Warner Bros Movies Take Over American Box Office
Warner Bros. Discovery stock has taken a beating this year. A couple of movies did well, but the most recent quarterly results were ugly. The post Warner Bros Movies Take Over American Box Office appeared first on 24/7 Wall St..
Very little positive can be said about Warner Bros. Discovery Inc. (NASDAQ: WBD), which was created by a merger of Discovery and AT&T’s media operations. The stock has taken a beating. It is down 14% this year. Investors are questioning the wisdom of the original transaction. There is one silver lining this year. Warner Bros., its studio business, has become a box office champion.
24/7 Wall St. Key Points:
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Warner Bros. Discovery Inc. (NASDAQ: WBD) stock has taken a beating this year.
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A couple of movies did well, but the most recent quarterly results were ugly.
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According to Box Office Mojo, the top film in the United States based on box office sales is “A Minecraft Movie,” with total ticket sales of $408 million. The is miles ahead of second place “Sinners” at $214 million. Walt Disney’s “Captain American: Brave New World” is the only other movie with a gross of over $200 million in the United States this year.
“A Minecraft Movie” has done well despite poor reviews. Its Rotten Tomatoes Tomatometer score is only 47%. Its popularity is based on the Minecraft video game, which was released in 2011 and is among the best-selling games in video game history.
“Sinners” has received extraordinary reviews. Its Rotten Tomato Tomatometer rating is 97%. Widely regarded director Ryan Coogler helmed the vampire movie. One of America’s most famous movie stars, Michael Bakari Jordan, plays the lead.
Warner Bros. Discovery’s most recent quarter was ugly. Revenue dropped 10% to $9 billion. The company lost $453 million compared to a loss of $966 million in the same quarter a year ago. Revenue from all of its opening segments fell.
If streaming is the future of TV and movies, Warner Bros. Discovery continues to lag. Paid subscriptions rose only 5.2 million from the fourth quarter of last year to 122.3 million. The larger companies Netflix, Disney, and Amazon Prime Video, have badly beaten the company.
Except for its movie business, Warner Bros. Discovery continues to be a failure.
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