Germany's Constantin Medien Sees Sales Slump on Film Drought
Stronger-than-expected growth in its sports business helped cut losses at the German mini-major, which is looking to late year releases for a revenue boost.
Germany's Constantin Medien saw revenue fall by 20 percent in the first half of 2015, a drop attributable mainly to a dearth of big releases from its core film division.
Sales for the first six months of the year hit $218 million (€195.7 million), according to figures released on Thursday.
But stronger-than-expected growth in Constantin's sports division, which saw sales increase nearly 10 percent to $84.5 million (€76 million), helped soften the blow. Net losses were just $220,000 (€200,000) for the period, a significant improvement over 2014, when Constantin booked a $4.5 million (€4.1 million) loss in the first half.
The second half of the year looks more promising for Constantin's film operations, with two major German-language releases coming: the comedy Suck Me Shakespeer 2, a sequel to Bora Dagtekin's mega-hit from 2013; and the best-seller adaptation Look Who's Back, starring Oliver Masucci as Adolf Hitler, who, for reasons unknown, wakes up alive in modern-day Berlin and starts a new career as a TV comedian.
Constantin has increased its full-year forecast, saying it now expects to post earnings attributable to shareholders of between $2.2 million-$4.4 million (€2 million-€4 million) for 2015. The company's full-year sales target, of between $500 million-$545 million (€450 million-€490 million), remains unchanged.