Lionsgate continued an upward trajectory for the company’s second quarter, posting US$984 million in revenue Thursday (Nov. 7) and record domestic OTT subscriber growth for its premium cable net Starz.
The entertainment company’s revenue was up from $964 million in Q1 and $901 million in the year-ago quarter, once again beating Wall Street expectations. Adjusted diluted earnings per share sat at $0.22.
Revenue for the six months ending Sept. 30 topped out at $1.9 billion.
Starz domestic OTT subscribers climbed 1.2 million in Q2 to 5.6 million, Lionsgate’s “best sequential growth quarter ever.” The network ended the second quarter with 27 million total global subscribers, up 1.8 million from the prior year quarter.
Lionsgate media networks — which include Starz Networks, Starzplay and the company’s legacy streaming services — dipped slightly from the prior year quarter to $374 million. Segment profit declined 14.8% to $105 million, which Lionsgate attributed to its investment in the expansion of Starzplay International.
Television production segment revenue, consisting of the development, production and global distribution of TV series, movies, mini-series and non-fiction programming, was up 80.1% from the prior year quarter to $274 million. Segment profit increased 34% to $12.6 million due to an increase in revenue from television episodes delivered.
“We’re pleased to report a strong quarter that showed solid performance in all of our key financial metrics,” Lionsgate CEO Jon Feltheimer said in a statement. “Even as our industry is undergoing the most disruptive secular change in its history, all of our core businesses have staked out strong, sustainable and unique positions within the ecosystem and are performing very well.”