Paramount Global (PARA): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique des médias et du divertissement, Paramount Global (para) apparaît comme une puissance, naviguant stratégiquement dans le monde complexe de la création de contenu, de la distribution et de l'engagement du public. En tirant parti d'un modèle commercial robuste qui couvre la diffusion traditionnelle, des plateformes de streaming de pointe et des marques de divertissement diverses, la société s'est positionnée à l'avant-garde d'une révolution médiatique numérique qui mélange de manière transparente une technologie innovante avec une narration convaincante sur plusieurs canaux et segments d'audience.

Paramount Global (PARA) - Modèle d'entreprise: partenariats clés

Plates-formes de streaming

Paramount Global exploite des partenariats clés avec:

• Pluto TV (filiale en propriété exclusive)
• Paramount + (plate-forme de streaming possédé)
• Paramount + Service de streaming international sur 25 marchés

Plate-forme	Abonnés	Revenu
Paramount +	67 millions d'abonnés (Q4 2023)	Revenus de streaming de 3,3 milliards de dollars (2023)
Pluton TV	80 millions d'utilisateurs actifs mensuels	Revenus publicitaires de 1,1 milliard de dollars (2023)

Studios et réseaux de production de contenu

Paramount Global collabore avec:

• Studios CBS
• Studios de télévision Paramount
• MTV Entertainment Studios
• Studios Nickelodeon

Partners de la technologie et de la distribution

Partenaire	Détails de collaboration
Amazone	Distribution vidéo privilégiée
Roku	Plate-forme de distribution de contenu
Apple TV	Distribution des applications et du contenu

Agences de publicité et acheteurs de médias

Les partenariats publicitaires clés comprennent:

• Groupe publique
• Wpp
• Groupe de médias Omnicom

Médias internationaux et sociétés de divertissement

Région	Partenaire	Type de collaboration
Royaume-Uni	Ciel	Distribution de contenu
Australie	Réseau 10	Partage de contenu
l'Amérique latine	Telefonica	Partenariat de la plate-forme de streaming

Paramount Global (Para) - Modèle d'entreprise: activités clés

Production et développement de contenu

Paramount Global a produit 632 heures de programmation originale en 2023. La société a investi 6,8 milliards de dollars dans la création de contenu dans ses différents réseaux et plateformes de streaming.

Catégorie de contenu	Heures de production annuelles	Investissement estimé
Télévision scénarisée	287 heures	3,2 milliards de dollars
Streaming de contenu original	215 heures	2,1 milliards de dollars
Réalité et programmation non scénarisée	130 heures	1,5 milliard de dollars

Gestion des services de streaming

Paramount + comptait 60 millions d'abonnés dans le monde au 423 du quatrième trimestre, avec un chiffre d'affaires récurrent annuel de 3,3 milliards de dollars des services de streaming.

• Plates-formes de streaming gérées: Paramount +, Pluto TV
• Taux d'abonnement mensuels: 9,99 $ (standard), 14,99 $ (Premium)
• Pénétration du marché mondial du streaming: 6,2%

Ventes publicitaires et marketing

Paramount Global a généré 11,2 milliards de dollars de revenus publicitaires en 2023, avec un taux de croissance publicitaire numérique de 7,3%.

Canal de publicité	Revenu	Part de marché
Publicité télévisée	7,6 milliards de dollars	4.5%
Publicité numérique	3,6 milliards de dollars	2.8%

Distribution des médias sur plusieurs plateformes

Paramount a distribué du contenu dans 180 pays, avec 27 réseaux de télévision appartenant et 11 services de streaming internationaux.

• Plate-formes de distribution: câble, satellite, streaming, à la demande
• Marchés internationaux servis: 180 pays
• Total des canaux de distribution: 38

Gestion de la propriété de marque et intellectuelle

Paramount possède plus de 4 000 titres de films et plus de 70 000 épisodes télévisés, avec un portefeuille de propriété intellectuelle d'une valeur de 15,6 milliards de dollars.

