Looking back on 2024, I find myself reflecting on yet another resilient year in Hollywood, a testament to its unwavering spirit following the double impact of industry disruptions that momentarily halted the film pipeline not so long ago. The global box office took a slight dip, decreasing by 10% to reach $30.5 billion last year. However, this wasn’t an entirely gloomy picture for everyone involved.
In this mixed bag of a year for the entertainment industry, some of the film divisions belonging to established media giants managed to register growth in their profits throughout the year 2024. Conversely, others experienced a downturn during the same period.
According to The Hollywood Reporter’s annual studio profit analysis, Disney is examined in an instructive manner, despite the fact that it doesn’t disclose earnings from its movie production sector. Instead, THR evaluates Disney’s “income from content sales/licensing and other” financial aspects.
It’s important to note that financial reports from Hollywood studios are often restricted and difficult to compare due to their varied structures. For example, Sony’s film division encompasses television networks as well. THR analyzed data from the years 2023 and 2024, despite Disney and Sony having fiscal years that don’t match the calendar year. Their leadership teams primarily focus on managing their businesses based on their fiscal year timeline.
As a gamer, I’d like to shed light on Netflix’s financials, which differ significantly from those of the studio units in entertainment conglomerates. The main source of Netflix’s income comes from subscribers, a category that the bigwigs in Hollywood usually don’t record within their studio units. Keeping this context in mind, let’s delve into the profit statements of the film divisions of these Hollywood behemoths from last year.
Warner Bros. Discovery
Profit: $1.7B -23% year-over-year
Revenue: $11.6B -5% year-over-year
2024 saw Warner Bros. Discovery failing to capitalize on the blockbuster success of “Barbie” and gaming titles, resulting in a decrease in revenue and profit for their studios division. The top-grossing films of the year included “Dune: Part Two” ($715 million), “Godzilla x Kong: The New Empire” ($572 million), and “Beetlejuice Beetlejuice” ($450 million). However, this was accompanied by a 4% decline in box office revenue. Additionally, the games division experienced a significant 53% drop in revenue due to less successful releases following the strong performance of the 2023 lineup, with “Hogwarts: Legacy” leading the way.
On an earnings call, WBD CFO Gunnar Wiedenfels noted that while the company had some outliers on both the positive and negative sides in 2023, it was particularly notable for its strong performance afterwards. Despite a minimal decrease in studio costs, WBD boasted about its TV studio’s significant comeback in 2024, positioning itself once again as the top supplier of live-action TV in the industry. Highlighting popular shows like Max’s “The Penguin,” Apple TV+’s “Presumed Innocent,” and CBS’ “Georgie & Mandy’s First Marriage,” WBD reported a 9% rise in TV product revenue.
The earnings from home entertainment saw an uptick, mainly because of the success of movies like “Dune: Part Two,” “Godzilla x Kong: The New Empire,” “Wonka,” “Aquaman 2,” and “Beetlejuice Beetlejuice.” Additionally, sales for older titles also increased. Moreover, a 9% rise in “other revenue” was reported, which the company attributes to the launch of Warner Bros. Studio Tour Tokyo in June 2023. Given these positive trends, it’s no wonder that management is focusing on enhancing results in the less profitable areas of the business. As stated in a shareholder letter accompanying their full-year financials, “Given consumers’ continued appetite and readiness to pay for high-quality content, Studios continue to be one of our main drivers for growth.” Improving consistency and profitability is a top priority for them. In 2025, WBTV, an industry leader, will play a significant role in maintaining this momentum, with support from anticipated improved results from the Motion Pictures Group and Games businesses. Although these divisions underperformed in 2024, measures have been taken to boost their performance, and there is optimism regarding their long-term prospects.
Collectively, the corporation anticipates an enhancement in the profitability of their Studios sector this year, while at the same time, WBD is aiming for a “more cost-effective average production cost per film.” This cost reduction strategy includes high-profile blockbuster movies and lower-budget films like those produced by New Line, particularly in the horror genre.
The effects of these alterations will be “most noticeable at DC,” as revitalizing this vital franchise has been one of our highest priorities. According to the company, the upcoming launch of Superman marks the beginning of an exciting new epoch for DC Studios – an era filled with intrigue, engagement, and relatability that will captivate long-time fans as well as attract new ones. This event initiates a multi-year narrative journey.
