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| And I think we have an incredible go-to-market capability with our ad sales force that obviously has the ability to sell not just Paramount+ but the broader ecosystem of digital and linear assets |
| Obviously, we're incredibly excited about the content slate, particularly in the back half of the year, partnerships that we have lined up |
| As I said, we think execution of our plan is compelling |
| And it's about driving growth in ARPU through both pricing and also improvements in ad monetization |
| And then I think it's worth repeating, as I said earlier, longer term, we think there's significant unlock that comes from the stabilization of cash content spend, shrinks working capital and results in better conversion from earnings to cash flow, which is ultimately where we need to get to, to make sure that we're achieving objectives on both of those dimensions |
| We feel very proud of our content portfolio |
| We think we punch above our weight and we're incredibly excited about what's coming |
| So we still feel good about the ARPU dimension |
| So we -- and you look at what we've done with our linear networks over the last few years, I think we've been able to capture some synergies, some efficiency in doing that |
| And we're confident that there's more that we can do there |
| So we feel very good about that |
| There's really nice engagement growth in these ad-supported tiers |
| And we believe the continued execution of our plan will unlock value |
| But I would note that we've been successful driving that growth in Paramount+ despite what has been talked about a lot, which is the increase in supply of connected TV advertising |
| Those have been quite successful for us |
| The digital ad market continues to demonstrate healthy growth |
| And I think the progress we've made in '23, what we'll deliver in '24, domestic profitability in '25 will demonstrate the potential of that trajectory |
| Scatter premiums in the market are pretty healthy, which is a good dynamic going into the upfront |
| And I do think that, that's a big opportunity and it's a big part of our broader narrative of driving earnings growth as well as top line growth |
| And that path, importantly, is a combination of both continuing healthy top line growth but starting to get some real operating leverage in that part of the business |
| So yes, we do see upside in pricing |
| And we expect to see continued improvements in churn and engagement |
| As we said at the outset, we've got an incredible slate coming in '24 and beyond |
| And then longer term, we're really looking at a combination of continued earnings growth and, very importantly, better cash flow conversion out of that earnings growth |
| Well, our experience with advertising on Paramount+ has been phenomenal |
| On the linear side of the business, we are seeing some stabilization, which is encouraging |
| So I think we're on a good trajectory in 2024 |
| Sell-through has been very high continuously |
| And interestingly, when we did that, when we put the first season of 1883 on the Paramount Network, I think, about 2 years after it premiered on Paramount+, obviously, it did very well on linear |
| And we like what we're seeing from an engagement, call it, our ability to drive supply and participate in all that |
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| '24 is going to be a little bit of an outlier just because of the strike unwind |
| I talked on the call a little bit about our expectations for subscriber growth, which we still are enthusiastic about, albeit it's a little softer than '23 because '23 had some tailwind from the transition of Showtime subscribers into Paramount+ |
| For new starts, it's a little harder |
| It is also the larger share of losses today, although probably not as big a relative share compared to international as you might expect |
| There's some market dependency there, obviously |
| I mean, there's been a steady drumbeat of sort of press speculation around strategic activity at Paramount |
| So I imagine this is obviously going to create some relief on the programming cost side |
| That's not accidental |
| Often, the monetization lags the engagement |
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