plataforma	Compromiso del grupo de edad	Usuarios mensuales
MTV	18-34 años	22.6 millones
Comedia central	18-34 años	18.7 millones

Consumidores de medios internacionales

Paramount+ se expandió a 60 países, con un crecimiento internacional significativo.

• Suscriptores internacionales: 20 millones
• Ingresos internacionales: $ 1.2 mil millones en 2023
• Mercados más fuertes: Canadá, Reino Unido, Australia

Nicho de los entusiastas del contenido

Paramount sirve segmentos de contenido especializados en múltiples canales.

Canal de nicho	Enfoque de contenido específico	Espectadores mensuales
APUESTA	Entretenimiento afroamericano	15.4 millones
Parámetro de red	Programación orientada a los hombres	12.3 millones

Paramount Global (para) - Modelo de negocio: estructura de costos

Producción de contenido y gastos de licencia

En 2023, Paramount Global informó gastos de producción de contenido y licencia de $ 6.93 mil millones. El desglose incluye:

Categoría de contenido	Gasto ($ M)
Paramount+ contenido original	1,450
Producción de cine teatral	1,250
Producción de series de televisión	2,100
Licencias de contenido	2,130

Mantenimiento de la infraestructura tecnológica

Los costos de infraestructura tecnológica para Paramount Global en 2023 totalizaron $ 872 millones, que incluyen:

• Servicios de computación en la nube: $ 312 millones
• Mantenimiento del centro de datos: $ 215 millones
• Tecnología de la plataforma de transmisión: $ 345 millones

Costos de marketing y publicidad

Los gastos de marketing para 2023 alcanzaron $ 1.45 mil millones, con la siguiente asignación:

Canal de marketing	Gasto ($ M)
Marketing digital	520
Publicidad de medios tradicional	680
Campañas promocionales	250

Salarios de empleados y adquisición de talento

Los gastos totales relacionados con el personal en 2023 fueron de $ 3.2 mil millones:

• Salarios base: $ 2.1 mil millones
• Costos de adquisición de talento: $ 180 millones
• Beneficios y compensación: $ 920 millones

Corriente de gastos operativos de la plataforma

Los costos operativos para las plataformas de transmisión en 2023 ascendieron a $ 1.1 mil millones:

Categoría operativa	Gasto ($ M)
Apoyo técnico	310
Red de entrega de contenido	250
Servicio al cliente	180
Mantenimiento de la plataforma	360

Paramount Global (para) - Modelo de negocios: flujos de ingresos

Tarifas de suscripción de Paramount+

A partir del cuarto trimestre de 2023, Paramount+ reportó 61.4 millones de suscriptores a nivel mundial. Los niveles de suscripción incluyen:

Nivel de suscripción	Precio mensual	Suscriptores anuales
Plan esencial	$5.99	22.3 millones
Plan premium	$11.99	39.1 millones

Ingresos publicitarios

Paramount Global generó $ 10.7 mil millones en ingresos por publicidad para el año fiscal 2023.

• Publicidad de TV lineal: $ 6.3 mil millones
• Publicidad digital: $ 4.4 mil millones

Licencias y distribución de contenido

Los ingresos por licencia de contenido para 2023 alcanzaron $ 2.9 mil millones.

Categoría de contenido	Ingresos por licencias
Programas de televisión	$ 1.4 mil millones
Derechos cinematográficos	$ 1.5 mil millones

Ingresos de transmisión con anuncios de Plutón TV TV

Plutón TV generó $ 1.2 mil millones en ingresos por publicidad para 2023.

• Usuarios activos mensuales totales: 72 millones
• Ingresos promedio por usuario: $ 16.67

Ingresos de expansión del mercado internacional

Los mercados internacionales contribuyeron con $ 4.5 mil millones a los ingresos totales de Paramount Global en 2023.

Región	Contribución de ingresos
Europa	$ 1.8 mil millones
América Latina	$ 1.2 mil millones
Asia Pacífico	$ 1.5 mil millones

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

You're looking at the core value Paramount Global (PARA) offers its customers as of late 2025, post-Skydance integration. It boils down to a dual-pronged approach: premium, must-have content delivered across a flexible ecosystem.

A single, integrated platform for premium, multi-genre content and live events.

The value proposition centers on the breadth of content accessible through the Direct-to-Consumer (D2C) segment. By the end of the third quarter of 2025, Paramount+ had grown its global subscriber base to 79.1 million, representing a 14 percent increase year-over-year. This scale supports a platform delivering everything from premium scripted series to live sports and news. The D2C division itself generated $2.17 billion in revenue for Q3 2025, up 17 percent from the prior year, signaling strong customer adoption of the combined offering.

