Television

Q3-2015: Poor Filmed Entertainment drives Viacom revenue down 11%

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BENGALURU: Viacom Inc reported 11 per cent decline in revenue in the quarter ended 30 June, 2015 (Q3-2015) at $3058 million as compared to the $3421 million in the corresponding year ago quarter. 

The company's quarterly revenues declined due to lower theatrical revenues in its Filmed Entertainment segment, which scheduled no wide theatrical releases in the quarter. Filmed Entertainment revenues declined by a massive 44 per cent to $479 million in the current quarter as compared to the $856 million in Q3-2015.

Viacom’s operating income remained almost flat at $1084 million in Q3-2015 as compared to the $1086 million in Q3-2014.

Viacom’s other segment, Media Networks reported almost flat revenue at $2597 in Q3-2015 as compared to the $2591 million in the corresponding quarter of the previous year, the slight increase of $6 million was due to higher affiliate fees.

Absent an unfavourable two per cent impact of foreign exchange, Media Networks revenues increased two per cent. Worldwide and domestic affiliate revenues rose two per cent, driven by rate increases. Excluding the impact from the timing of product available under certain distribution agreements, domestic affiliate revenues grew in the mid-single digits. Domestic advertising revenues decreased nine per cent, due to a decline in traditional ratings. Worldwide advertising revenues decreased two per cent, which reflects a 58 per cent gain in international advertising revenues driven principally by Channel 5.

Filmed Entertainment revenues decreased largely due to a decline in theatrical revenues of 92 per cent related to the timing of the summer season theatrical slate. In the prior year, Transformers: Age of Extinction was released in the third quarter, while this year's summer tentpoles, Terminator: Genisys and Mission: Impossible - Rogue Nation, were widely released in the fourth quarter. 

Worldwide home entertainment revenues decreased 30 per cent, to $199 million in the quarter, and ancillary revenues declined 43 per cent, primarily driven by the benefit in the prior year of the sale of certain distribution rights.

Viacom executive chairman Sumner M Redstone said, “Viacom is meeting the challenges of a rapidly-changing media landscape by creating exciting, unique content that connects with audiences on all platforms. Our management team is positioning Viacom for success, and I am confident that we have the strategies in place to thrive.”

Viacom CEO Philippe Dauman added, “Viacom continues to drive change in our business, creating unprecedented levels of original content, forging innovative marketing and distribution partnerships, and prioritizing international growth through organic expansion and strategic investments. Our Media Networks are quickly bringing innovative data-based advertising products to market,   broadening our sales capabilities and developing new solutions for marketing partners that capture the full scope and depth of our powerful multiplatform brands. We introduced several popular new series in the third quarter, including Lip Sync Battle and Scream and expanded agreements with important distribution partners. Paramount also set the stage for the return of one of the studio's most successful franchises, Mission: Impossible, and is anticipating the broadcast premiere of the first Paramount Television production, Minority Report, next month.

"Underpinning this, we are operating more efficiently than ever, accelerating content development and delivering programming more quickly to audiences on all screens. We maintain a strong balance sheet, giving us significant financial flexibility and we remain committed to resuming Viacom's share repurchase program in October," said Dauman.

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