Starz Streaming Subs Reach 18M As Lionsgate Posts Mixed Quarter – Deadline

Lionsgate said global streaming subscribers jumped 40% year-over-year in the September quarter to 18 million. Starzplay International subs nearly doubled to 7.5 million.

Revenue of $887 million, up from $745 the year before, was shy of Wall Street forecasts. Adjusted EPS of 15 cents a share was in line. The company swung to a net profit of $3.1 million in what as its fiscal second quarter from a loss of $21.7 million.

Lionsgate CEO Jon Feltheimer noted strong content generation across the company’s business, noting the strong premieres of three new series in the quarter — including Power Book III: Raising Kannan. The television group launched six new series and renewed six current shows. And motion pictures launched production of nine new films. “Importantly, we accomplished this and continued to ramp our content spend while also continuing to generate positive adjusted free cash flow and solid adjusted OIBDA” – operating income before depreciation and amortization. That metric beat consensus forecasts.

The company said total media networks global subscribers reached 30 million. Media Networks segment revenue of $384.7 million was flat from the year earlier as profit dipped to $5.5 million, driven by higher cadence of programming and content spend and marketing costs.

Motion Picture segment revenue was up 28% to $331 million. Profit rose 22% to $101 million on higher home entertainment sales and profit contributions from acquired libraries.

Television Production revenue of $336 million was up 70% compared to the prior year quarter and segment profit surged by 188% to $28.5 million, reflecting the deliveries of a number of new series.

Revenue from Lionsgate’s 17,000-title film and television library was $784 million for the trailing 12 months.  Lionsgate completed the acquisition of the 200-title Spyglass Media Group library in the quarter.

Execs will host a conference call at 5 pm ET to discuss the numbers.

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