The studio, led by CEO John Feltheimer, beat analyst forecasts for revenue and earnings per share with its latest financial results, as it continues to be a pivot on the streaming space with Starz.
Lionsgate reported a triple third-quarter loss on low overall revenue on Thursday as Hollywood studios continue to drive to the streaming location with Starz.
The studio expanded its global streaming subscriber base to 14.6 million for Starz, Starzplay Arab, and Pantaya, another 900,000 subscribers compared to the end of its second quarter.
Lionsgate CEO John Feltheimer told analysts, “With 28 million global customers at the end of the quarter, we are moving towards our target of 50 to 60 million global customers by 2025. Starz during a conference call on Thursday.
Feltheimer said the studio expected revenue from Starz to surpass traditional linear TV customer revenue for the first time at the end of the fourth quarter.
Internationally, Lionsgate has received Starz in 55 countries, through its Starzplay Arab joint venture, launching 10 partners and 20 countries during the third quarter alone.
To spur that growth, Lionsgate combined its studio and Starz platform businesses with 20 LGTV Premium Series for Starz, using our library to help drive the international growth of Stars or build our properties and talent relationships into our Continuing to be for all businesses. , “Feltheimer told analysts.
Lionsgate reported adjusted earnings of 21 cents per share, surpassing the Wall Street estimate for 16 cents in earnings per share during the latest quarter. The studio gave shareholders a quarterly net loss of $ 13.9 million, compared to a loss of $ 91.2 million a year earlier.
Revenue in the third quarter was $ 836.4 million, compared to $ 998.5 million a year earlier. But analysts represented a beat of $ 59.9 million for the latest fiscal quarter as an estimate of quarterly revenue of $ 776.5 million.
The studio’s media network revenue, mostly for Starz, grew to $ 406.2 million from $ 382.4 million a year earlier, on the strength of domestic and international streaming revenue and customer growth.
And the motion picture had revenue of $ 250.3 million, down from $ 473.9 million a year earlier as the studio felt the impact of less dramatic releases during the quarter movie theater closings during the COVID-19 epidemic.
“Fetley, Antebellum, Run, I Can Only Imagine and The Hybrid Model, our success in generating strong returns from early PVOD, multipliers, and hybrid models, speaks to our ability to demonetize current films, while at the same time. Our partner in the theatrical exhibition works to plan the future, ”Feltheimer insisted on the call.
Television production increased to $ 228.2 million last year from $ 189.4 million on strong library sales and exclusively on Mad Men’s license. Lionsgate reported that the studio’s film and TV library achieved record revenue of $ 765 million, its second-best revenue quarter.
Lionsgate also announced on Thursday that Starz has gone straight for the series on The Serpent Queen, a play written by Catherine de Medici: Renaissance Queen Leonie Freida of France, produced by Lionsgate Television and 3D Entertainment is.