Independent studio Lionsgate recorded a second-quarter profit of $1.8 million on revenues of $983.5 million, led by gains at its motion picture and television production segments and OTT subscriber increases at Starz.
“We’re pleased to report a strong quarter that showed solid performance in all of our key financial metrics,” said Lionsgate CEO Jon Feltheimer. “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.”
Starz reported a 1.2 million boost to its U.S. OTT subscription base to reach 5.6 million. The platform ended Q2 with 27 million subs globally (24.7 million are in the U.S.). However, overall media networks revenues were flat at $374 million, while profit fell to $104.6 million due to expansion costs from the StarzPlay international service.
Television production revenues were up 80.1 percent to $274 million, delivering a profit that was 34 percent higher at $12.6 million.
Motion picture revenues were up 7.1 percent to $405.8 million and profit soared to $51 million, increasing nearly 300 percent.