Lack of Movie, Streaming Releases Sink Hasbro’s Q3 Entertainment Segment Fiscal Results

Hasbro Oct. 18 reported third-quarter (ended Sept. 25) TV/Film/Entertainment segment revenue of $211.6 million, which was down 35% from revenue of $327.1 million during the previous-year period.

The game, toy and consumer products company said film and TV revenue declined 26% when comparing year-over-year fiscal results that included streaming releases of the Come From Away and Finch released on Apple TV+ in the prior period.

Family Brands revenue declined 78% primarily due to the delivery of the film My Little Pony: A New Generation to Netflix in the third quarter of 2021, which did not have a comparable film release this year.

As a result, the segment reported a pre-tax loss of $4.8 million, compared with a pre-tax profit of $44.1 million a year ago.

“As expected, the third quarter is our most difficult comparison and was further impacted by increasing price sensitivity for the average consumer,” CEO Chris Cocks said in a statement.

The company said it is merchandising seven new theatrical releases and more than 20 streaming and TV shows, starting with November’s Marvel Studios’ Black Panther: Wakanda Forever and the company’s own “Transformers: EarthSpark” animated scripted series produced by Entertainment One and streaming on Paramount Global’s Nickelodeon platform.

“To achieve our full-year outlook, we are projecting Hasbro’s fourth quarter revenue to be approximately flat versus last year on a constant currency basis,” Cocks said.

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