November 6, 2020
Consumers love catalog and Miramax movies. That’s the bottom line as Paramount Pictures Nov. 6 reported that sales of packaged-media and transactional digital movies reached $533 million, which is up 13.8% from revenue of $468 million during the previous-year period. In the quarter, revenue topped $150 million, essentially flat with the $153 million generated in the previous-year period.
Primary sales drivers in the quarter included Paramount catalog and Miramax movies. Top-selling Paramount titles include Terminator: Dark Fate, Sonic the Hedgehog, and the original Top Gun.
On the flipside, the famed studio generated just $6 million at the box office, underscoring ongoing fiscal challenges to the theater business due to the coronavirus pandemic. For the nine months of the fiscal year, revenue is down 58% to $176 million, from $418 million in the previous-year period. Parent ViacomCBS deemed theatrical revenue “immaterial” due to the closure or reduction in capacity of movie theaters in response to COVID-19.
To CEO Bob Bakish, the immediate future for Paramount lies in the 2021 rollout of SVOD platform Paramount+ and recent unification of ViacomCBS’s global streaming organization.
“Our company’s transformation is ahead of schedule and we are incredibly excited by the opportunities ahead,” Bakish said in a statement.