Q1 2025 Paramount Global Earnings Call
Yes.
Now, let's get into some of the highlights of Q1.
Starting with DTC, where we continue to focus on driving profitable growth.
Paramount plus ended the quarter with 79 million global subscribers up 11% year over year, including 1.5 million new subscribers in the quarter.
Global watch time per user increased up 17% year over year.
And churn improved 130 basis points year over year.
Taken together Paramount plus revenue increased 16% year over year.
Now this success was driven by our differentiated content strategy of fewer bigger breakthrough original series, where we continue to see great momentum.
In the U S parent plus again had the second most top 10 asphalt originals for the quarter.
That includes Lamin, a 1923, which were our number one and number two starts an engagement driver respectively.
Looking across both Q4 and Q1 combined Paramount plus had 25% of the top 10 S. Vida original.
Second only to the market leader and two five times greater than the next closest competitor.
On the premium tier in the U S. Dexter original sin was the most stream Showtime series ever.
And that was followed by yellow jackets, which was the second most extreme Showtime series ever.
Now turning to international all of these series are delivering strong results combined with South Park in Yellowstone, where we have these series exclusively.
South Park continues to be a top starts driver and a top engagement driver.
And starting this July the series will be coming to Paramount plus in the U S.
Now turning to Yellowstone the series remains the number one start driver and the number one engagement driver for us internationally.
And the momentum will continue as we expand the franchise with three new series.
Starting with the Dutton ranch, which will premiere globally in Q4.
That's followed by the franchise's first procedural the Marshalls premiering on CBS and next day on Paramount plus globally, starting in Q1 of 2026.
And later next year at the anthology series will continue with the next chapter $19 44.
Looking ahead, we have a great slate of returning hits and big New originals.
Our new series mob land premiered at the end of Q1, becoming Paramount Pluses biggest global series launch ever.
And today criminal minds evolution returned.
Next week Showtime series, the shy premieres on the premium tier in the U S.
Now the second half of the year, we'll see more originals to maximize the impact of increased viewership.
Starting in July with South Park.
By Dextra Resurrection, Showtime's biggest franchise returns with Star Michael C Hall.
And in August six the first ever Ncis streaming extension with Tony and Veeva.
Speaker Change: Followed by Taylor Sheraton's powerful slate of original starting with Tulsa King in September than mere Kingstown in October last.
Speaker Change: Last year's Smash hit Lam and returns in November plus the all new Yellowstone franchise extensions the Denton ranch.
Speaker Change: Now turning to Pluto TV the service delivered its highest consumption ever with global viewing time up 26% year over year.
Speaker Change: Now monetization has been softer than expected due to the influx of supply.
Speaker Change: We anticipate supply demand dynamics will stabilize over time and the continued increases in engagement on Paramount plus and Pluto will lead to improved monetization over time.
Speaker Change: Turning to D to C profitability, we've made great progress driven by subscriber growth our pool expansion and churn reduction combined with a disciplined approach to managing investment and.
Speaker Change: And as a result, we continue to expect Paramount plus domestic profitability for 2025.
George: And now I'll turn it over to George.
George: Thanks, Chris.
George: Our TV media, we continue to leverage our content investments in sports news and entertainment across linear and streaming with a focus on increasing cost efficiencies.
George: On the revenue side since early last year, we've renewed key affiliate deals that secure revenue and support streaming growth. This approach has contributed to the combination of affiliate in DTC subscription revenue returning to growth on a total company basis in Q1.
George: In advertising, we're leveraging our content portfolio with live sports being more valuable than ever.
George: In Q1, TV media advertising, excluding the Super Bowl was flat year over year powered by the NFL playoffs and March madness.
George: We recently kicked off our upfront dinners, where once again, highlighting the strength of our mass appeal programming.
George: Paired with Paramount's unique set of broadcast cable theatrical and streaming platforms across free and pay.
George: Clients consistently remind us that in challenging markets. There are few partners that provide the reach brand safety and impact of the Paramount portfolio.
George: CBS continues to deliver audiences at scale across sports and entertainment the.
George: DNC double a championship game averaged 18 million viewers cabin the most watched pharma four weekends since 2017.
George: The Masters Sunday broadcast scored nearly 13 million viewers the largest final round of golf on any network in seven years.
