Paramount Home Entertainment Aug. 8 reported third-quarter (June 30) revenue of $161 million on sales of packaged media and digital content, which marked a 35% increase from revenue of $119 million in the previous-year period.
The tally — driven by the retail release of Bumblebee — was 6% more than theatrical revenue of $152 million.
While theatrical revenue reflected the strong box office performance of Rocketman ($185 million) and Pet Sematary ($54.7 million), it was significantly offset by performance of A Quiet Place in the prior-year quarter
Through nine months of the fiscal year, home entertainment revenue is up 6% at $493 million compared to $465 million in the last fiscal year.
Home entertainment continues to lead Paramount’s theatrical box office year-to-date ($473 million) by more than 4%.
With parent Viacom recently acquiring ad-supported VOD service Pluto TV, Paramount has significantly increased licensing content to the service, in addition to third-party distributors.
License revenue increased nearly 29% to $521 million from $404 million last year driven by monetization of the library and growth in TV production. Through the fiscal year, license revenue has topped $1.05 billion.
Regardless, total studio operating income increased $41 million to $85 million — the 10th consecutive quarterly uptick.
“Paramount’s momentum continues, keeping us on track to deliver full year profitability,” Viacom CEO Bob Bakish said in a statement.