The Hollywood giant's focus is on 'starting to deliver on the path to profitability of streaming,' Naveen Chopra emphasized, reiterating that 2023 will be the peak year in streaming investment.
The Paramount CFO also touted early success in streaming. “We have added more subscribers on an absolute basis than any other major streaming service,” he said about the first two years of Paramount+, touting its “very powerful consumer value proposition that is content-driven.”
Management’s is now focused on “starting to deliver on the path to profitability of streaming,” he emphasized, reiterating that 2023 will be the peak year in streaming investment. The expense side includes such opportunities as integrating Paramount+ and Showtime and marketing spending, he said. Asked why Paramount was ahead of the curve in monetizing content across platforms, including via licensing to third parties, and whether that would change now that others have followed that approach, Chopra signaled management would continue it. “We didn’t have the luxury of unlimited financial resources” to build a streaming service, he also explained. “Many folks have now woken up” with streaming profits having come into focus across the sector and Wall Street, the CFO added.
Chopra also cited other examples of different strategies in streaming that Paramount has stuck to, including not feeling it needs to have fully owned streamers in international markets, instead partnering with Comcast’s Sky on SkyShowtime in parts of Europe, for example. After all, rolling out one’s own streamer worldwide is “a very expensive proposition,” Chopra explained.
On Jan. 30, Paramount became the latest Hollywood conglomerate to revamp its streaming setup and strategy, unveiling a sweeping
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