Lionsgate Q1 Home Entertainment Revenue Down, Still Dwarfs Theatrical

Despite a streaming focus, Lionsgate remains reliant on catalog home entertainment for the motion picture segment’s bottom line.

Home entertainment revenue decreased due to combined lower digital-media and packaged-media revenue as a result of fewer retail releases from the fiscal-2021 theatrical slate due to the global pandemic. Digital media revenue in the prior year’s quarter included significant revenue from the fiscal-2020 theatrical slate, which included I Still Believe and Knives Out.

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With scant new releases, Lionsgate reported first-quarter home entertainment revenue of $173 million, which was down about 19% from revenue of $213.8 million in the previous-year period.

Sales of DVD and Blu-ray Disc movies dropped 14% to $34 million from $39.2 million in the previous-year period. Digital sales, which include transactional VOD and premium VOD, fell 12% to $112.2 million from $127.7 million.

Digital sales of television product plummeted almost 47% to $24.5 million, compared with $45.9 million a year earlier. Physical sales topped $2.3 million, compared to just $700,000 during the previous-year period.

As home entertainment took its fiscal licks, the segment continues to dominate theatrical. Box office revenue increased to $28.4 million, up from just $3 million a year ago, but the tally represented just 18% of home entertainment movie revenue.

Theatrical results benefited from The Hitman’s Wife’s Bodyguard and Spiral, as theaters began to reopen in certain locations with reduced capacity. In the prior year’s quarter, theaters were mostly closed due to circumstances associated with the COVID-19 global pandemic.

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