Streaming Growth - In 2022, global streaming subscribers grew 38% year-over-year to 77.3 million, with Paramount+ subscribers increasing 70% year-over-year to 55.9 million[14] - Paramount+ became the number one premium streaming service in domestic sign-ups and gross subscriber additions since its launch in March 2021[14] - Pluto TV's global monthly active users increased 22% year-over-year to 78.5 million[15] - In 2022, the company launched Paramount+ in multiple international markets, including South Korea, the U.K., and Germany, and partnered with Walmart to offer Paramount+ Essential to Walmart+ members[19] Revenue Breakdown - TV Media generated approximately 72% of consolidated revenues in 2022, with advertising, affiliate and subscription, and licensing accounting for approximately 43%, 38%, and 19% of the segment's total revenues, respectively[28] - The Direct-to-Consumer segment generated approximately 16% of consolidated revenues in 2022[21] - In 2022, advertising and subscription revenues comprised approximately 31% and 69% of the Direct-to-Consumer segment's total revenues[38] - Filmed Entertainment generated approximately 13%, 9%, and 10% of consolidated revenues in 2022, 2021, and 2020, respectively[45] - In 2022, theatrical, licensing, and other revenues generated approximately 33%, 66%, and 1% of Filmed Entertainment's total revenues[45] Content and Programming - Paramount Pictures released six films in 2022 that debuted at number one at the domestic box office, with "Top Gun: Maverick" being the fifth highest-grossing domestic movie of all time[16] - CBS finished the 2021-2022 season as America's number one broadcast network in primetime for the 14th consecutive season[17] - Paramount+ features livestreamed CBS Sports programming, including the NFL and NCAA Division I Men's Basketball[39] - Pluto TV offers a broad range of curated live linear channels and on-demand content, accessible across connected television devices, mobile, and the internet[41] - BET+ focuses on Black audiences, featuring exclusive original content from leading Black creators[42] Diversity and Inclusion - The company continued its commitment to diversity, equity, and inclusion initiatives, hosting its fourth annual Global Inclusion Week[20] - Content for Change initiative aims to counteract bias and stereotypes, grounded in data-driven research in partnership with the University of Southern California's Annenberg Inclusion Initiative[68] - SpongeBob SquarePants: Operation Sea Change launched in 2022, focusing on ocean conservation and sustainability through global clean-up efforts and education[69] Corporate Structure and Compliance - As of December 31, 2022, the company employed approximately 24,500 full- and part-time employees in 37 countries worldwide[60] - The company plans to fully integrate SHOWTIME into Paramount+ across both streaming and linear platforms later in 2023[43] - The company operates television stations reaching approximately 38% of all U.S. television households, attributed with reaching about 24% for national ownership rule purposes[76] - The FCC imposes a maximum forfeiture penalty of $479,945 per indecent or profane utterance, with a total exposure of approximately $4.3 million for continuing violations[79] - Company must obtain renewals for its television broadcast licenses every eight years, with the FCC required to renew if public interest is served[72] - The Communications Act restricts foreign ownership to a maximum of 25% voting power or equity without FCC approval[77] - Company is subject to various global data protection and children's privacy laws, impacting data collection and processing practices[83] Management and Communication - Executive team includes Robert M. Bakish as President and CEO, Naveen Chopra as CFO, and Christa A. D'Alimonte as General Counsel[85][86][87] - The company has established a hybrid work plan and new health offerings to facilitate employee transition back to the office[70] - The ATSC 3.0 broadcast standard offers improved picture quality but requires significant equipment upgrades for full-service television stations[81] - The company announces material financial information through SEC filings, press releases, public conference calls, and webcasts on its website[92] - The company encourages investors to review information posted on social media and blogs related to its financial performance[92] - Market risk disclosures are included in the Management's Discussion and Analysis of Results of Operations and Financial Condition[426]
Paramount (PARAA) - 2022 Q4 - Annual Report