HALIFAX — Kids and family entertainment company WildBrain Ltd. yesterday reported its first quarter results for its 2022 fiscal year, which saw the company’s revenue increase 18% to $112.6 million, compared to the first quarter of 2021.
For the three months ended Sept. 30, 2021, WildBrain’s adjusted EBITDA was $19.9 million, a 13% increase over the adjusted EBITDA it reported for the same three-month period in its 2021 fiscal year.
“Our first-quarter results reflected a return to growth at WildBrain Spark as well as strong consumer products performance,” said WildBrain CEO Eric Ellenbogen, in a press release.
“Spark revenue was up 73% (to $15.4 million) in Q1 2022, driven by improving advertising rates and our focus on higher-value views. Our vast library of high-quality owned content is the cornerstone of our leading digital network on YouTube, yielding valuable data and insights,” he said.
“We’re also extending our capabilities across other digital platforms, such as the recently announced exclusive direct-advertising services partnership with Gamefam, one of the top game publishers on Roblox.”
WildBrain’s consumer products revenue grew 25% to $48.5 million in Q1 2022, compared to Q1 2021. The higher revenue “was due to the strength of the Peanuts brand, supported by a consistent output of new content, which will continue over the coming years to drive consumer products globally,” the company’s press release says.
“In consumer products, we expect our momentum to build in the coming quarters and years, supported by new brand activations and content releases across Strawberry Shortcake, Sonic, Teletubbies, Yo Gabba Gabba! and others,” Ellenbogen added.
“For Peanuts, our consistent output of new content on Apple TV+ is further engaging global audiences. Season 2 of Snoopy in Space debuts this week, and the first new Peanuts special, For Auld Lang Syne, premieres in December. As we switch on more and more IP, we’re fully harnessing our 360-degree capabilities across production, distribution and licensing and, in turn, realizing the long-term earnings’ power of our assets.”
The company’s content production and distribution revenue increased 3% to $37.6 million in the first quarter of 2022, compared to Q1 2021, “driven by higher production revenues from premium projects including Sonic Prime and multiple new series and family specials for Peanuts,” the press release says.
WildBrain’s Canadian television broadcasting revenue fell 2% to $11.2 million in Q1 2022, compared to Q1 2021, “reflecting subscriber erosion in line with the broader linear TV market,” according to the company’s management discussion and analysis (MD&A) filed with Sedar yesterday.
The company’s TV broadcasting business includes Family Channel, Family Jr, Télémagino and Family CHRGD.
“Subscriber revenue as a percentage of total revenue was 88%, or $9.8 million (Q1 2021 – 91%, or $10.4 million), while advertising, promotion, digital and other revenues were 12%, or $1.3 million (Q1 2021 – 9%, or $1.0 million),” the company’s MD&A reads.
Overall, the company reported a net loss of $21.4 million in Q1 2022, compared to a net loss of $3.3 million in Q1 2021.
For more on WildBrain’s Q1 2022 financial results, please click here.