George: And Cvs will win a record setting 17th consecutive season as the most watched broadcast network with eight of the top 10 shows.
George: Cbs's network audience grew 3% in the quarter compared to last year with the Super Bowl and was up 12% without the sports comp.
George: At the same time streaming of CBS primetime shows on Paramount plus increased by 35%.
George: Another example of multi platform strength.
George: According to Nielsen competitive data for all broadcast and streaming shows since October CBS has six of the top 20 slots second only to Netflix with tracker and Matlock ranking number four and number five respectively.
George: This pipeline is poised to continue.
George: Yesterday, we announced Cbs's prime time schedule for the $25 26 season.
George: The new shows will include franchise expansions for F. B, I fire country, and Blue Bloods, and as Chris pointed out CBS will premiere the first broadcast procedural drama from the Yellowstone Universe.
George: And as always we remain laser focused on efficiency with all our content investments monetizing current and library programming across our platforms and through licensing.
George: Ian.
Ian: Thanks George.
Speaker Change: In filmed entertainment, we are continuing our focus on delivering our slate with widespread audience appeal and one that balances investment across titles and drives downstream revenue.
Speaker Change: The performance of the segment in Q1 was strong thanks to the major theatrical success of Sonic the Hedgehog three delivering box office sales of nearly $500 million, our franchise best which continued to excel in both home entertainment and streaming Sonic.
Speaker Change: <unk> three was a top acquisition driver on Paramount plus following its mid February release and ranked as a top five movie on the service not only did our growing fan base come to the service for Sonic three but we also saw a nice lift for Sonic too and the knuckle series on Paramount plus another.
Speaker Change: Another huge win for US was the streaming performance of Gladiator, two which became the number one movie in Paramount plus history.
Speaker Change: And speaking of powerhouse franchises mission impossible. The final reckoning promises to be a global event with its premier on may 23rd.
Speaker Change: Mission continues to be instrumental in lifting the value of Paramount IP permeating almost every line of business across the organization since the film franchises inception, nearly 30 years ago.
Speaker Change: Holistically, we've built our slate this year to balance the scope and scale of a film like mission impossible with other titles that spans genres and budget levels, which better positions. The studio for profitability. This includes Edgar rights the running man a reboot of the comedy the naked gun starring Liam.
Speaker Change: And our family animation titles Smurfs, and the Spongebob movie search for square parents.
Speaker Change: With the goal of driving profitability, we successfully reduced average production cost on Paramount Pictures films by 35% over the last 24 months.
Speaker Change: All of this momentum across every aspect of our business is underpinned by our world class entertainment offerings across all of our verticals.
Speaker Change: We have much to be excited about as we continue to advance the business every day. Our teams remained focused on execution delivering hit series blockbuster films and live sports to audiences around the world and we're seeing that pay off.
Speaker Change: We also remain on track to close our pending transaction with Sky dance in the first half of this year.
Speaker Change: Now, let me turn it over to Nadeem to provide more details on the financials Levine.
Nadeem: Thank you Brian good afternoon, everyone.
Nadeem Levine: In Q1, Paramount generated total company revenue of $7 2 billion and adjusted OIBDA of $688 million.
Nadeem Levine: Adjusted OIBDA reflects year over year improvements in D C and filmed entertainment.
Nadeem Levine: While results at TV media were heavily impacted by the comparison to last year's Super Bowl.
Nadeem Levine: Free cash flow was $123 million, including $108 million in payments for restructuring and other initiatives.
Nadeem Levine: Now, let's turn to our operating segment results, starting with direct to consumer.
Nadeem Levine: In Q1, DTC continued to deliver healthy top line growth up 9% year over year to $2 billion.
Nadeem Levine: Subscription revenue grew 16% driven by Paramount plus but was somewhat offset by a 9% decline in DTC advertising revenue, which includes an 800 basis point headwind from the comparison to last year's Super Bowl.
Nadeem Levine: Excluding this comparison DTC advertising was down 1% largely due to increased supply in digital video.
Nadeem Levine: This disproportionately affected Pluto, TV, which has the greatest exposure to the indirect marketplace.
Nadeem Levine: Despite the advertising headwinds DTC OIBDA improved by $177 million to a loss of $109 million through a combination of healthy subscription revenue growth.
