‘The Greatest Showman’ Home Entertainment Sales Spur Fox Studios Q2 Profit

Twentieth Century Fox Studios Feb. 6 reported second quarter (ended Dec. 31, 2018) operating income of $193 million, a 47% increase over the $131 million reported in the previous-year quarter.

Quarterly segment revenue decreased 4% to $2.16 billion from $2.24 billion, primarily reflecting lower home entertainment revenue at the film studio and lower syndication revenue at the television production studio.

Through half the fiscal year, revenue is down less than 6% at $3.97 billion compared to $4.2 billion in the previous-year period.

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Fox, which is in the process of closing its acquisition by The Walt Disney Co., said studio Q2 operating income reflected higher contributions from the worldwide theatrical performance of Bohemian Rhapsody (winner of two Golden Globes and nominated for five Academy Awards), lower theatrical releasing costs from a comparatively lower number of films released in the current quarter, and the worldwide home entertainment and pay-television performance of The Greatest Showman, partially offset by higher new series deficits and lower domestic syndication contributions at the television production studio.

The Greatest Showman, starring Hugh Jackman, was the No. 2 selling DVD/Blu-ray Disc title in 2018 after Disney’s Black Panther, according to The-Numbers.com. The title generated $66.4 million in revenue from sales of more than 4.3 million combined discs.

Separately, Fox upped its quarterly Hulu equity loss to $115 million, compared to an equity loss of $108 million last year. Through six months of the fiscal year, Fox’s equity loss with Hulu tops $229 million compared to $170 million during the previous-year period.

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