Lionsgate TV Sees Sales, Profit Jump On Library Sales, Post-Strike Content Deliveries In March Quarter
23.05.2024 - 21:41
/ deadline.com
Lionsgate blew past Wall Street’s expectations for the March quarter, its fiscal fourth, on a few key metrics from revenue to adjusted EPS and operating income as library sales and ramped up content deliveries helped propel TV profits up by 83%. The numbers are the last to land this earnings season.
The studio business (motion picture and television production) saw revenue of close to $880 million, up 6.8% from the year earlier. Profit of about $135 million rose 10%.
Motion picture sales declined by 23% to $410.6 million and profit by 12% to $82.2 million on tough comps from John Wick: Chapter Four the year before. (Profit of $319.6 million for the full fiscal year was the highest in a decade, the company noted.)
Television production revenue surged 61% to $469 million on profit of $52.6 million – both driven by strength in library sales and an increase in post-strike content deliveries. The improvement was solid but a surprise.
Media Networks led by Starz saw domestic revenue up on a sequential basis for the third quarter in a row. Domestic OTT subscribers were flat sequentially and overall North American net subscribers decreased by 480K. Revenue fell by 7.1% year-on-year to $361.5 million. Domestic streaming revenue growth was offset by declines in domestic linear and Lionsgate+ revenue. Profit fell 28% to $52.5 million.
“We reported strong financial results in the fourth quarter to wrap up a great year in which we completed four major transactions, moved closer to a value-defining separation of our studio and Starz businesses, grossed over a billion dollars at the global box office and grew our film and TV library to record levels,” said Lionsgate and Lionsgate Studios CEO Jon Feltheimer. “With the launch of
The website popstar.one is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can
send a complaint on the news if you find it unreliable.