Paramount CEO touts popular content – The Hollywood Reporter
Paramount Global is optimistic about its ability to create blockbuster content after a series of recent box office successes, including Top Gun: Maverickand on the Paramount+ streaming service, like Halomanagement said on the company’s second-quarter earnings conference call on Thursday.
“Nowhere is our popularity more evident than at the box office,” Chairman and CEO Bob Bakish told analysts. “Look no further than Top Gun: Maverick, which is already the biggest movie was 2022 and our fifth No. 1 title this year. In reality, Top Gun: Maverick just grossed $1.3 billion at the global box office and became one of the top 10 domestic films of all time. Here, we leveraged our portfolio brands, including CBS and MTV, to execute a major corporate consumer campaign that resonated with audiences everywhere, a strategy that proved highly effective when ‘It’s deployed against our core assets.
It also touted the company’s other four No. 1 films at the 2022 box office, namely Fooled forever, Scream, The lost city and sonic the hedgehog 2, saying their success was not a given, but required “the right strategy and strong execution” from the company. “At the start of the pandemic, we were very selective with our releases, withholding certain films until market conditions improved. While we could not release Top Gun: Maverick and The lost city earlier, we waited because we knew these phenomenal stories would bring audiences back to the movies. It turned out to be the right choice. Paramount continues to shine at the box office with numbers that even exceeded our own expectations. And we are excited about the future. We will end this spectacular year with Damien Chazelle Babylonstarring Brad Pitt and Margot Robbie, which begins its theatrical rollout in December.
The Paramount CEO also touted the studio’s 2023 slate, “anchored by new retail releases of some of our most popular and new franchises, from Transformers and Teenage Mutant Ninja Turtles to Dungeons and dragons and paw patrolto name a few.”
Bakish also hailed the success of originals such as Halo to drive Paramount+ and its user gains. “Viewers hungry for incredible stories are also increasingly turning to our flagship streaming service,” he said. “The diversity and quality of our content is unmatched, especially on Paramount+.”
The executive then pointed to data suggesting the streamer’s call. “Paramount+ is the #1 premium service in the United States by sign-ups and net subscriber additions, both this quarter and year-to-date. And based on other third-party data, Paramount+ is also the most popular premium streaming service in the US to add among the Switches. This means that people who have dropped a service in the last 12 months are more likely to add Paramount+ than any other service, further proof that we are taking market share.
Overall, Bakish said, “Our content consistently attracts and entertains mass audiences. When I say audience, I don’t mean just children or adults, I mean the whole household, not just the coasts, but the whole country, not just the United States, but the whole world, not just the audience streaming, but television, theatrical audience and streaming. Part of that is because we don’t just create popular content, we also make content popular by leveraging our powerful platforms.
Also on Thursday’s call, Paramount Chief Financial Officer Naveen Chopra reiterated the goal of spending $6 billion on streaming content in 2024, with streaming losses peaking in 2023. As streaming revenue and subscriber numbers increase, “our investment in content is working,” he explained. .
Asked if Paramount+ might over time increase its subscription prices, which Netflix has always done, despite high inflation. “Price will be part of the equation. And while we don’t have any imminent price changes, they will happen in the future,” he replied. “We will do this while taking into account the evolution of our content offerings, looking at the type of bundles and other promotional opportunities available to our customers and, of course, thinking about our value proposition against to competing services where I point out I think we offer a very strong value position today.
And Bakish received a question about a recent big cricket rights deal struck by joint venture Paramount Viacom18 in India, making it the new online home of Indian Premier League cricket for the next five years, while Disney’s Star India will remain the television sports broadcaster. . “It’s a deal that was done by our joint venture in India…which recently did a transaction where they brought Bodhi Tree [the investment company backed by James Murdoch and Uday Shankar] as an investor and injection of capital,” Bakish said.
The executive added: “And I will leave it up to the joint venture. But what they said is that the streaming rights there can be part of a streaming deal for the Indian market, which [the] The team is going to launch in 2023. We also said that Paramount+ is going to launch with it, basically, as another form of our grouping tier.