Catégorie IP	Actif total	Valeur estimée
Bibliothèque	Plus de 4 000 titres	9,2 milliards de dollars
Épisodes télévisés	Plus de 70 000 épisodes	6,4 milliards de dollars

Paramount Global (PARA) - Modèle d'entreprise: Ressources clés

Bibliothèque de contenu de médias et de divertissement étendue

Paramount Global possède une bibliothèque de contenu d'une valeur d'environ 55 milliards de dollars en 2023. La bibliothèque comprend:

Catégorie de contenu	Nombre de titres	Valeur estimée
Bibliothèque	Plus de 4 300 films	32,5 milliards de dollars
Bibliothèque de télévision	7 000+ épisodes télévisés	22,5 milliards de dollars

Diverses marques de divertissement

Paramount Global gère plusieurs marques de divertissement:

• CBS: 16 stations de télévision possédées
• MTV: 24 canaux internationaux
• Nickelodeon: Disponible dans plus de 170 pays
• Paramount +: 61,1 millions d'abonnés mondiaux au T2 2023

Infrastructure de technologie de streaming avancée

Détails de l'infrastructure de la technologie de streaming:

Composant technologique	Spécification
Infrastructure cloud	Amazon Web Services et Google Cloud Platform
Réseau de livraison de contenu	Akamai Technologies
Investissement technologique annuel	750 millions de dollars en 2023

Équipes créatives et de production talentueuses

Composition de la main-d'œuvre:

• Total des employés: 19 200 (en 2023)
• Professionnels créatifs: 6 500
• Personnel de production: 3 800

Portfolio de propriété intellectuelle solide

Actifs de la propriété intellectuelle:

Catégorie IP	Nombre de propriétés	Valeur estimée
Franchises de films	42 franchises actives	18,5 milliards de dollars
Franchises de télévision	63 franchises actives	12,3 milliards de dollars

Paramount Global (Para) - Modèle d'entreprise: propositions de valeur

Livraison de contenu de divertissement multiplateforme

Paramount Global fournit du contenu sur plusieurs plateformes, notamment:

Plate-forme	Abonnés / portée
Paramount +	46 millions d'abonnés (Q4 2023)
Pluton TV	80 millions d'utilisateurs actifs mensuels
Réseau primordial	TV linéaire portée de 75 millions de ménages

Programmation diversifiée à travers les genres et les données démographiques

Le portefeuille de contenu comprend:

• News: CBS News
• Sports: CBS Sports
• Divertissement: MTV, Comedy Central
• Streaming: Paramount + série originale

Options de streaming abordables et accessibles

Service de streaming	Prix ​​mensuel
Paramount + essentiel	$5.99
Paramount + Premium	$11.99

Contenu original et sous licence de haute qualité

Investissement de contenu: 6,5 milliards de dollars de dépenses de contenu pour 2023

• Paramount + série originale: 150+ originaux
• Propriétés de la franchise: Star Trek, mission impossible
• Studio de cinéma: images Paramount

Expériences de divertissement personnalisées

Caractéristiques de personnalisation:

• Algorithmes de recommandation dirigés par l'IA
• Plusieurs profils d'utilisateurs par compte
• Préférences de visualisation personnalisables

Paramount Global (Para) - Modèle d'entreprise: relations clients

Modèles de streaming basés sur l'abonnement

Paramount + a rapporté 63 millions d'abonnés dans le monde au cours du quatrième trimestre 2023. Le service de streaming propose trois niveaux d'abonnement principaux:

Niveau d'abonnement	Prix ​​mensuel	Caractéristiques
Essentiel	$5.99	Publicités limitées
Prime	$11.99	Pas de publicités, des sports en direct
Pack avec showtime	$14.99	Accès au contenu premium

Recommandations de contenu ciblées

Paramount Global utilise des algorithmes de recommandation dirigés par l'IA sur toutes les plates-formes:

