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

En el panorama dinámico de los medios y el entretenimiento, Paramount Global (PARAA) surge como una potencia, navegando estratégicamente el complejo terreno de la creación de contenido, la distribución y el compromiso de la audiencia. Al aprovechar un modelo de negocio multifacético que abarca la transmisión tradicional, las plataformas de transmisión de vanguardia y los diversos géneros de contenido, Paramount se ha transformado en un ecosistema de medios integral que atiende a los espectadores de generaciones y mercados globales. Esta exploración del lienzo de modelo de negocio de Paramount revela las intrincadas estrategias detrás de su éxito, ofreciendo información sobre cómo una compañía de medios heredado se ha reinventado en la era de la transmisión digital.

Paramount Global (paraA) - Modelo de negocio: asociaciones clave

Plataformas de transmisión

Paramount Global opera dos plataformas de transmisión primarias:

• Paramount+: 46 millones de suscriptores a partir del cuarto trimestre 2023
• TV Plutón: 80 millones de usuarios activos mensuales en 2023

Plataforma	Suscriptores/usuarios	Ingresos (2023)
Paramount+	46 millones	$ 2.8 mil millones
TV Plutón	80 millones de activos mensuales	$ 1.2 mil millones

Estudios de producción de contenido y creadores independientes

Las asociaciones clave de contenido incluyen:

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

Distribuidores de TV por cable y satélite

Distribuidor	Detalles de la asociación	Alcanzar
Comcast	Acuerdo de distribución a largo plazo	22 millones de suscriptores
Comunicaciones de la Carta	Distribución de contenido integral	15 millones de suscriptores

Agencias de publicidad y empresas de compra de medios

Las principales asociaciones publicitarias:

• Grupo
• Publicis Media
• Grupo de medios de Omnicom

Medios internacionales y compañías de entretenimiento

Pareja	País	Tipo de colaboración
Sky Reino Unido	Reino Unido	Distribución de contenido
Red 10	Australia	Asociación de medios

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

Creación y producción de contenido

Paramount Global produjo 1.800 horas de contenido original en 2023, que incluye:

Categoría de contenido	Horas de producción anuales
Televisión con guión	850 horas
Televisión sin guión	450 horas
Producciones cinematográficas	500 horas

Distribución de medios

Plataformas de distribución y métricas de suscriptores:

Plataforma	Suscriptores (cuarto trimestre 2023)
Paramount+	61.3 millones
TV Plutón	80 millones de usuarios activos mensuales

Ventas y marketing publicitarios

Desglose de ingresos publicitarios para 2023:

• Ingresos publicitarios totales: $ 4.3 mil millones
• Ingresos publicitarios digitales: $ 1.8 mil millones
• Ingresos de publicidad de TV lineal: $ 2.5 mil millones

Desarrollo de contenido digital

Inversiones de servicio de transmisión:

Categoría de inversión	Gasto anual
Desarrollo de contenido	$ 2.6 mil millones
Tecnología de la plataforma de transmisión	$ 350 millones

Gestión de marca y licencias

Métricas de licencia de propiedad intelectual:

• Ingresos totales de licencia: $ 780 millones en 2023
• Número de acuerdos de licencia activa: 425
• Mercados internacionales de licencias: 42 países

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

Biblioteca extensa de contenido multimedia

Paramount Global posee una biblioteca de contenido valorada en aproximadamente $ 41.7 mil millones a partir de 2023. La biblioteca incluye:

Categoría de contenido	Número de títulos	Valor estimado
Catálogo de cine	Más de 4,300 películas	$ 22.5 mil millones
Serie de televisión	Más de 2,600 programas de televisión	$ 19.2 mil millones

Marcas de entretenimiento establecidas

Marcas de entretenimiento clave propiedad de Paramount Global:

• CBS: más de 75 años de historia de transmisión
• MTV: alcanza los 510 millones de hogares a nivel mundial
• Nickelodeon: 110 millones de suscriptores en todo el mundo
• Paramount Pictures: Fundada en 1912

Estudios de producción y talento creativo

Los recursos de producción de Paramount Global incluyen:

Ubicación de estudio	Tamaño de estudio	Capacidad de producción anual
Hollywood, CA	63 acres	12-15 Producciones cinematográficas principales
New York Studios	22 acres	Más de 25 series de televisión

Infraestructura tecnológica

Recursos de tecnología de transmisión y distribución:

• Paramount+ Plataforma de transmisión: 56 millones de suscriptores
• Red de entrega de contenido global que abarca 180 países
• Infraestructura de transmisión digital avanzada valorada en $ 1.3 mil millones

Red de medios global

Red de alcance y recursos:

Métrico de red	Cantidad
Canales de televisión	Más de 190 canales
Mercados internacionales	45 países
Alcance total de la audiencia	4.300 millones de espectadores

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

Contenido de entretenimiento diverso en múltiples plataformas

Paramount Global opera en múltiples plataformas de entretenimiento con la siguiente distribución de contenido:

