Paramount Pictures Nov. 4 disclosed third-quarter (ended Sept. 30) licensing and home entertainment revenue from movies of $513 million, which was down about 12% from revenue of $584 million in the previous-year period. When including television production, the “licensing and other” segment totaled more than $1.5 billion — up nearly 18% from revenue of $1.28 billion a year earlier.
Paramount, like other studios, no longer calls out home entertainment sales of packaged and digital media separately. The segment is now included in the studio’s licensing business.
That said, the studio’s wholesale distribution of movies dwarfs its box office. Paramount saw just $67 million in quarterly theatrical revenue, which was up from $6 million recorded in the previous-year period when most theaters were shuttered due to the pandemic.
So, while A Quiet Place Part II and Paw Patrol: The Movie performed relatively well at the pandemic box office, Paramount’s underwhelming year-to-date theatrical revenue of $202 million is attributed to just three movies, when including “G.I. Joe” spin-off Snake Eyes.
Major Tom Cruise tentpole theatrical titles Mission: Impossible 7 and Top Gun: Maverick, in addition to a relaunch of the “Scream” franchise, have been pushed back to 2022.
Meanwhile, the studio remains a major producer of TV programming, while also aggressively licensing content to third-party distribution channels, led by streaming, which include Netflix and Amazon Prime Video, as well the branded Paramount+ platform and sister service Showtime OTT.
Paramount generated $893 million in quarterly revenue licensing TV product to third-parties and retail channels. That’s up almost 80% from revenue of $498 million in the previous-year period.