Nadeem Levine: And continued expense management.
Nadeem Levine: Turning to television media Q1 revenue and OIBDA trends reflect a comparison to cbs's broadcast of the Super Bowl last year.
Nadeem Levine: TV media advertising revenue, excluding the Super Bowl was flat year over year.
Nadeem Levine: And we saw improvement compared to the underlying trends in Q4.
Nadeem Levine: Linear advertising in the quarter benefited from continued strength in sports, including strong demand for the NFL playoffs, and the N C double a men's basketball tournament.
Nadeem Levine: Affiliate revenue declined eight 6% in the quarter, principally as a result of subscriber declines as well as the impact of recent renewals.
Nadeem Levine: TV media OIBDA was $922 million in the quarter.
Nadeem Levine: Expenses declined 4% year over year, primarily driven by the comparison to the Super Bowl.
Nadeem Levine: We remain highly focused on delivering incremental cost efficiencies and maximizing earnings in our TV media business.
Nadeem Levine: In filmed entertainment, we generated revenue of $627 million up 4% year over year, and OIBDA of $20 million, which compares to a loss of $3 million in the year ago quarter.
Nadeem Levine: Our Q1 results primarily benefited from the success of Sonic the Hedgehog, III, which was released late in Q4.
Nadeem Levine: Now let me provide some color on Q2.
Nadeem Levine: Starting with linear advertising, where sports demand continues to be robust, although consistent with prior years Q2 results will reflect a lower volume of sports versus Q1.
Nadeem Levine: In digital advertising, we expect trends in Q2 to look similar to the underlying trends in Q1.
Nadeem Levine: At Paramount plus we continue to expect healthy revenue growth driven by an acceleration in <unk> consistent with our plan to achieve domestic P plus profitability this year.
Nadeem Levine: Additionally, the combination of our traditional and streaming businesses will again yield net growth in total company affiliate and subscription revenue a key indicator of our ongoing transition to streaming.
Nadeem Levine: Q2 subscribers will decline given the combination of content seasonality and the termination of an international hard bundled partnerships.
Nadeem Levine: In film, we expect strong revenue contribution from the release of mission impossible the final recognize.
Nadeem Levine: However, given the timing of marketing spend for the film we anticipate that this segment will generate an OIBDA loss for the quarter.
Nadeem Levine: In terms of free cash flow, we expect Q2 to look similar to last year, including cash restructuring payments of approximately $100 million.
Nadeem Levine: Looking further ahead, our priorities for the full year have not changed.
Nadeem Levine: We continue to expect to deliver Paramount plus domestic profitability for 2025.
Nadeem Levine: We're also working toward the full year OIBDA and free cash flow outlook, we provided on our Q4 call, though growing macroeconomic uncertainty, particularly in advertising has the potential to impact our results later in the year.
Nadeem Levine: In the meantime, we continue to proactively manage spend while prioritizing investment in key growth initiatives.
Nadeem Levine: Coming into 2025, we have continued driving DTC growth and significant improvements to profitability.
Nadeem Levine: Leveraging the powerful reach of broadcast while capturing cost efficiencies and maximizing the value of our deep library and iconic IP.
Nadeem Levine: Although we are operating in a dynamic macro environment. The progress we've made on our strategic priorities combined with focused execution and some of the industry's most compelling and enduring content positions Paramount global for the long term.
Nadeem Levine: With that operator, please open the line for questions.
Speaker Change: Thank you Michelle we'd like to ask a question. Please press star followed by one on your telephone keypad. If you would like to make a question. Please press star followed by Kate.
Speaker Change: Oh, no question, even sure things that need to lately.
Speaker Change: We ask that you please limit yourself to one question.
Speaker Change: Our first question go to Steven Cahall of Wells Fargo. Stephen Please go ahead.
Speaker Change: Thank you.
Speaker Change: First on advertising.
Speaker Change: Interesting comment you made on Pluto and digital advertising and some of the pressure there.
Speaker Change: I think Chris you said that you expect that that pricing pressure might abate over time. So I'm just wondering if you're seeing that yet is it is it firming up there's a lot of new digital inventory coming to market from a variety of platforms. So I just wanted to see if that's a trend do you have line of sight on yet.
Speaker Change: And then separately.
