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Lionsgate Posts Quarterly Studio Business Operating Income of $70 Million

Lionsgate Aug. 4 reported fiscal year 2023 first-quarter (ended June 30) studio business operating income of $70 million on revenue of $711 million. That compared with operating income of $47 million on revenue of $677 million in the previous-year period.

The studio business segment includes motion pictures, sales of movies on packaged media and digital formats, in addition to television production — the latter reporting $20 million in operating income on revenue of $432 million. That compared with operating income of $3 million and revenue of $386 million in the previous-year period.

Motion picture segment revenue decreased 4% to $278.8 million compared to $291.2 million in the prior-year quarter. The segment’s profit of $51 million (up from $44 million in 2021) reflected growth from new direct-to-streaming platform licenses and lower revenue and marketing costs associated with fewer wide release theatrical films in the quarter.

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Separately, media networks, which consists of the Starz Networks, domestic distribution of the Starz branded subscription streaming service, the Starz app, and Starzplay International outside of the United States, reported flat revenue of $381.2 million compared to $382.3 million in the prior year quarter. The business segment posted an operating loss $37 million compared to an operating profit of $88.2 million in the prior-year quarter, driven by the timing of programming amortization and marketing costs related to recent Starz original premieres. Global streaming subscribers increased 57% year-over-year to 26.3 million from 16.7 million last year. Starzplay International subs grew 100% year-over-year to 14 million from seven million.

“We are pleased to report strong global streaming subscriber growth at Starz, another standout performance from our television group and key financial metrics in line with expectations,” CEO Jon Feltheimer said in a statement.

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