Steve Beeks Bullish on Catalog, 4K Ultra HD Releases26 May, 2016 By: Erik Gruenwedel
Lionsgate co-COO expects flurry of new high-definition format releases by the fourth quarter
Characterizing the launch of 4K Ultra HD Blu-ray and digital distribution as being in its infancy, Lionsgate co-COO Steve Beeks says the studio remains ahead of the industry remastering titles for distribution in the new high-definition format. Lionsgate is remastering its top 100 movies in UHD for digital, broadcast and physical release.
“It is an opportunity for us to continue to release, not only new product, but go back to the library and release key titles once again,” Beeks said on a May 26 fiscal call.
The executive expects the winter holidays and fourth quarter to be “pretty big” for 4K releases.
“I think you’re going to see [4K Ultra HD] determine its course over the next several months.”
Separately, Beeks said Lionsgate’s home entertainment library of proprietary and third-party titles earmarked for distribution generated $520 million in revenue in the fiscal year (ended March 31), with contribution to the bottom line of around $200 million.
He said the library business continues to grow — adding 600 titles in the past year — even after posting its largest-year of contribution over the past 10 years, with cash flow approaching $300 million.
Beeks, who is also president of the motion picture group, said third-party companies continue to seek out Lionsgate to distribute and manage their movie libraries because of “our success in that area.”
“The truth is the library business is still very robust for us,” he said.