Choice between subscription (Paramount+) and free ad-supported (Pluto TV) streaming.

This is where the flexibility really shines. You have the premium, subscription-based Paramount+, which saw its Average Revenue Per User (ARPU) reach approximately $8.40 in Q3 2025, an 11 percent jump. Then there is Pluto TV, the free, ad-supported streaming television (FAST) service, which continues to benefit from strong engagement and monetization, offering an alternative access point to Paramount Global's library. The company has signaled confidence in this dual approach, expecting the D2C business to be profitable in 2025.

Must-watch, high-quality original series and major film franchises.

The content engine is designed to drive both subscription acquisition and theatrical success. Franchise power is a clear value driver. For instance, in Q2 2025, Mission: Impossible - The Final Reckoning delivered the biggest global opening in that franchise's history. The company plans to lean into this IP strategy, forecasting at least 15 films annually starting in 2026, up from a Q3 2025 filmed entertainment revenue of $768 million. Original series like Tulsa King have also set global debut records for Paramount+.

Reliable live news and sports coverage via CBS and its affiliates.

The legacy broadcast assets provide a crucial, reliable draw. While the broader TV Media segment revenue declined 12 percent to $3.8 billion in Q3 2025, driven by lower advertising and affiliate fees, the core value of live programming remains. The NFL on CBS viewership, for example, saw an increase of 5 percent year-over-year in late 2024, with streaming viewership up over 50 percent, showing the synergy between linear and digital delivery for live events.

Global content scale, defintely a competitive advantage in international markets.

The global footprint is substantial, evidenced by the 79.1 million worldwide Paramount+ subscribers as of Q3 2025. This scale allows for content investment that travels well; for example, international Paramount+ subscribers spend nearly 90 percent of their time watching global Hollywood hits, allowing for rightsizing of local content investment. The company is also actively managing its international structure, planning the sale of assets like Telefe and Chilevision as part of its strategic recalibration.

Here's a quick look at the key financial scale underpinning these value propositions as of the latest reported quarter:

Metric	Value (Q3 2025)	Context
Total Company Revenue	$6.7 billion	Flat year-over-year (pro forma)
Paramount+ Subscribers (Global)	79.1 million	Up 14 percent year-over-year
Streaming Revenue	$2.17 billion	Up 17 percent year-over-year
Paramount+ ARPU	Approx. $8.40	Up 11 percent year-over-year
Gross Debt	$13.6 billion	Cash on hand was $3.3 billion

Finance: draft 13-week cash view by Friday.

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

You're looking at how Paramount Global, now operating as Paramount Skydance Corporation following the August 2025 merger, manages its direct interactions with viewers and business partners in late 2025. This is a complex mix of automated digital engagement and traditional, high-touch executive relationships.

Automated, personalized recommendations and churn reduction via the DTC platform

The Direct-to-Consumer (DTC) segment, which includes Paramount+, is the company's top priority for growth, with executives expecting the entire DTC business to be profitable for the full 2025 year. Customer retention is actively managed through technological means; for instance, in the first quarter of 2025, churn improved by 130 bps year-over-year. The platform uses data analytics to gain deeper insights into audience preferences, supported by investments in AI and Recommendation Engines. The success of this approach is reflected in global viewing hours, which increased 31% year-over-year across Paramount+ and Pluto TV in Q1 2025. Paramount+ itself represents about 80% of the total D2C business.

Here's a quick look at the key DTC performance metrics leading into late 2025:

Metric	Period End	Value	Change/Context
Paramount+ Global Subscribers	Q3 2025 (Sept)	79.1 million	Up 14 percent year-over-year
Paramount+ Net Additions	Q3 2025	1.4 million	During the quarter
DTC Revenue	Q3 2025	$2.17 billion	Up 17% year-over-year
Streaming ARPU (Average Revenue Per User)	Q3 2025	Approximately $8.40	Up 11% year-over-year
DTC Advertising Revenue	Q3 2025	$479 million	Slipped 6% from prior year

What this estimate hides is the volatility; total streaming subscribers dipped to 77.7 million in Q2 2025 due to the expiration of a bulk deal in Europe.

