Paramount Home Entertainment, Theatrical Revenue Down6 Aug, 2014 By: Chris Tribbey
Home entertainment and theatrical revenue were down sharply for Paramount Pictures during the fiscal third quarter (ended June 30), parent Viacom reported Aug. 6.
Paramount pulled in $856 million during the quarter, a 26% drop in revenue year over year (from $1.2 billion during the same quarter in 2013). Home entertainment accounted for $209 million in revenue for the quarter, down 24% year over year.
Paramount Home Media Distribution streeted Anchorman 2: The Legend Continues, Paranormal Activity: The Marked Ones and Jack Ryan: Shadow Recruit during the quarter, compared with last year’s fiscal third-quarter slate of The Guilt Trip, Jack Reacher and Hansel and Gretel: Witch Hunters.
Viacom’s theatrical segment saw its revenue down 43% year over year, with Transformers: Age of Extinction the only major release (first hitting theaters June 27) during the quarter. Paramount released Pain and Gain, Star Trek Into Darkness and World War Z during the same quarter in 2013.
“Paramount is poised for an outstanding summer, kicked off by Transformers: Age of Extinction, which is already a record-setting global hit and the number one film of all time in China,” Viacom CEO and president Philippe Dauman said in a statement. “In addition, the highly anticipated Teenage Mutant Ninja Turtles premieres Friday for fans around the world.”
Overall, Viacom reported quarterly revenue of $3.42 billion, down 7% year over year, and a profit of $618 million, down 3% from the $635 million the company reported a year ago. Quarterly operating income was flat at $1.08 billion.