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Paramount CEO Reveals the Company’s 2024 Strategy

Art by BoliviaInteligente via Unsplash

Paramount CEO Reveals the Company’s 2024 Strategy

By Movieguide® Contributor

Paramount’s CEO, Bob Bakish, revealed the company’s plans for the upcoming year, revealing a continued focus on finding profits through strategic marketing and staff cuts.

“We’re unleashing the power of our content, which remains our mission no matter what challenges we face,” Bakish said. “As an industry we’ve confronted a soft ad market, a volatile macroeconomic environment and two historic strikes just in the last year. All while navigating the ongoing evolution of the streaming business, as industry sentiment and metrics for success continue to shift.”

“And we’ve been on our own journey as a company – to realize the full potential of One Paramount as we transition our business from linear to streaming, and continue fine-tuning how we window and monetize our content,” he continued.

Bakish went on to explain how the company would continue to grow throughout 2024 as Paramount looks to improve its profitability and grow its brand image.

“[Paramount will] continue to maximize our global hits across multiple platforms and revenue streams – including streaming, film, TV and licensing – for the biggest return on our investment,” Bakish said.

This will primarily be achieved by focusing on creating content for the U.S., U.K., Canada and Australian audiences, which the company has identified as holding the “greatest revenue potential.”

The media conglomerate is also looking to save costs by reducing its workforce. Bakish explained this was a natural part of the streamlining process. He did not disclose how many layoffs would occur.

According to The Wrap, Paramount’s losses during Q3 of 2023 amounted to $238 million, an improvement from $343 million the year prior. Paramount+, the company’s largest asset, currently has 63.4 million subscribers.

“In many ways, 2024 will be the next great step in our transformation and we must evolve how we work to support that. I can’t emphasize enough how grateful I am for your dedication, and how proud I am of all that this team continues to accomplish. In light of all that we have achieved together, I have no doubt we are up to the task,” Bakish added.

Movieguide® previously reported:

Paramount Global CEO Bob Bakish recently shared his outlook on the increased focus on streaming.

Bakish oversees Paramount+ and Pluto TV, which he hope will eventually compete with the industry’s top streaming platforms like Netflix.

“We’ve always built this with the idea of building a real business and profitability in mind and will continue to make headway on that in 2023,” Bakish said in at the UBS Global TMT Conference.

“You think about using content across linear platforms and streaming that creates cost advantages, you think about marketing and leveraging platforms that creates cost advantages,” Bakish added of Paramount’s streaming strategy.

Bakish said that the company will not focus on streaming to the detriment of its blockbuster movies. The most recent example being the historic box office performance of Tom Cruise’s TOP GUN: MAVERICK, which did not appear on Paramount+ until a long theatrical stint.

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Our small team works tirelessly to provide resources to protect families from harmful media, reviewing 415 movies/shows and writing 3,626 uplifting articles this year. We believe that the gospel can transform entertainment. That’s why we emphasize positive and faith-filled articles and entertainment news, and release hundreds of Christian movie reviews to the public, for free. No paywalls, just trusted, biblically sound content to bless you and your family. Online, Movieguide is the closest thing to a biblical entertainment expert at your fingertips. As a reader-funded operation, we welcome any and all contributions – so if you can, please give something. It won’t take more than 52 seconds (we timed it for you). Thank you.

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4000+ Faith Based Articles and Movie Reviews – Will you Support Us?

Our small team works tirelessly to provide resources to protect families from harmful media, reviewing 415 movies/shows and writing 3,626 uplifting articles this year. We believe that the gospel can transform entertainment. That’s why we emphasize positive and faith-filled articles and entertainment news, and release hundreds of Christian movie reviews to the public, for free. No paywalls, just trusted, biblically sound content to bless you and your family. Online, Movieguide is the closest thing to a biblical entertainment expert at your fingertips. As a reader-funded operation, we welcome any and all contributions – so if you can, please give something. It won’t take more than 52 seconds (we timed it for you). Thank you.

Movieguide® is a 501c3 and all donations are tax deductible.