Direct-to-Consumer (DTC) self-service and support for streaming subscribers

The self-service model is foundational for the streaming business, allowing subscribers to manage their accounts directly. Paramount Global is working to streamline this experience by integrating enterprise software; for example, they are integrating Oracle Fusion, a cloud-based system, to improve operational oversight. This backend efficiency helps support the front-end self-service experience. The focus on increasing Average Revenue Per User (ARPU) also implies a direct management of the subscriber's transaction relationship, which includes pricing adjustments; the company announced plans to raise prices for its U.S. subscription video-on-demand (SVOD) services in early 2025. The company is also planning to unify the technology platforms for its three streaming services-Paramount+, Pluto TV, and BET+-next year (2026).

Dedicated sales teams managing long-term affiliate fee contracts with cable providers

The traditional TV Media segment still relies on established, high-touch relationships for carriage agreements. Affiliate and subscription revenues are principally comprised of cable affiliate fees and retransmission fees. These relationships are under pressure, as linear TV's affiliate and subscription revenues were down 7% to $1.74 billion in Q3 2025, driven by a decline in pay TV subscribers. In Q1 2025, this revenue line decreased 9%, which management attributed to both subscriber declines and the impact of recent renewals. The entire TV Media revenue segment, which includes these fees, was $3.8 billion in Q3 2025, a 12% decline year-over-year.

Key components of the TV Media affiliate relationship revenue include:

• Cable affiliate fees for networks like Nickelodeon, MTV, and BET.
• Retransmission fees for owned television stations, including CBS.
• Reverse compensation from television stations affiliated with the CBS Television Network.

High-touch relationships with major advertising agencies and media buyers

Securing large advertising commitments requires direct, high-touch engagement with major agencies and media buyers, especially for premium inventory like live sports. The NFL on CBS viewership increased by 5% in Q3 2024, with streaming viewership up over 50% year-over-year, which provides high-value inventory for these relationships. However, the linear TV advertising market remains soft. In Q3 2025, TV Media advertising revenue fell 12% to $1.47 billion (or $1.465 billion), impacted by an unfavorable comparison to strong presidential advertising in Q3 2024. The DTC advertising side also saw a dip, with ad revenue slipping 6% to $479 million in Q3 2025, due to lower sellout levels on Pluto TV. The overall advertising revenue breakdown for Q3 2025 shows the continued shift away from traditional linear buys.

Here are the advertising revenue figures for recent quarters:

• TV Media Advertising (Q3 2025): $1.47 billion.
• DTC Advertising (Q3 2025): $479 million.
• TV Media Advertising (Q1 2025): $1.879 billion (Excluding Super Bowl LVIII impact).

Finance: draft 13-week cash view by Friday.

Paramount Global (PARA) - Canvas Business Model: Channels

Direct-to-Consumer (DTC) apps: Paramount+ and Pluto TV on all major devices.

Paramount+ ended the third quarter (Q3) of 2025 with 79.1 million subscribers worldwide, marking a 14 percent increase year-over-year. The Average Revenue Per User (ARPU) for Paramount+ reached approximately $8.40 in Q3 2025, up 11 percent from the prior year. The entire Direct-to-Consumer division generated streaming revenue of $2.17 billion in Q3 2025, a 17 percent increase. Paramount+ revenue accounted for more than 80 percent of that total streaming figure. Pluto TV, the free, ad-supported service, contributed to the growth in streaming advertising revenue. The last publicly stated Monthly Active User (MAU) count for Pluto TV globally was 72 million.

Linear TV networks: CBS broadcast and cable networks (e.g., Comedy Central, BET).

The TV Media segment, which includes CBS and cable networks, saw its revenue decline in Q3 2025.

• TV Media revenue for Q3 2025 was $3.8 billion.
• TV advertising revenue for Q3 2025 was $1.465 billion.
• This segment's performance was impacted by industry-wide declines in advertising and affiliate fees.

Theatrical distribution via Paramount Pictures for global box office releases.

Revenue from the Filmed Entertainment segment, which includes Paramount Pictures, totaled $768 million in Q3 2025, a 4 percent decrease from the year prior. Paramount Pictures plans to recalibrate its film strategy and expand theatrical output to at least 15 films annually starting in 2026.

Third-party digital storefronts like Amazon Prime Video Channels and Apple TV.

This distribution method is embedded within the overall Direct-to-Consumer revenue stream, contributing to the $2.17 billion in streaming revenue reported for Q3 2025.

Affiliate and carriage deals with cable, satellite, and virtual MVPDs.

Affiliate and subscription revenue within the TV Media segment declined in Q3 2025.

