Universal Pictures Home Entertainment Q1 Revenue Falls

Universal Pictures’ home entertainment unit April 30 reported first-quarter (ended March 31) revenue of $171 million, down 36% from revenue of $267 million during the previous year period.

The decline reflected the retail success of The Grinch, Halloween and Night School in last year’s first quarter, compared with the relative lower performance from 1917, Downton Abbey and Fast & Furious Presents: Hobbs & Shaw in this year’s first quarter.

The revenue did not include Universal’s premium VOD hit Trolls World Tour, which was released on April 10.

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Total studio revenue decreased 22.5% to $1.4 billion, reflecting decreases in theatrical revenue, content licensing, home entertainment and other revenue. Theatrical revenue decreased 28.8%, underscoring difficult comparison to the success of films in the first quarter of 2019, including How to Train Your Dragon: The Hidden World, Us and Glass, offset by the performance of films in this year’s first quarter, including 1917, Dolittle and The Invisible Man.

Indeed, The Invisible Man saw its theatrical run cut short by exhibitor shutdowns due to the coronavirus.

Content licensing revenue decreased 15.4%, driven by the timing of when content was made available under licensing agreements, partially offset by the performance of certain 2020 releases that were made available on premium video-on-demand after theater closures due to COVID-19, including Emma and The Hunt.

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