‘Ghosts’ Lifts Lionsgate Revenues, But Sluggish Starz Growth Hurts Earnings
variety.comBrent Lang Executive Editor of Film and MediaA few breakout television hits lifted quarterly revenues at Lionsgate, but production delays related to COVID-19 and sluggish subscriber growth at the company’s Starz pay television and streaming arm resulted in losses.
Sales at the film and television company climbed 5.8% to $885.4 million, while the net loss attributable to Lionsgate shareholders topped out at $45.6 million or 20 cents per share.
That was a steeper drop than the $13.9 million in losses that Lionsgate logged in the year-ago period. Starz’s net global streaming subscribers increased by 1.7 million in the sequential quarter, with its subscriber base for Starz, Starzplay Arabia and Pantaya topping out at 19.7 million.
The company’s results missed Wall Street’s projections. Lionsgate was expected to post quarterly earnings of 22 cents per share on revenues of $993.8 million.
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