Strong home entertainment sales of DVD, Blu-ray Disc and digital catalog titles helped Lionsgate report record $600 million in catalog revenue for the fiscal year ended March 31.
The studio also saw strong retail sales from new releases Midway and Knives Out, the No. 6 and No. 10 top-selling movies in 2020, respectively, according to the NPD Group’s VideoScan tracking service.
The motion picture segment reported $393 million in revenue in the fourth quarter, up nearly 10% from $358 million in revenue during the previous-year period. For the year, revenue topped $1.67 billion, a 14% increase from revenue of $1.46 billion in the previous fiscal-year period. Segment profit was $101 million.
The only new theatrical release in the quarter, I Still Believe, was in theaters for only four days before exhibitors ceased operations due to the coronavirus. Lionsgate pivoted quickly to launch the title in the $19.99 premium video-on-demand window to mitigate lost theatrical revenue.
Television production segment revenue was $258 million and segment profit was $22 million driven in part by strong library sales.
“We reported a strong quarter to end a solid fiscal year despite the disruption posed by the COVID-19 global pandemic,” CEO Jon Feltheimer said in a statement.