MGM Home Entertainment Q1 Revenue Plummets Without James Bond1 Jun, 2017 By: Erik Gruenwedel
MGM Home Entertainment reported first-quarter (ended March 31) revenue of $32 million, which was down 65% from revenue of $91.4 million during the previous-year period.
The $59.5 million drop in revenue was largely due to unfavorable comparisons with the previous-year period when the studio released the latest James Bond movie, Spectre, into retail channels through 20th Century Fox Home Entertainment, and Creed via Warner Bros. Home Entertainment.
The Daniel Craig-starrer as Agent 007 generated $36.2 million in combined domestic DVD/Blu-ray Disc sales, to rank 19th in total disc sales in 2016, according to The-Numbers.com. Creed, co-starring Sylvester Stallone, has generated almost $25 million in disc sales.
By comparison, the current quarter included revenue from worldwide electronic sellthrough revenue for The Magnificent Seven and Ben-Hur, plus ongoing revenue from Spectre, The Hobbit trilogy, Creed and additional library content.
The Magnificent Seven has sold $11.1 million in combined discs this year; $34 million since its release last December by Sony Pictures Home Entertainment. Ben-Hur has sold $4.6 million in discs since its Dec. 13, 2016 release.
Retail revenue from television content topped $8.5 million, an increase of $700,000 from revenue of $7.8 million in the previous-year period, and primarily reflected higher disc and digital revenue for original scripted series Vikings: Season 4 Vol. 1, which hit retail shelves this past October.
Similar to other studios, MGM TV production soared — up 26% year-over-year with series orders “Steve Harvey’s Funderdome” (ABC), the fifth season of “Vikings” (History), season three of “Fargo” (FX), and “The Handmaid’s Tale” for Hulu.