Plataforma	Volumen de contenido	Ingresos anuales
Paramount+ transmisión	Más de 40,000 horas de contenido	$ 3.3 mil millones (2023)
Parámetro de red	Más de 2,500 horas de programación	$ 1.1 mil millones (2023)
Red de transmisión de CBS	Más de 5,000 horas de programación	$ 4.7 mil millones (2023)

Experiencias de transmisión personalizadas

Paramount+ ofrece transmisión personalizada con:

• Algoritmos de recomendación impulsados ​​por IA
• Usuarios múltiples profile capacidades
• Sugerencias de contenido personalizadas

Programación original y con licencia de alta calidad

Desglose de la cartera de contenido:

Tipo de contenido	Número de títulos	Inversión
Serie original	350+ series originales	$ 1.8 mil millones (2023)
Contenido con licencia	Más de 10,000 títulos con licencia	$ 750 millones (2023)

Ofertas de contenido multigeneracional y de múltiples generos

Distribución de género de contenido:

• Drama: 35% del contenido
• Comedia: 25% del contenido
• Realidad: 15% del contenido
• Noticias: 10% del contenido
• Deportes: 8% del contenido
• Programación infantil: 7% del contenido

Ecosistema integrado de medios y entretenimiento

El ecosistema integrado de Paramount Global incluye:

Componente del ecosistema	Ingresos anuales	Alcance del mercado
Servicios de transmisión	$ 3.3 mil millones	67 millones de suscriptores
Redes de televisión lineales	$ 5.8 mil millones	Alcance de transmisión global
Fotos de paramount	$ 1.2 mil millones	Distribución de películas internacionales

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

Servicios de transmisión basados ​​en suscripción

Paramount+ reportó 62.3 millones de suscriptores a nivel mundial a partir del cuarto trimestre de 2023. El servicio de transmisión generó $ 3.3 mil millones en ingresos para el año 2023.

Servicio de transmisión	Recuento de suscriptores	Precio de suscripción mensual
Paramount+ esencial	$5.99	42.1 millones de suscriptores
Paramount+ Premium	$11.99	20,2 millones de suscriptores

Publicidad y personalización específicas

Paramount Global generó $ 11.6 mil millones en ingresos por publicidad en 2023. La Compañía aprovecha los datos de primera parte de 55.4 millones de suscriptores de transmisión para estrategias publicitarias específicas.

Compromiso de las redes sociales

Plataformas de redes sociales de Paramount Global:

• CBS: 5.2 millones de seguidores de Twitter
• MTV: 8.7 millones de seguidores de Instagram
• Paramount+ Twitter: 1.3 millones de seguidores

Atención al cliente en plataformas digitales

Canal de soporte	Tiempo de respuesta promedio	Tasa de satisfacción del cliente
Chat en vivo	12 minutos	87%
Soporte por correo electrónico	24 horas	79%
Soporte telefónico	15 minutos	82%

Programas de fidelización y recomendaciones de contenido

El algoritmo de personalización de Paramount+ genera el 65% de la participación del espectador a través del contenido recomendado. La plataforma rastrea el historial de visualización del usuario en 42.7 millones de usuarios mensuales activos para proporcionar recomendaciones personalizadas.

Métrica de recomendación	Actuación
Tasa de finalización del contenido	58%
Contenido recomendado Tiempo de observación	42% de la visualización total

Paramount Global (PARAA) - Modelo de negocios: canales

Paramount+ plataforma de transmisión

A partir del cuarto trimestre de 2023, Paramount+ reportó 63 millones de suscriptores globales. El precio de suscripción varía de $ 4.99 a $ 11.99 por mes. La plataforma generó $ 3.3 mil millones en ingresos directos al consumidor en 2023.

Nivel de suscripción	Precio mensual	Características clave
Básico	$4.99	Anuncios limitados
De primera calidad	$11.99	Sin anuncios, deportes en vivo

TV Plutón

Plutón TV, propiedad de Paramount Global, reportó 72 millones de usuarios activos mensuales en 2023. La plataforma genera ingresos a través de la publicidad, con un estimado de $ 1.2 mil millones en ingresos publicitarios para el año.

Redes tradicionales de TV por cable y satélite

Paramount posee varias redes de cable que incluyen:

• MTV - Llega a 510 millones de hogares a nivel mundial
• Comedy Central: disponible en 164 países
• Nickelodeon - transmitido en más de 180 países

Red	Alcance global	Ingresos anuales (2023)
MTV	510 millones de hogares	$ 1.5 mil millones
Comedia central	164 países	$ 800 millones

Aplicaciones de transmisión móvil y digital

Paramount+ Mobile App Descargó 29.4 millones de veces en 2023. La aplicación admite la transmisión en 14 países diferentes con compatibilidad de dispositivos múltiples.

