DreamWorks Animation Posts $15.4 Million Loss29 Jul, 2014 By: Chris Tribbey
DreamWorks Animation posted a $15.4 million loss for the second quarter of 2014, with revenue of $122.3 million. That’s compared with a profit of $22.2 million and revenue of $213.4 million a year ago.
DreamWorks Animation CEO Jeffrey Katzenberg said going forward the studio would reduce its slate of films to two or three per year, with a focus on franchises. “I don’t think we’re seeing a better opportunity by having a greater volume of product,” he said during a call with investors.
For the quarter, How to Train Your Dragon 2 contributed revenue of $69.7 million and a profit of $23.9 million to the second quarter. It has pulled in $428 million at the worldwide box office since it was released June 13.
“How to Train Your Dragon 2 is the ninth highest-grossing film of the year so far on a worldwide basis and it has yet to be released in several significant international territories,” Katzenberg said. “It will be a highly profitable film for the company and 'DreamWorks' Dragons' will remain a very valuable franchise for many years to come.”
Mr. Peabody & Sherman contributed feature film revenue of $1.5 million to the second quarter while Turbo contributed revenue of $11 million to the second quarter, primarily from home entertainment and international pay-TV. The film has reached an estimated 5.1 million home entertainment units sold worldwide.
The Croods contributed revenue of $25.5 million to the second quarter, primarily from international pay-TV, reaching an estimated 7.4 million home entertainment units sold worldwide. Rise of the Guardians contributed revenue of $2 million to the second quarter, primarily from home entertainment. The film has reached an estimated 5.7 million home entertainment units sold worldwide.
Library titles contributed revenue of $27.1 million, while the studio’s TV segment contributed revenue of $20 million, primarily thanks to “Turbo F.A.S.T.” on Netflix, Classic Media content and “DreamWorks' Dragons: Riders of Berk” on Cartoon Network.
Ann Daly, who’s been named president of the studio, said DreamWorks Animation will have three more TV shows out by the end of the year, and is looking to have as many as seven more debut in 2015.
DreamWorks Animation has also added former Disney executive Mark Zoradi as its new COO, taking over the position Daly vacated.
“As DreamWorks grows, we are focusing on creating a strong management structure that has the expertise and capacity to best serve the changing needs of our company,” Katzenberg said. “Ann and I are thrilled to welcome Mark to the DreamWorks family, and to recognize the current team for their tremendous contributions to the company.
“With these new changes, coupled with our other incredibly accomplished recent senior hires — Michael Francis as chief global brand officer and Margie Cohn as head of television, I’m very excited about the stellar caliber of our overall executive leadership team.”