February 24, 2021
Paramount Home Entertainment Feb. 24 reported fourth-quarter (ended Dec. 31, 2020) revenue of $176 million, an increase of 14%, or $21 million, from $155 million in the previous-year period. For the fiscal year, sales of packaged and digital movies and TV shows topped $706 million, up 14%, or $86 million, from $623 million in 2019.
The studio said home entertainment revenue was driven by higher sales of catalog and Miramax titles. Indeed, Sonic the Hedgehog was the studio’s top-selling DVD/Blu-ray Disc title in 2020.
Q4 2020 revenue decreased 3% year-over-year, reflecting the decline in theatrical revenue, partially offset by growth in licensing and home entertainment revenue. Theatrical revenue was immaterial in the quarter as a result of the closure or reduction in capacity of movie theaters in response to COVID-19.
Licensing revenue grew 39% year-over-year due to higher licensing of catalog titles. Adjusted pre-tax earnings was $18 million, compared with a loss of $119 million in the prior-year quarter as lower revenue was more than offset by lower distribution costs from fewer theatrical releases.