Here's a quick look at some key Q3 2025 channel-related financial metrics:

Metric Category	Specific Metric	Amount/Value (Q3 2025)
Direct-to-Consumer	Total Streaming Revenue	$2.17 billion
Direct-to-Consumer	Paramount+ Subscribers (Global)	79.1 million
Direct-to-Consumer	Paramount+ ARPU	$8.40
Linear TV Media	Total TV Media Revenue	$3.8 billion
Linear TV Media	Affiliate and Subscription Revenue	$1.74 billion
Filmed Entertainment	Total Segment Revenue	$768 million

The company ended Q3 2025 with $3.3 billion in cash and $13.6 billion in debt.

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

You're looking at the core audience groups Paramount Global (PARA) serves as of late 2025, post-Skydance merger. It's a mix of legacy media consumers and the new digital-first crowd, and the numbers show where the focus is shifting.

The streaming audience is the clear growth engine. By the third quarter of 2025, Paramount Global had reached 79.1 million global streaming subscribers across its platforms, primarily Paramount+. This represented a net addition of 1.4 million subscribers during that quarter alone. Still, the direct-to-consumer (DTC) division saw its revenue climb 17% year-over-year in Q3 2025 to $2.17 billion. The average revenue per user (ARPU) for the streaming service settled around $8.40 in Q3 2025. Honestly, the company expects this DTC business to be profitable in 2025. This focus is driving strategy, with plans to raise Paramount+ prices in the US starting January 15, 2026, with the ad-supported Essential plan moving to $8.99 monthly and the ad-free Premium plan to $13.99 monthly.

The traditional pay-TV segment, while shrinking, still provides significant, though declining, revenue. This group consists of those paying affiliate fees via cable and satellite bundles for carriage of networks like CBS, MTV, and Nickelodeon. Affiliate and subscription revenue for the TV Media segment in Q3 2025 was $1.74 billion, marking a 7% decline year-over-year. This decline reflects industry-wide cord-cutting and Paramount's stated strategy of reducing low-return bundles.

Global advertisers are a crucial segment, split between the legacy linear footprint and the growing digital inventory. Linear TV advertising revenue in Q3 2025 was $1.47 billion, down 12% from the prior year. However, digital reach is being quantified like never before. Paramount Global executives noted that streaming accounted for 30% of upfront sales in the latest cycle. The company is using tools like Mastercard Media Measurement to prove value, analyzing 13 billion impressions, which helped drive $1 billion in incremental advertising revenue and showed a 3.5% average spend lift for participating advertisers.

Theatrical moviegoers remain a key segment, though the studio is recalibrating its approach. The Filmed Entertainment segment generated $768 million in revenue in Q3 2025, a 4% drop from the year prior, as the 2025 slate underperformed expectations. Major releases like Mission: Impossible - The Final Reckoning provided a boost in Q2 2025, where theatrical revenue jumped 84%. Looking ahead, Paramount plans to increase its theatrical output to at least 15 films annually starting in 2026.

Finally, content buyers represent an important, though less emphasized, segment for monetization. This includes third parties acquiring licensing rights for Paramount's film and television programming. Overall content licensing revenue for Q2 2025 was $690 million, showing a 2% increase year-over-year. For the full year 2024, licensing and other revenues totaled $4.952 billion.

Here's a quick look at the key revenue drivers for these segments in Q3 2025, where available:

Customer Segment Proxy	Metric	Value (Q3 2025)	Year-over-Year Change
Global Streaming Subscribers	Paramount+ Subscribers (Global)	79.1 million	Up 14%
Global Streaming Subscribers	Streaming Revenue	$2.17 billion	Up 17%
Traditional Pay-TV/Linear	TV Affiliate Revenue	$1.74 billion	Down 7%
Traditional Pay-TV/Linear	TV Advertising Revenue	$1.47 billion	Down 12%
Global Advertisers (Linear)	Core Linear TV Ad Revenues (Forecast 2025)	$55.2 billion	Slipping 7%
Theatrical Moviegoers	Filmed Entertainment Revenue	$768 million	Down 4%
Content Buyers (Licensing)	Content Licensing Revenue (Q2 2025)	$690 million	Up 2%

If you're tracking the shift, streaming subscription revenue was up 22% in Q2 2025, while linear advertising was down 4% in the same period. Finance: draft 13-week cash view by Friday.

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

Content production and acquisition costs remain the largest expense category, evidenced by the expectation of adj. OIBDA losses in Q4 2025 for the Direct-to-Consumer (DTC) segment due to seasonally-weighted content costs. Paramount Skydance Corporation plans for more than $\$1.5$ billion in incremental programming investment in 2026, covering UFC, originals, third-party catalog licensing, and ramping up the film slate.

