July 28, 2022
Universal Pictures Home Entertainment July 28 reported second-quarter (ended June 30) revenue of $298 million, which was up 21.6% from revenue of $245 million in the previous-year period.
Through the first six months of the year, home entertainment sales and rentals of movies rose more than 15% to $608 million, from $527 million during the previous-year period.
Top-selling movies on digital and packaged media in the quarter included Halloween Kills, The Northman, and the animated feature films Sing 2 and The Bad Guys, among others.
Meanwhile, Universal Pictures’ quarterly revenue increased 33.3% to $3 billion, primarily reflecting higher theatrical revenue and content licensing revenue.
Theatrical revenue increased $352 million to $550 million, mostly due to an increase in the number of theatrical releases, including the successful release of Jurassic World Dominion.
Content licensing revenue increased 19%, driven by television content licensing.
Adjusted pre-tax earnings decreased $155 million to $1 million, reflecting higher operating expenses, which more than offset higher revenue. The increase in operating expenses was driven by higher programming and production expenses, reflecting higher amortization of television and film production costs in the current year period, as well as an increase in advertising, marketing and promotion expenses ahead of recent film releases, Jurassic World Dominion and Minions: The Rise of Gru.
For the six months ended June 30, revenue from the studio segment increased 23.9% to $5.7 billion compared with 2021, primarily reflecting higher content licensing revenue and theatrical revenue. Adjusted pre-tax earnings decreased 62.4% to $246 million compared with 2021, reflecting higher operating expenses, which more than offset higher revenue.