Paramount global chief financial officer Naveen Chopra praised Warren Buffett after his investment vehicle Berkshire Hathaway bought about $2.6 billion worth of shares in CBS, MTV, Nickelodeon, Showtime and Comedy Central, and the Paramount+ streaming.
“We’ve always believed there are a lot of positives, so it’s interesting to see people from Berkshire see the same opportunities,” Chopra said at the MoffettNathanson Media and Communications Summit, which was streamed online. Buffett’s involvement makes the legendary billionaire one of Paramount Global’s biggest foreign investors.
He added that, until recently, Wall Street believed legacy streaming assets were “just a boat driver” that was set to die as studios grew their streaming business. “I think everybody now recognizes that no, these assets are really what allow you to build a streaming business that can actually profit and create value,” argues Chopra.
Speaking at an investor conference, Chopra faced stiff competition in streaming from Paramount names like Disney, Netflix and Warner Bros. Discovery. He stated that the studio had enough hits and firepower from its “traditional world”, as he called its legacy streaming assets and Paramount+, the main streaming platform. “It’s the ability to move content between these different parts of the business to generate revenue across multiple platforms and multiple windows that drives the entire economic model,” Chopra argued.
He added that combining a wide range of content beyond scripted dramas, including news, sports and unwritten shows, would make Paramount+ attractive to consumers. He linked this to broad distribution platforms such as Pluto TV, the studio’s ad-supported free streaming TV service and channel model for Paramount+, which includes Roku and Amazon, to use the studio’s address directly in the customer space. .
Chopra also spoke at SkyShowtime, a joint venture with Comcast that includes a new subscription video-on-demand service that has launched in more than 20 areas across Europe and reaches 90 million homes.
“This is a very strong content offering,” Chopra said of the partnership, which allowed the studio to penetrate European markets, where Paramount Global decided not to go it alone. And while arguing that the studio should only enter global markets, Chopra also advocated another partnership with Bodhi Tree Systems, an investment platform backed by James Murdoch and Uday Shankar’s Lupa Systems, which includes financial backing from Paramount Global and To run the TV. from that. And the giant of digital broadcasting in India.
This is a market in which Hollywood actors have traditionally been wary of competing. “This is a very smart game for skeptics,” said Paramount’s global chief financial officer.
Chopra also became the latest media executive to argue that Netflix’s loss of 200,000 subscribers last quarter had no direct impact on Paramount Global’s overall streaming strategy.
“Nothing has really happened in the last few weeks to change our strategy. “If anything, I think it proves what we’re doing,” he said. Chopra argued that Paramount Global has a diverse streaming model with video-on-demand subscription, ad-supported streaming platforms, and hybrid offerings, as opposed to Netflix’s video-on-demand subscription model.
“It’s really about understanding the differences between what we do with streaming versus pure gaming as a business,” he said. The studio’s chief financial officer also said that Paramount Global is “taking back” franchises and original content, especially for licensing to third-party platform buyers.
In particular, he said he expects cheaper sets on TV platforms and cheaper reality shows on studio streaming platforms. At the same time, Chopra reiterated that using legacy streaming assets alongside newer streaming platforms was to monetize the investment in creating great studio content.
“If you don’t have it, if the only thing you have is flow, it’s a lot harder,” he argued. And in terms of cinema, Chopra supported a unique theatrical window.
He said the 45-day theatrical window, with fast-paced movie titles on streaming platforms, was the studio’s preferred release model. “This allows us to capture the vast majority of box office receipts,” Chopra said, as market data indicates that most films will not generate much revenue after a 45-day multiplex run.
Expect more underwear from Paramount Global as the studio strives to attract customers and offer healthy payouts. “You’re probably not going to make as many small films. “Great movies have to make financial sense,” Chopra said.
Source: Hollywood Reporter
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
