WildBrain reports Q2 2021 results, with revenue increasing 17% to $142.3m during quarter.
WildBrain has reported its fiscal 2021 second quarter and six month results for the periods ended December 31, 2020.
The company saw revenue increase 17% to $142.3 million in Q2 2021 compared to $122.1 million in Q2 2020. Meanwhile, H1 2021 revenue grew to $237.7 million from $234.4 million in H1 2020.
Net income of $11.3 million in Q2 2021 increased from a net loss of $2.3 million in Q2 2020, while H1 2021 net income of $8.0 million increased from a net loss of $18.3 million in H1 2020.
WildBrain ceo, Eric Ellenbogen, said that the company is “realising positive momentum” across every part of the business.
“We recently announced yet another major deal that capitalises on our capabilities to manage, monetise and grow brands across content and licensing,” commented Eric. “In partnership with SEGA, we’re producing a new original series for Netflix’s global audience based on the highly popular Sonic the Hedgehog gaming franchise. WildBrain and SEGA will jointly participate in production, distribution and licensing revenues generated from the new animated series, titled Sonic Prime.
“Our new content is expected to extend the fan base for the Sonic franchise and builds on the success that our agency, WildBrain CPLG, is already having with consumer products licensing for SEGA across continental Europe. These multi-year, exclusive agreements with two of the world’s leading entertainment companies add another premium project to our creative pipeline and gives us excellent visibility into even more contracted, high-quality earning streams for years to come.”
Eric also stated that the company was encouraged by quarter over quarter sequential improvement at WildBrain Spark, with advertising revenues continuing to rebound from the pressures of the pandemic and YouTube policy changes.
He added: “Overall, we’re delivering meaningful progress on our plans to provide 360-degree support to grow our own and partners’ brands by leveraging the strength WildBrain has in development, production, distribution, licensing and audience delivery.”
Looking at consumer products, revenue here was $46.4 million in Q2 2021, compared with $51.5 million in Q2 2020. For H1 2021, revenue was $85.3 million versus $94.4 million in the same prior year period. The declines both reflected the expiry of the MetLife contract for Peanuts in December 2019.
Excluding MetLife, revenue declined 3% in Q2 2021 and 2% in H1 2021 vs the prior-year periods, with the company stating this reflected the strength of its CP business despite the impact of COVID-19 on the global retail sector.
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