Speaker Change: Maybe for George So the FCC has been pretty vocal about some things that wants to do with affiliates and talking about reverse comp.
Speaker Change: Wanted to ask you to comment specifically on what the FCC may plan to do but as you look at the reverse compensation contribution to your affiliate revenue I think it's a little more than a $1 billion is that something that you think you could have some pressure over time or do you think this is just a lot of noise and you'll be able to work around this and hold that line relatively flat. Thank you.
Speaker Change: Okay.
Speaker Change: Hey, Steve. Thanks for your question. This is Chris I'll take the first part of that and then pass over to George to take the second piece of that I'll listen we're definitely pleased with our performance for the quarter from the total outsource perspective broadcast really with significant CBS sports and stable ahead.
Speaker Change: It really helped us to make up some for some softness in the digital space now as you know last year. There were some new entrants that came into the digital supply space, which is impacting the volume of supply now we do definitely expect that that is going to balance out as supply demand dynamics will balance out.
Speaker Change: We've yet to see that at this moment, but we're confident that that's going to happen now more importantly that Steve. We are very pleased with the engagement that we continue to drive at both Paramount plus <unk> at the end of the day. This is a hits driven business and our hit volume and hit content continues to drive more and more engagement and over time, we are definitely confident that that will.
Speaker Change: Turn into increased monetization.
Speaker Change: Great Hi, George So it looks at the relationship between Cvs in our affiliate partners is really a mutually beneficial one we provide valuable content and our affiliates provide scaled distribution. We're investing heavily in must have live sports and the most watched primetime entertainment schedule.
Speaker Change: If this dynamic were to change it would be difficult for us to continue to flip that bill and in that case. The affiliates are local viewers they would be harmed.
Speaker Change: We have a strong record of securing partnerships with all of our station groups, including renewing 60, CBS affiliates over the past year alone. So I think that will continue.
Speaker Change: Thanks, Steve Operator next question.
Speaker Change: The next question goes to Robert Fishman of Moffett Nathanson.
Speaker Change: Please go ahead.
Speaker Change: Thank you. Good afternoon, everyone can you help us think about the right balance in licensing your library it and some of these newer original content to third party streamers versus keeping the content exclusively for Paramount plus just curious if an arms dealer licensing strategy is still able to command.
Speaker Change: The strong economics that it once did.
Speaker Change: And maybe if I can shift over to sports given the success of sports driving that strong viewership that you talked about on CBS.
Speaker Change: Just interested in your current thoughts on bidding for more sports right.
Speaker Change: <unk> be a package or the UFC package that that that's in the marketplace know how.
Speaker Change: How do you differentiate between must have a nice to have thank you.
Speaker Change: Hey, Robert This is Brian I'll take the licensing piece.
Speaker Change: Content licensing is a growth business for us in particular, our secondary licensing business.
Speaker Change: Our content is valuable and it drives demand for us that said.
Speaker Change: We believe in using our most valuable IP to grow our owned and operated assets that doesn't mean, we're not going to continue to license that product as well maybe on a co exclusive basis or after it premieres on one of our owned and operated stations, but we believe that's the best best path for our content.
Speaker Change: Great. Thanks, Robert on the sports side look I believe we have a very robust sports portfolio. We've got core franchises, we feel very good about it but we're always going to be open and opportunistic we will continue to take a disciplined approach and our goal will always be to ensure that we have the optimal sports portfolio. We're always looking for sports rights that really match.
Speaker Change: And it really drive audience and scale.
Speaker Change: Thanks, Robert Operator next question.
Operator: The next question goes to Ben Swinburne of Morgan Stanley. Please go ahead.
Speaker Change: Thanks.
Speaker Change: For Devine.
Speaker Change: But obviously interested in what everyone's take on it is I mean, you mentioned you expect another quarter of net subscription revenue growth in Q2, so streaming.
Speaker Change: Stream and growing fast enough to offset the linear declines as you take a longer term view can you talk a little bit about the.
Speaker Change: The expectations you have for <unk>.
Speaker Change: Linear declines in streaming growth kind of the drivers behind those things that would be curious if you think what we're seeing in linear. This year is unusual based on some of the renewals you had last year or if this is sort of normal trend and how you think about the drivers of D to see subscription revenue growth.
