May 27, 2021
Movie theaters may be slowly re-opening, but that didn’t stop Lionsgate from generating a record $780 million in catalog movie and TV show revenue across multiple distribution channels, including home entertainment, for fiscal-year 2021 (ended March 31). Lionsgate generated about $700 million in catalog revenue in FY 2020.
In addition to packaged-media and digital retail and rental, Lionsgate catalog content buyers include subscription streaming video services and, most recently, new AVOD players The Roku Channel and IMDb TV, among others.
Motion Picture segment revenue in the quarter declined about 25% to $292.4 million, compared with $393.3 million in the prior-year quarter, and segment profit declined almost 40% to $61.6 million, compared with $101.2 million a year earlier. The declines were attributable to continued theater closures due to the COVID-19 global pandemic and wide theatrical releases in the prior year, partially offset by higher library revenue.
The Santa Monica, Calif.-based studio distributor said global subscribers for its Starz-based digital platform increased to 29.5 million, including StarzPlay Arabia, a non-consolidated equity method investee, and excluding Pantaya (which Lionsgate sold its stake in March), driven by strong domestic and international streaming subscriber growth. Global streaming subs increased 69% year-over-year to 16.7 million, exceeding the company’s previous forecast of 13 to 15 million subs.
“Fiscal 2021 was a year of strong domestic and international subscriber growth at Starz, great television series, record library sales and a successful pivot to alternative release strategies for many of our films,” CEO Jon Feltheimer said in a statement.
Lionsgate said the television production segment posted revenue of $210.7 million, compared with $258.1 million in the prior year quarter, and segment profit of $9.1 million, compared with $21.5 million in the prior year quarter, due to the timing of series deliveries and library revenue and profits in the prior year quarter.
Total studio revenue in the fiscal year topped $3.27 billion, down 16% from revenue of $3.89 billion in fiscal 2020. Fourth-quarter revenue declined less than 8% to $876.4 million, from $944 million in the previous-year period.
Lionsgate narrowed Q4 and full-year net losses to $41.8 million and $34.5 million, respectively. That compared with net losses of $48.9 million and $206.4 million in FY 2020.