Q1-2016: Viacom revenue down 6%

BENGALURU: Viacom Inc reported 5.7 per cent year-on year (YoY) drop (reduced by $190 million) in revenue for the quarter ended 31 December, 2015 (Q1-2016, current quarter) at $3,154 million as compared to $3,344 million in Q1-2015. The company’s Media Networks segment declined 3.4 per cent YoY in the current quarter to $2,565 million from $2654 in the corresponding year ago quarter. Filmed Entertainment segment revenue declined 15 per cent YoY to $612 million from $670 million in Q1-2015. 

Operating Income in Q1-2016 declined 10.3 per cent to $839 million as compared to $935 million in Q1-2015. Net earnings attributable to Viacom declined 10.2 per cent in the current quarter to $449 million from $500 million in the corresponding year ago quarter.

Viacom executive chairman, president and CEO Philippe Dauman said, "As the media industry continues to evolve quickly, Viacom is generating sustainable opportunities using great new content, innovative technology, marketing and data applications, along with the benefits of our substantial footprint in key international growth markets. Our investments in new content have led to higher ratings at most of our networks, including VH1, Spike, BET, TV Land, CMT and Nick at Nite, as well as Nickelodeon, which recaptured its lead as the top network for kids 2 to 11. In addition, we saw significant sequential improvement in domestic advertising sales, due to the success of our new programming and our highly-desirable new advertising products. Paramount is off to a strong start in 2016, with a promising and diverse film lineup throughout the year, and our Paramount Television unit is also thriving."

"2015 was a challenging year operationally as we redesigned ourselves and adapted to significant industry disruption. Our first fiscal quarter of 2016 reflected these challenges. However, our revitalized organization and our investments in content, technology and strategic innovation are now beginning to bear fruit. Although our industry continues to face headwinds, we expect our positive momentum to continue and build throughout the year," added Dauman.

Media Networks

Media Networks segment revenue has been mentioned above.

The company says that absent an unfavourable one per cent impact of foreign exchange, Media Networks revenues decreased two per cent. Domestic advertising revenues declined four per cent, as pricing increases were more than offset by a decline in traditional ratings at some of our networks. Worldwide advertising revenues decreased three per cent, reflecting an unfavourable one per cent impact of foreign exchange. International advertising revenues declined two per cent, driven by an eight per cent adverse effect of foreign exchange. Absent the impact of foreign exchange, international advertising revenues increased six per cent, driven principally by growth in Europe. Domestic affiliate revenues were substantially flat due to the impact from the timing of product available under certain distribution agreements. International affiliate revenues decreased six per cent, driven by a nine per cent unfavourable impact of foreign exchange. Absent the impact of foreign exchange, international affiliate revenues increased three per cent.

Filmed Entertainment

Filmed Entertainment segment revenue has been mentioned above.

Filmed Entertainment revenues decreased as an increase in license fees was more than offset by declines in theatrical and home entertainment revenues. Excluding foreign exchange, which had a three per cent unfavourable impact, worldwide revenues declined 12 per cent. Worldwide theatrical revenues decreased $75 million in the quarter, as carryover revenues decreased $46 million, principally due to an unfavourable comparison with the strong performance of Teenage Mutant Ninja Turtles in the first fiscal quarter of 2015. Worldwide home entertainment revenues decreased $77 million in the quarter, primarily reflecting a comparison with carryover revenues from Transformers: Age of Extinction in the first quarter of 2015. License fees increased 25 per cent, to $237 million in the quarter, primarily driven by the licensing of certain titles for subscription video-on-demand services and television.

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