Speaker Change: Kind of a longer term from from the scale that you've achieved today with Paramount plus thank you.
Ben Swinburne: Yeah, Hey, Ben Thanks.
Speaker Change: Thanks for the question so.
Speaker Change: Look on the linear side of the business. The two major drivers there are.
Speaker Change: The rate of call it pay TV subscriber decline and the ecosystem more broadly and then the nature of the deals that we negotiate.
Speaker Change: The certainly the primary factor that is driving the revenue trend is the excuse.
Speaker Change: Excuse me the subscriber decline and I think that will likely to continue to be the case. There has been some impact from deal renewals in the last couple of quarters, but if I look at the trends for instance in Q1.
Speaker Change: I don't expect major changes over the next few quarters. There. So the net of what Youre seeing in terms of sub declines and deal renewals I think in Q1 is indicative of what we'll see over the next few quarters.
Speaker Change: On the streaming side the growth drivers there are very clear. It is continued subscriber growth. It is improvements in churn and <unk>, which ultimately drive.
Speaker Change: Revenue growth.
Speaker Change: And given that its largely a fixed cost business. The more we can scale that revenue, we see significant improvements in profitability.
Speaker Change: Similar to what you've seen over the course of both 2024 and continuing to move forward in 2025.
Speaker Change: Thanks, Ben Operator next question.
Speaker Change: The next question to Richard Greenfield of like Chad Richard Please go ahead.
Speaker Change: Hi, Thanks for taking the question, Chris I was watching your interview or read your interview the other day.
Speaker Change: About Taylor short and I think the amount of times that you mentioned Taylor Sheraton between you and George earlier.
Speaker Change: It's obvious how important killer Sheraton is to paramount's current and future.
Speaker Change: I'm curious why you haven't thought to acquire 101 studios to be fully vertically integrated with Taylor.
Speaker Change: 101 has been reportedly been for sale on and off for several years.
Speaker Change: I guess another way of asking the same question is like why is the current state of your relationship with Taylor Sheridan the optimal model for maximizing value for Paramount.
Hey, rich that thanks for your question and thanks for reading the article.
Speaker Change: Listen.
Speaker Change: We absolutely.
Speaker Change: Value both of those parties, let me first start by saying that there are two separate entities.
Speaker Change: Taylor and 101 pillar is a very gifted and unique creative.
Speaker Change: Paramount has an exclusive with him through 2028.
Speaker Change: We own all the IP that comes out of that.
Speaker Change: We have a great relationship with them deep partnership that we've built over time and it's working but the results really speak for themselves and we're confident that that partnership and hits will continue.
Speaker Change: As it relates to the one they are absolutely a preferred partner, we love working with them and David and what he and his team have built.
Speaker Change: And so much so that we've invested in them, but we do like that.
Speaker Change: They can ship we have we think the incentives are based on where they should be and so we're you know we have maintained we plan to keep that.
Speaker Change: Current process and the current relationship as it is now related to Taylor.
Speaker Change: He really helped us to learn some new models is a unique creative and we built a model that was uniquely around him as opposed to forcing them through our structure now we think to use that as a playbook to bring in new creative and Jez Butterworth as one of the most recent ones, where we've seen great success with him with the agency and most recently with <unk>.
Speaker Change: And <unk> as we talked about was the biggest global premiere that we've had on Paramount plus today, So listen we love the relationship with Taylor, we're welcoming a new creative and we definitely will continue to use one on one as a preferred partner, but we like the relationships we have today.
Speaker Change: Thanks, Brett.
Speaker Change: Operator next question.
Speaker Change: The next question guys, you Ric Prentiss of Raymond James Great pay per head.
Speaker Change: Okay.
Speaker Change: Thanks, Good afternoon, obviously, a lot of industry attention on streaming potential for bundling joint ventures, maybe M&A domestic international if you can just walk through the different types of combinations and the pros and cons of how you think about your desire or interest in participating in some of those.
Speaker Change: Versus a do nothing.
Speaker Change: Yeah.
Speaker Change: Hey, Rick Hey, Dan This is Chris again, now happy to take that question.
Chris: We're very happy with the success that we've had to date.