• 73% des utilisateurs de Paramount + s'engagent avec des suggestions de contenu personnalisées
• Les algorithmes d'apprentissage automatique analysent 250+ points de données d'interaction utilisateur
• Taux de précision de la recommandation: 68%

Engagement des médias sociaux

Les métriques des médias sociaux de Paramount Global à partir de 2024:

Plate-forme	Nombre de suiveurs	Taux d'engagement
Instagram	5,2 millions	3.7%
Twitter / x	2,8 millions	2.1%
Facebook	4,5 millions	2.9%

Support client sur les plateformes numériques

Canaux de support client de Paramount Global:

• Temps de réponse du support de chat en direct 24/7: 3,2 minutes
• Temps de résolution du support par e-mail: 12 heures
• Disponibilité du support téléphonique: 8 h à 23 h HNE
• Évaluation de satisfaction du client: 87%

Programmes de fidélité pour les téléspectateurs dédiés

Caractéristiques du programme Paramount + Fidélité:

• Accès précoce au contenu exclusif pour les abonnés à long terme
• Système de points de récompense: 1 point par 1 $ dépensé
• Contenu de bonus trimestriel pour les abonnés sur 12 mois
• Programme de référence: 10 $ de crédit pour chaque nouvel abonné

Paramount Global (Para) - Modèle d'entreprise: canaux

Plateforme de streaming paramount +

Depuis le quatrième trimestre 2023, Paramount + a rapporté 63 millions d'abonnés à l'échelle mondiale. La plate-forme a généré 3,3 milliards de dollars de revenus de streaming en 2023.

Métrique de la plate-forme	2023 données
Abonnés mondiaux totaux	63 millions
Revenus de streaming	3,3 milliards de dollars

Service de streaming gratuit Pluto TV

Pluto TV a atteint 80 millions d'utilisateurs actifs mensuels en 2023. La plate-forme a généré 1,1 milliard de dollars de revenus publicitaires.

Métrique Pluto TV	2023 données
Utilisateurs actifs mensuels	80 millions
Revenus publicitaires	1,1 milliard de dollars

Réseaux de diffusion traditionnels (CBS)

CBS continue de maintenir un audience de télévision linéaire importante avec environ 16,5 millions de téléspectateurs aux heures de grande écoute en 2023.

Applications de streaming mobile et numérique

• Téléchargements de l'application paramount + mobile: 25 millions en 2023
• Heures de streaming mobile mensuelles moyennes: 450 millions
• Contribution des revenus de l'application mobile: 780 millions de dollars

Partenaires de distribution tiers

Paramount Global a des partenariats de distribution avec:

• Vidéo Amazon Prime
• Apple TV
• Roku
• Google TV

Partenaire de distribution	Abonné à portée de main
Vidéo Amazon Prime	12 millions d'abonnés Paramount +
Apple TV	5 millions d'abonnés Paramount +
Roku	8 millions d'abonnés Paramount +

Paramount Global (Para) - Modèle d'entreprise: segments de clientèle

Streaming Entertainment Consumers

Paramount + a rapporté 60 millions d'abonnés dans le monde au quatrième trimestre 2023. Les revenus de streaming ont atteint 3,3 milliards de dollars en 2023.

Plate-forme de streaming	Nombre d'abonné	Revenus annuels
Paramount +	60 millions	3,3 milliards de dollars
Pluton TV	80 millions d'utilisateurs actifs mensuels	1,5 milliard de dollars

Câble et public télévisé traditionnel

Les réseaux de télévision linéaires de Paramount ont atteint 87,3 millions de ménages aux États-Unis en 2023.

• CBS: 41,5 millions de téléspectateurs par semaine
• MTV: 22,6 millions de téléspectateurs mensuels
• Comedy Central: 18,7 millions de téléspectateurs mensuels

Démographique plus jeune (Gen Z, Millennials)

Paramount cible le public plus jeune grâce à un contenu et à des plateformes spécifiques.

