Reports nearly 750,000 paying subscribers
TORONTO – Corus Entertainment today announced its subscriber revenue increased 7% to $133 million in the second quarter of 2022 compared to the same quarter the previous year.
Corus also announced its subscriber numbers are continuing to grow, with the company hitting another milestone of nearly 750,000 paying subscribers to its STACKTV, Nick+ and other streaming platforms, as of April 4, 2022, according to a press release announcing the company’s Q2 2022 results.
Consolidated revenue for Q2 2022 for Corus was reported to have increased 1% to $362 million compared to the previous year. Revenue for television was unchanged at $340 million while revenue from radio increased 8% to $22 million.
In television, Corus reported advertising revenue is down 1% to $185 million and merchandising, distribution and other revenue was down 22% to $22 million.
“Corus has delivered modest consolidated revenue growth in a challenging macroeconomic environment in the second quarter,” said Doug Murphy, president and CEO of Corus, in the press release.
“Our Q2 results reflect strong subscriber revenue gains and a recovery in our radio business, offset primarily by lower timing-related content licensing revenues. We delivered strong free cash flow and strengthened our capital structure, providing a solid foundation for our growth initiatives in the years to come. At the mid-way point of our year, Corus is well positioned to benefit from the disciplined execution of our strategic plan and priorities as the economy reopens.”
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