Paramount CEO Bob Bakish and CFO Naveen Chopra explained their plan to reduce content costs on the company's earnings call.
This is the best summary I could come up with:
At Paramount, reducing that programming spend has now become a top corporate priority, according to CEO Bob Bakish and CFO Naveen Chopra, speaking on the company’s earnings call Wednesday.
“The performance we saw gives us confidence we can continue to reduce cost going forward while also delivering a consistent volume of high quality content.
“This is by balancing high budget tentpoles, with more modest-cost titles like Mean Girls and Bob Marley: One Love, improving the financial return on the overall slate.
And in the linear TV and streaming side of the business Bakish told analysts that “we have an increasingly efficient and targeted development process.”
“We’ve learned that Paramount+ subscribers outside the United States spend nearly 90 percent of their time with our global Hollywood hits, meaning we can keep them engaged while right-sizing our investment in content that does not travel around the world,” the exec added.
Among the changes are shortened seasons on CBS shows this spring, owing to the strikes (though Bakish added that they are expecting a more traditional fall release schedule).
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Ptsf@lemmy.world 8 months ago
"They haven’t noticed we’re grifting them. Time to crank up the heat. " - Bob Bakish probably
realcaseyrollins 8 months ago
The funny thing to me is that making low-quality, low-budget content at high volumes and then getting everyone else to pay them royalties for it (usually through syndication but also on streaming platforms as well) has been a lucrative business model for CBS. It has me wondering if they're going to be spending even less money on those shows, or using that strategy for their other stuff like movies and shows on their other channels.