MGM Posts Lighter Revenue on Tough Theatrical Comparisons
Most of the $20.8 million generated from its "theatrical" segment came from 'Spectre.'
MGM's revenue dropped 15 percent to $311.3 million in the first quarter in large part due to the timing of theatrical releases, though net income rose slightly to $57.1 million, the company said Wednesday.
MGM said it hasn't recognized a lot of the revenue from Creed or How to Be Single yet, so most of the $20.8 million generated from its "theatrical" segment came from Spectre, which was already winding down by the time the first quarter rolled around.
A year earlier, MGM's theatrical segment posted $96.1 million in revenue, mostly from The Hobbit: The Battle of the Five Armies.
MGM's upcoming slate consists of Me Before You with Warner Bros., Ben-Hur with Paramount and The Magnificent Seven with Sony.
Television licensing for film content also dropped, from $165.2 million a year ago to $107 million this time as last year's crop, which included Skyfall, Hercules, 22 Jump Street and If I Stay, was more robust than this year's Max, RoboCop, Poltergeist and others.
Mostly due to Spectre, revenue from home entertainment surged 131 percent year-over-year to $91.4 million.
On the TV side, revenue was up 38 percent courtesy of impressive sales for season four of Vikings, season 32 of Survivor, season 10 of The Voice, season seven of Shark Tank, season two of Beyond the Shark Tank and others.
A slight uptick in net income was attributed to the acquisition and consolidation of United Artists Media Group.