Chris: We only launched just a few years ago, and we're already up to nearly 80 million global subs revenue this quarter up 16%. So real momentum, we're seeing great engagement growth really good solid improvement in churn and listen all of that is driven by our hits and we have a powerful combination between the CBS primetime slate sports.
Chris: And our original on streaming where we really are in a class of our own. So we feel great about the momentum. We're just on the cusp of Paramount plus domestic profitability. So we feel really good now listen that said, we're always going to take an opportunistic look at different opportunities, whether that's bundling whether that's.
Chris: Doing something maybe more deeper with a partner certainly nothing to announce today.
Chris: But I can say that we are big fans of bundles. In fact, we were some of the early movers.
Chris: But it's important that when we look at bundles, we do that at a very incremental audience point.
Chris: Point of view, so, particularly when their hardest to secure so it takes something like what we did with Walmart.
Chris: Which has been has been and continues to be a great partnership for us or whether we bundle with hard bundle internationally with some great partners to get some distribution.
Chris: We will continue to look at all types of bundles, but really going to take an opportunistic look at that at really what's going to drive the most value and what's going to accelerate our plans.
Chris: Okay.
Rick: Thanks, Rick.
Chris: Operator, well take one last question.
Speaker Change: Thank you. The final question guys should cut gun morale of Evercore ISI. Please.
Speaker Change: Please go ahead.
Speaker Change: The TV media were well ahead of expectations and above the core trends you saw last quarter maybe.
Speaker Change: Maybe you could talk about what drove the upside there in the quarter and maybe looking to Q2.
Speaker Change: I appreciate that sports AD inventory is sequentially lighter, but separate to that can you help us think about any current linear trends, especially as you head into the upfronts.
Speaker Change: <unk> I just wanted to make sure in terms of the guidance for the full year on OIBDA and free cash flow I, just want to make sure that I didn't miss it.
Speaker Change: Effectively reiterating the prior guidance. Thank you.
Speaker Change: Hey, Kirk and I'll take the first half of that question and then I'll pass it over to Nadeem for the second half.
Speaker Change: Listen we're absolutely pleased with the performance that we had this year this quarter as it relates to revenue and.
Speaker Change: Zero, and certainly the strength of CBS and the broadcast slate, 17th, straight year in a row, at the number one, and four to the really big driver. Now that helped us to make up for some softness.
Speaker Change: in the digital landscape, and as Naveen talked about, we still have good solid sports in Q2, although a little lighter.
Speaker Change: So we continue to expect those trends to look very similar. And in terms of how things are looking in the upfront, listen we feel really good about the conversations and discussions that we've been having.
Speaker Change: I will note that scatter in this quarter is up double digits which has always been a really interesting early indicator for us for the upfront.
Speaker Change: So we're feeling really good. Now listen, you know, macro is certainly on people's mind, but you know everyone is giving us great feedback. We continue to hear good things particularly around the unique set of assets and the volume of hits and the really strong sports portfolio. So we're pretty good, Naveen.
Naveen: Yeah, thanks, Chris. So with respect to our comments on Pullier Guidance.
Naveen: I think it's important to remember a few things. Number one, the fundamental drivers of earnings improvement
Naveen: was built into our 2025 plan, remain in place. That includes, you know, significant improvement in the DC profitability, that take advantage of the improvements in churn in ARPU and sub-revenue growth that we have highlighted.
Naveen: It includes the ongoing non-content expense reductions that we're making across the company.
Naveen: and it includes finding ways to get more leverage from those content investments across all the dimensions of our business. Linear, streaming, licensing, theatrical and you heard a number of examples of that from the CEOs today.
Naveen: All that said, you know, the macro environment is uniquely dynamic right now and that does create some uncertainty which has the potential to impact revenue, primarily in advertising.
Naveen: At the same time, we are pushing the pedal harder on expense reduction
Naveen: But I think it's premature to try to quantify the impact of that on earnings and cash flow until we have more clarity on how all the macro stuff will unfold.
Naveen: So with that, I just want to thank everyone on behalf of the co CEOs for joining us today. We are proud of the progress we're making to drive value as we deliver high performing content and continue to advance the business.
Naveen: We also want to thank our teams and our partners for their continuous contributions. Have a great evening everyone.
Naveen: Thank you for joining, you may now just click your lines.
Copyright © 2020, New Thinking Allowed Foundation
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