Plate-forme	Engagement du groupe d'âge	Utilisateurs mensuels
MTV	18-34 ans	22,6 millions
Comédie centrale	18-34 ans	18,7 millions

Consommateurs de médias internationaux

Paramount + s'est étendu à 60 pays, avec une croissance internationale importante.

• Abonnés internationaux: 20 millions
• Revenus internationaux: 1,2 milliard de dollars en 2023
• Marchés les plus forts: Canada, Royaume-Uni, Australie

Niches Content Antffics

Paramount sert des segments de contenu spécialisés sur plusieurs canaux.

Canal de niche	Focus de contenu spécifique	Téléspectateurs mensuels
PARI	Divertissement afro-américain	15,4 millions
Réseau primordial	Programmation orientée hommes	12,3 millions

Paramount Global (Para) - Modèle d'entreprise: Structure des coûts

Dépenses de production et de licence de contenu

En 2023, Paramount Global a rapporté des frais de production de contenu et de licence de 6,93 milliards de dollars. La ventilation comprend:

Catégorie de contenu	Dépenses ($ m)
Paramount + Contenu original	1,450
Production de films théâtraux	1,250
Production de séries télévisées	2,100
Licence de contenu	2,130

Maintenance des infrastructures technologiques

Les coûts d'infrastructure technologique pour Paramount Global en 2023 ont totalisé 872 millions de dollars, notamment:

• Services de cloud computing: 312 millions de dollars
• Maintenance du centre de données: 215 millions de dollars
• Technologie de la plate-forme de streaming: 345 millions de dollars

Coûts de marketing et de publicité

Les dépenses de marketing pour 2023 ont atteint 1,45 milliard de dollars, avec l'allocation suivante:

Canal de marketing	Dépenses ($ m)
Marketing numérique	520
Publicité médiatique traditionnelle	680
Campagnes promotionnelles	250

Salaires des employés et acquisition de talents

Les dépenses totales liées au personnel en 2023 étaient de 3,2 milliards de dollars:

• Salaires de base: 2,1 milliards de dollars
• Coûts d'acquisition de talents: 180 millions de dollars
• Avantages et rémunération: 920 millions de dollars

Frais opérationnels de la plate-forme de streaming

Les coûts de fonctionnement des plates-formes de streaming en 2023 s'élevaient à 1,1 milliard de dollars:

Catégorie opérationnelle	Dépenses ($ m)
Support technique	310
Réseau de livraison de contenu	250
Service client	180
Maintenance de la plate-forme	360

Paramount Global (PARA) - Modèle d'entreprise: Strots de revenus

Frais d'abonnement de Paramount +

Depuis le quatrième trimestre 2023, Paramount + a rapporté 61,4 millions d'abonnés dans le monde. Les niveaux d'abonnement comprennent:

Niveau d'abonnement	Prix ​​mensuel	Abonnés annuels
Plan essentiel	$5.99	22,3 millions
Plan premium	$11.99	39,1 millions

Revenus publicitaires

Paramount Global a généré 10,7 milliards de dollars de revenus publicitaires pour l'exercice 2023.

• Publicité télévisée linéaire: 6,3 milliards de dollars
• Publicité numérique: 4,4 milliards de dollars

Licence et distribution de contenu

Les revenus de licence de contenu pour 2023 ont atteint 2,9 milliards de dollars.

Catégorie de contenu	Revenus de licence
Émissions de télévision	1,4 milliard de dollars
Droits cinématographiques	1,5 milliard de dollars

Revenu de streaming soutenu par la publicité Pluto TV

Pluto TV a généré 1,2 milliard de dollars de revenus publicitaires pour 2023.

• Total des utilisateurs actifs mensuels: 72 millions
• Revenu moyen par utilisateur: 16,67 $

Revenus d'expansion du marché international

Les marchés internationaux ont contribué à 4,5 milliards de dollars au total des revenus de Paramount Global en 2023.

Région	Contribution des revenus
Europe	1,8 milliard de dollars
l'Amérique latine	1,2 milliard de dollars
Asie-Pacifique	1,5 milliard de dollars

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.