Lionsgate on Thursday shrunk its fiscal fourth-quarter loss as the Hollywood studio in the streaming space saw its global OTT subscriber base for Starz, Starzplay Arabia and Pantaya grow to 10.6 million, with the domestic OTT paid subscriber base standing at 6.8 million.
The studio's media network revenue at $358 million was virtually unchanged from a year-earlier $362 million. Lionsgate's motion picture revenues rose 10 percent to $393 million, on strong home entertainment sales forwhile television production revenue was $258 million, down from $272.8 million last year.
The studio said it recorded $50.5 million in COVID-19 related charges during the fourth quarter. The one-time items include $46 million in direct operating expenses for movie and TV series impairments and development charges "associated with changes in performance expectations or the feasibility of completing the project," expenses from delaying productions, including cast and crew costs and charges around bad debt reserves.
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