Technology and distribution costs are embedded within the scaling of the global streaming platform, which is the company's "North Star" business. The DTC division generated $\$2.17$ billion in revenue in Q3 2025.

Restructuring charges are a significant, near-term cost. Paramount expects to recognize a restructuring charge of approximately $\$500$ million in Q4 2025 as part of its realignment and transformation. The company also anticipates transformation costs of several hundred million in Q4 2025.

The broader cost-cutting effort is substantial, targeting long-term efficiency:

Cost Initiative/Target	Amount/Metric	Timeline/Period
Total Cost-Savings Initiative Target	$\$3$ billion	By 2027
Run-Rate Savings Executed	More than $\$1.4$ billion	Between August 2025 and end of 2025
Additional Run-Rate Actions Planned	$\$1$ billion plus	For 2026
Global Workforce Reduction Target	$15\%$	Global

Linear TV network operating expenses and affiliate fee payments are under pressure as the business pivots away from linear. For Q3 2025, the TV Media segment saw advertising revenue fall $12\%$ year-over-year to $\$1.47$ billion. In Q4 2024, affiliate and subscription revenues reflected declines of approximately $3\%$ from linear affiliate fees.

Sales, General and Administrative (SG&A) expenses are subject to efficiency cuts, following prior reductions. For the three months ended March 31, 2025, SG&A expenses were $\$1,543$ million, which was a $7\%$ decrease from $\$1,662$ million in the same period of 2024. This decrease reflected lower compensation costs following a 2024 restructuring and lower marketing costs.

Key SG&A components include:

• Costs incurred for advertising and marketing for linear networks and streaming services.
• Research, occupancy, and professional service fees.
• Back office support, including employee compensation and technology.

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

You're looking at the engine room of Paramount Global (PARA) post-Skydance merger, specifically how the cash flows in as of late 2025. It's a story of digital strength battling linear decline, but the numbers tell you exactly where the focus is.

DTC Subscription Revenue: Paramount+ subscription fees is the clear growth driver now. For the third quarter of 2025, the entire Direct-to-Consumer (DTC) division, which houses Paramount+ and Pluto TV, brought in $2.17 billion, marking a 17% year-over-year increase. Honestly, Paramount+ itself accounts for over 80% of that total DTC revenue. The company expects its DTC streaming business to achieve full-year profitability in 2025.

Advertising Revenue is split between the legacy linear TV business and the digital platforms. Linear TV advertising revenue specifically saw a 12% year-over-year decline, landing at $1.47 billion for Q3 2025. This drop was attributed partly to an unfavorable comparison against strong political advertising in the third quarter of 2024. On the digital side, DTC advertising revenue slipped 6% to $479 million.

Affiliate and Subscription Fees, which primarily come from the traditional TV Media segment (cable and satellite providers), are feeling the ecosystem pressure. This revenue stream declined 7% year-over-year, totaling $1.74 billion in Q3 2025. Cord-cutting definitely contributes to this headwind, as you'd expect.

Content Licensing revenue, which falls under the TV Media segment's Licensing and Other category, saw a significant drop in Q3 2025. One report noted a 22% decline due to the timing of content delivery. This is a tricky area where timing of deals really moves the needle quarter-to-quarter.

Theatrical Revenue is captured within the broader Filmed Entertainment segment. For Q3 2025, revenue from this segment, which includes Paramount Pictures film releases, was $768 million, down 4% from the prior year. The company acknowledged its 2025 theatrical slate underperformed expectations but plans to ramp up output to at least 15 films annually starting in 2026.

Here's a quick math snapshot of the key Q3 2025 revenue components we just discussed:

Revenue Stream Component	Q3 2025 Reported Amount	Year-over-Year Change
Total DTC Revenue	$2.17 billion	+17%
Paramount+ Revenue (within DTC)	$1.77 billion	+23%
TV Media Advertising Revenue	$1.47 billion	-12%
TV Media Affiliate & Subscription Fees	$1.74 billion	-7%
Filmed Entertainment Revenue (incl. Theatrical)	$768 million	-4%

The strategic shift is clear when you look at the growth rates. The company is definitely prioritizing the DTC side, which is showing double-digit growth, while the traditional linear businesses face structural declines. You can see the focus in their subscriber metrics, too:

• Paramount+ ended September with 79.1 million subscribers worldwide.
• Subscriber count increased by 1.4 million during the quarter.
• Average Revenue Per User (ARPU) for DTC grew 11% to approximately $8.40.

Finance: draft 13-week cash view by Friday.