'Skyfall' and 'The Hobbit' Drive MGM's 2012 Revenue to $1.38 Billion
Driven by the one-two punch of Skyfall and The Hobbit: An Unexpected Journey, MGM saw its 2012 revenue surge to $1.38 billion, up 97 percent over the previous year.
MGM Holdings, the parent company of MGM, reported Monday that its adjusted EBITDA for the past calendar year was $286 million, an increase of 48 percent over 2011.
While the company’s worldwide theatrical revenue increased $661 million, led by its pair of fourth-quarter blockbusters, the company also logged higher distribution and marketing expenses in launching the two movies, resulting in net income for the calendar year of $129 million.
While MGM didn’t debut any major new TV titles, its worldwide television licensing revenue increased by $23 million to $395 million. And while no new titles were released through its home entertainment division, its home entertainment revenue -- buoyed by James Bond 50th anniversary promotions in the fourth quarter -- amounted to $195 million, an increase of slightly more than $1 million over the prior year.
Skyfall, which has grossed $1.1 billion worldwide, is the biggest Bond release of all time, and combined with Hobbit -- the first film in Peter Jackson's trilogy based on the J.R.R. Tolkien novel -- MGM also can boast of being the first company with back-to-back $1 billion grossers.
“I am very pleased with our strong results for 2012, reinforcing my optimism about the future of MGM,” chairman and CEO Gary Barber said. "With back-to-back films each grossing worldwide box office in excess of $1 billion, MGM now has two of the top 15 films in box-office history."