Discovery Inc. reported a total revenue increase of 3% in its third quarter, which saw the launch of Food Network Kitchen, a direct-to-consumer collaboration with Amazon bringing together live, interactive cooking instruction with real-time product purchasing.
The Discovery Channel, Animal Planet, Food Network, Travel Channel, HGTV and TLC owner saw growth across various revenue streams, including advertising and cable and satellite distribution.
Discovery’s total revenue reached US$2.68 billion, compared to $2.59 billion in Q3 of last year, with net income at $262 million, compared to 2018′s $117 million.
While U.S. networks showed growth of 12% at $1 billion, compared to $901 million last year, international networks dipped 7% from $254 million to $237 million.
U.S. advertising revenue jumped to $1.02 billion from $991 million last year, and distribution hit $681 million compared to 2018′s $644 million.
Internationally, advertising and distribution revenues were up 5% and 2%, at $394 million and $520 million, respectively, despite the slump in total revenue.
These results reflect the company’s financial state up to the end of the quarter on Sept. 30.
They come as Discovery prepares to launch various streaming ventures. On the horizon is a 10-year, £300-million (US384.6 million) BBC/Discovery partnership that will see BBC natural history and specialist factual programming exclusively available via a global SVOD service to be launched by Discovery in 2020, as well as an as-yet unnamed streaming service in Poland, in partnership with Polish pay-TV provider Cyfrowy Polsat.
“Discovery once again delivered strong financial results across our portfolio, generating healthy revenue growth in the U.S. and internationally, and significant operational efficiencies from our ongoing transformation efforts,” said David Zaslav (pictured), president and CEO of Discovery, in a statement.
“We also made progress in the buildout of our digital ecosystems that leverage our owned programming and brand strength. With a solid financial profile and strong balance sheet, we are able to invest meaningfully in our business and create additional value for shareholders.”