Lionsgate has reported first quarter revenue down 8 per cent to $834.7 million (€764m) to June 30th, operating income of $18.8 million, and net loss attributable to Lionsgate shareholders of $59.4 million.

“We’re pleased to report a solid quarter despite unprecedented industry disruption and the aftereffects of the strikes,” said Lionsgate and Lionsgate Studios CEO Jon Feltheimer. “Our Motion Picture Group, Starz and our library performed well, though financial results in our television segment reflected a heavily backloaded year. Importantly, we generated great momentum during and after the quarter by taking a number of steps toward full separation by calendar year-end, subject to the timing of normal regulatory approvals.”

Trailing 12-month library revenue was $882 million.

First Quarter Results Breakdown

The studio business, comprised of the Motion Picture and Television Production segments, reported revenue of $588.4 million, a decrease of 5.9 per cent from the prior year quarter.  Studio Adjusted OIBDA of $58.3 million decreased by 5.5 per cent from the prior year quarter.

Motion picture segment revenue decreased by 15 per cent to $347.3 million and segment profit increased by 24 per cent to $86.1 million.  The year-over-year revenue decline was due to the difficult comparison with the prior year’s first quarter, which included carryover theatrical revenue from John Wick: Chapter Four. Motion Picture performance was driven by strong theatrical results from The Strangers: Chapter One, robust home entertainment performances from several theatrical titles, and lower P&A spend and content amortisation.

The television production segment revenue increased 10 per cent to $241.1 million while segment profit decreased 53 per cent to $10.7 million. Revenue growth was driven by contributions from eOne, while segment profit growth was impacted by lingering impacts of the strike on the timing of deliveries in a heavily backloaded year.

Media Networks North American revenue grew 1 per cent to $345.3 million and segment profit grew 54 per cent to $58.5 million. Revenue growth was driven by the June 2023 price increase and OTT subscriber growth, partially offset by linear declines.  Segment profit growth was driven primarily by lower content amortisation.  North American OTT subscribers increased 5.5 per cent to 13.2 million compared to the prior year quarter, while on a sequential basis, North American OTT subscribers decreased by 180,000. Overall North American subscribers decreased by 500,000 sequentially.

Starz recently notified its US customers of a $1 subscription increase to the service’s monthly cost.

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Categories: Articles, Business, Results

Tags: john wick, Lionsgate, starz