Redes sociales y canales de marketing digital

Paramount Global mantiene una importante presencia en las redes sociales:

• YouTube: 52.3 millones de suscriptores en todos los canales de red
• Instagram: 38.6 millones de seguidores en total
• Facebook: 45.2 millones de seguidores en total

Plataforma	Seguidores/suscriptores	Tasa de compromiso
YouTube	52.3 millones	4.2%
Instagram	38.6 millones	3.7%

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

Consumidores de transmisión de entretenimiento

Paramount+ reportó 62 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	Precio de suscripción mensual
Paramount+	62 millones	$9.99
TV Plutón	80 millones de usuarios activos mensuales	Gratis

Audiencias de TV de cable y tradicional

Paramount posee múltiples redes de cable que alcanzan aproximadamente 794 millones de hogares en todo el mundo.

• CBS: 96.4 millones de hogares de televisión
• MTV: 87.4 millones de hogares de televisión
• Nickelodeon: 74.3 millones de hogares de televisión
• Comedia Central: 69.2 millones de hogares de televisión

Adultos jóvenes y millennials

Objetivo demográfico para plataformas como MTV, Comedy Central y Paramount+.

Plataforma	Demográfico de edad primaria	Porcentaje de audiencia
MTV	18-34 años	62%
Comedia central	18-49 años	55%

Visores de entretenimiento para niños y familiares

Nickelodeon genera ingresos anuales de $ 1.8 mil millones con una programación sustancial de niños.

• Nick Jr. llega a 58.4 millones de hogares
• Teennick se dirige a 12-17 grupos de edad
• Nicktoons se centra en el contenido animado

Consumidores de medios internacionales

Los suscriptores de transmisión internacional totalizaron 21.1 millones en 2023.

Región	Recuento de suscriptores	Índice de crecimiento
América Latina	9.2 millones	18%
Europa	7.5 millones	12%
Asia Pacífico	4.4 millones	8%

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

Producción de contenido y gastos de licencia

En el año fiscal 2023, Paramount Global informó gastos de producción de contenido y licencia de $ 8.7 mil millones.

Categoría de gastos	Monto ($ mil millones)
Paramount+ contenido original	2.3
Transmisión de licencias de contenido	1.9
Producción de contenido de televisión lineal	2.5
Producción cinematográfica	2.0

Mantenimiento de tecnología e infraestructura

Los costos de infraestructura tecnológica para Paramount Global totalizaron $ 1.2 mil millones en 2023.

• Infraestructura de computación en la nube: $ 450 millones
• Mantenimiento de la red y los centros de datos: $ 350 millones
• Inversiones de ciberseguridad: $ 250 millones
• Desarrollo de la plataforma digital: $ 150 millones

Costos de marketing y publicidad

Los gastos de marketing para Paramount Global alcanzaron $ 3.5 mil millones en 2023.

Canal de marketing	Gasto ($ millones)
Marketing digital	1,200
Publicidad televisiva	1,050
Campañas de redes sociales	650
Publicidad impresa y al aire libre	600

Talento y salarios de personal creativo

Los gastos totales de personal para Paramount Global fueron de $ 4.6 mil millones en 2023.

• Compensación ejecutiva: $ 85 millones
• Salarios de talento creativo: $ 2.3 mil millones
• Personal técnico y de apoyo: $ 1.5 mil millones
• Bonos de rendimiento: $ 720 millones

Inversiones de investigación y desarrollo

El gasto de I + D para Paramount Global ascendió a $ 620 millones en 2023.

Área de enfoque de I + D	Inversión ($ millones)
Tecnología de transmisión	250
Análisis de contenido	180
AI y aprendizaje automático	120
Innovación de la experiencia del usuario	70

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

Tarifas de suscripción de las plataformas de transmisión

Paramount+ generó $ 3.3 mil millones en ingresos de transmisión en 2023. La plataforma reportó 61.4 millones de suscriptores globales a partir del cuarto trimestre de 2023.

Plataforma de transmisión	Suscriptores	Ingresos anuales
Paramount+	61.4 millones	$ 3.3 mil millones
TV Plutón	80 millones de usuarios activos mensuales	$ 1.2 mil millones

Ingresos publicitarios

Paramount Global reportó $ 9.4 mil millones en ingresos por publicidad para el año fiscal 2023.

• Publicidad de televisión lineal: $ 6.2 mil millones
• Publicidad digital: $ 3.2 mil millones

Licencias y distribución de contenido

La licencia de contenido generó $ 2.7 mil millones en ingresos para Paramount Global en 2023.

Categoría de licencias	Ganancia
Licencias nacionales	$ 1.8 mil millones
Licencia internacional	$ 900 millones

Expansión del mercado internacional

Los ingresos internacionales de transmisión alcanzaron los $ 1.5 mil millones en 2023, lo que representa un crecimiento del 45% año tras año.

• América Latina: $ 450 millones
• Europa: $ 650 millones
• Asia-Pacífico: $ 400 millones

Merchandising y asociaciones de marca

La comercialización y las asociaciones de marca contribuyeron con $ 650 millones a los ingresos de Paramount Global en 2023.

Categoría de asociación	Ganancia
Mercancía de entretenimiento	$ 350 millones
Colaboraciones de marca	$ 300 millones

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.