Amazon Posts $3.8 Billion First-Quarter Loss

Amazon April 28 reported a $3.8 billion loss for the fiscal first quarter ended March 31. The loss included a pre-tax valuation loss of $7.6 billion from the common stock investment in Rivian Automotive. That compared with net income of $8.1 billion during the previous-year period. Net sales increased 7% to $116.4 billion, compared with $108.5 billion in first-quarter 2021.

Video highlights in the quarter included Amazon closing its acquisition of MGM, with MGM employees joining Prime Video and Amazon Studios. The deal complements Prime Video and Amazon Studios’ work in delivering a diverse slate of original films and TV shows to a global audience and will create even more opportunities to deliver quality storytelling to customers.

The teaser trailer for “The Lord of the Rings: The Rings of Power” broke a global record for the most-watched entertainment trailer to debut during a Super Bowl telecast, with 257 million views globally in the first 24 hours of its release. The series debuts Sept. 2.

Longtime football announcer Al Michaels and analyst Kirk Herbstreit joined Prime Video as the voices for its exclusive coverage of “NFL Thursday Night Football.” Joining them is executive producer Fred Gaudelli, who marks his 33rd season as the lead producer for the NFL in primetime. The inaugural season under Prime Video’s 11-year agreement begins Sept. 15.

Prime Video became the first streaming service to exclusively carry a major industry award show live with the 57th annual Academy of Country Music Awards, which aired on March 7.

“Reacher,” Prime Video’s new drama series starring Alan Ritchson, ranked on Nielsen’s overall streaming Top 10 list for the first three weeks of its premiere, with a No. 1 ranking and more than 1.5 billion minutes watched in its first full week and six consecutive weeks.

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“The Marvelous Mrs. Maisel” also landed on Nielsen’s top 10 list, with 499 million minutes viewed during the week of its season four premiere and six consecutive weeks in the Top 10 streaming originals list.

Prime Video debuted 30 local originals internationally, including new seasons of the unscripted franchise “LOL” in Canada, France, Germany, and Italy, as well as “Luxe Listings” (Australia), “Mahaan” (India), “Bang Bang Baby” (Italy), and “HOMESTAY” (Japan). New locally produced series and movies launched in Argentina, Australia, Brazil, Canada, France, Germany, India, Italy, Japan, Mexico, the Netherlands, Spain and the United Kingdom.

On April 27, IMDb TV became Freevee. Amazon said the new name better defines the brand and what it offers customers — free, premium streaming content.

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