Movie absence and streaming sink Hasbro’s third-quarter entertainment segment fiscal results – Reuters

“Transformers: EarthSpark”

Erik Gruenwedel

On October 18, Hasbro reported third quarter (ended September 25) revenue of $211.6 million for the TV/Movie/Entertainment segment, down 35% from $327.1 million from the prior year.

The games, toys and consumer products company said movie and TV revenue fell 26% when comparing fiscal year-over-year results that included streaming releases of the come from afar and Bullfinch released on Apple TV+ in the previous period.

Revenue from family brands decreased by 78%, mainly due to the delivery of My Little Pony: A New Generation movie to Netflix in Q3 2021, which hasn’t had a comparable movie release this year.

As a result, the segment recorded a pre-tax loss of $4.8 million, compared to a pre-tax profit of $44.1 million last year.

“As expected, the third quarter is our toughest comparison and was further impacted by increased price sensitivity for the average consumer,” CEO Chris Cocks said in a statement.

The company said it’s shipping seven new theatrical releases and more than 20 streaming and TV shows, starting with Marvel Studios in November. Black Panther: Wakanda Forever and the company’s own “Transformers: EarthSpark” animated scripted series produced by Entertainment One and streaming on Paramount Global’s Nickelodeon platform.

“To meet our full-year outlook, we expect Hasbro’s fourth-quarter revenue to be roughly flat year-over-year on a constant currency basis,” Cocks said.

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