WildBrain reports Q1 2024 results

Kid and family entertainment company WildBrain Ltd. released its Q1 2024 results Tuesday evening, reporting revenues of $105.5 million, down from $126.7 million in the same period in 2023. The net loss for the quarter was $15.5 million compared to a net loss of $7.6 million in Q1 2023 due to higher finance costs. Content creation and audience engagement revenue decreased 27 per cent to $47.2 million in Q1 2024, compared to $64.4 million in Q1 2023. “Revenue in the quarter was in line with expectations as the impact of the timing delays in project greenlights slowed activity in the broader content industry. There were fewer live action productions versus the prior year, which preserved gross margin,” the release states. Global licensing revenue declined five per cent to $49.5 million in Q1 2024, compared to $52.1 million in Q1 2023. Legacy WildBrain Spark revenue improved by five per cent, from $11.1 million in Q1 2024 compared to $11.6 million in Q1 2023. “Kids continue to be highly engaged on our YouTube network, with over 46 billion minutes of videos watched and the average duration of viewing continuing to improve,” the company stated in its release. In the release, Josh Scherba, WildBrain president and CEO, emphasized the company's commitment to key strategic pillars of content creation, audience engagement, and global licensing. The company has realigned internal teams to support these pillars, aiming to optimize the growth of essential owned IP and partner brands. Key brands include Peanuts, Teletubbies, and Strawberry Shortcake. Notably, Apple TV+ has greenlit a new CG-animated Peanuts (Snoopy and Charlie Brown) feature film, slated to begin production in 2024. WildBrain also secured multiple licensing and content deals to expand Teletubbies into additional categories. They launched a new e-commerce site and apparel ranges, among other activations. WildBrain CPLG, representing Peanuts in various regions, expanded its consumer products offering with new partnerships across the globe. They also announced licensing deals for the Sonic Prime brand, building on the partnership with SEGA. The company strengthened its partnership with Mattel, securing new-season greenlights and international distribution deals for several of its brands. In addition, the Strawberry Shortcake brand debuted on Netflix, with plans for product launches and activations in 2024. The live-action series "I Woke Up a Vampire" also saw success on Netflix. WildBrain also announced the appointment of Nick Gawne as chief financial officer, effective Wednesday. Gawne brings more than 20 years of experience in finance and operations in the media industry, with a focus on kids' and family IP. He succeeds Aaron Ames, who will continue in an advisory role to ensure a smooth transition.

WildBrain reports Q1 2024 results

Brief | November 8, 2023

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WildBrain reports Q1 2024 results

Brief | November 8, 2023

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