Hasbro Boosts Q1 Entertainment Revenue With Streaming Licensing Deals – Media Play News
Noah Centineo in the new Netflix series “Graymail”.
April 19, 2022
Hasbro’s acquisition of Entertainment One continues to pay off. On April 19, the toymaker announced that entertainment revenue in the first quarter (ending March 27) increased 22% to $227.5 million, excluding $31.8 million. dollars in revenue from the music business, which was sold early in the third quarter of 2021.
Film and TV revenue increased 14%, driven by shipments of TV shows “The Rookie” for ABC, which was recently renewed for season 5, and “Graymail” for Netflix, as well as the movie deep waters for Amazon and Hulu, and several unscripted shows.
Family brands revenue increased 23%, driven by a multi-title renewal with Netflix for My little Pony, Transformers and Power Rangers franchises, as well as revenue from the delivery of Transformers BotBots to Netflix during the quarter.
Pretax operating income decreased 62% to $25.9 million, reflecting the sale of the music business as well as higher program amortization associated with higher deliveries as well as the combination of titles delivered.
Excluding 2021 music business results, for the full year, Hasbro continues to expect single-digit underlying revenue growth and an adjusted operating margin above revenue growth and to expanding margins.
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“Hasbro has carefully assembled an unrivaled portfolio of brand building capabilities and value brands to drive profitable growth and long-term shareholder returns,” CEO Chris Cocks said in a statement. Cocks assumed the CEO position on February 25, following the death of Brian Goldner.