2024 proved to be a letdown for our gaming sector, prompting them to reveal a restructuring strategy aimed at channeling resources and capital towards established IPs and games produced by top-tier studios. The main emphasis will be on four flagship franchises that have amassed over $1 billion in consumer sales: Harry Potter, Game of Thrones, Mortal Kombat, and DC, specifically focusing on iconic characters such as Batman. They also forecast a gaming loss for 2024 but are optimistic about returning the division to profit by 2025, positioning it as a greater driver of growth in the future. It’s important to note that they remain committed to their gaming unit, viewing it as a valuable asset for immersing fans into our captivating characters and worlds through interactive gameplay.
As a gamer, I’m pretty pumped about the potential growth of our gaming studio. Last year, I remember Zaslav mentioning that we used to bring in a whopping $3 billion annually. His words still echo today: “We need to get back to $3 billion and keep growing from there.” So, let’s roll up our sleeves, team, and bring the heat!
NBCUniversal

Profit: $1.4B +8% year-over-year
Revenue: $11.1B -4% year-over-year
2022 was quite a challenging year for me as a gamer, following NBCU’s film and TV studios. Despite some impressive performances like “Wicked” crossing the $725 million global box office mark, “Despicable Me 4” raking in $970 million, “Kung Fu Panda 4” earning over $545 million, “Twisters” hitting $370 million, and “The Wild Robot” making $325 million, Universal had to step down from the number one worldwide box office position to Disney. However, it was still a remarkable year as it ranked either number 1 or number 2 for the third consecutive year. The lineup was strong, but not as successful as the upcoming releases like “The Super Mario Bros. Movie,” “Oppenheimer,” and “Fast X” in 2023. Unfortunately, the studios unit revenue dropped by 4.6 percent to $11.1 billion, with a significant decline of 18.6 percent in theatrical revenue to $1.7 billion and a slight dip of 2 percent in content licensing to $8.1 billion.
NBCUniversal’s studio profits surged by 10.7% to $1.4 billion, primarily due to reduced costs and expenses. This reduction was mainly attributed to an 8.8% decrease in programming and production costs and a 6.1% drop in marketing and promotion spending. These reductions resulted from the release of 22 films, two fewer than in the previous year (with three fewer releases at Universal offset by one more at Focus Features). In addition, NBCUniversal’s TV studios closed the broadcast season with more top 10 series than any other studio. During a January 30 earnings call, Comcast president Mike Cavanagh expressed enthusiasm about the 2025 slate, which includes movies like “How to Train Your Dragon,” “Jurassic World Rebirth,” and “Wicked: For Good.” However, Comcast’s Chief Financial Officer, Jason Armstrong, issued a financial caution. He stated that while they anticipate another robust theatrical and PVOD run, studio profits in 2025 will be affected by increased marketing expenses due to a larger film slate and lower carryover from previous years, as there were writers’ and actors’ strikes in 2023.
Disney

Profit: $864M turned positive
Revenue: $8.3B +6%year-over-year
2024 was a successful year for Disney in terms of global box office collections, outperforming Universal with a total revenue of $5.46 billion compared to Universal’s $3.75 billion. Only two films, “Inside Out 2” and the joint production of “Deadpool & Wolverine,” surpassed the $1 billion mark worldwide this year. Interestingly, three of Disney’s top-grossing movies in the top five were “Inside Out 2” (earning approximately $1.7 billion globally), “Deadpool & Wolverine” (earning more than $1.3 billion), and “Moana 2” (earning over $1.0 billion). Although Disney’s fiscal year ends in the fall, The Hollywood Reporter has analyzed the data for calendar year 2024 to compare it with other industry leaders. However, it’s important to note that Disney’s financials may not be directly comparable to those of other major studios due to a reorganization for the streaming era a few years ago. Now, instead of reporting results for its film or studio unit, Disney presents financials for its “content sales/licensing and other” segment, which The Hollywood Reporter has analyzed as the closest equivalent to its former studio unit. Analysts view this as not an exact comparison but the most similar category available.
This section pertains to Disney’s content segment, which encompasses movie and series sales for TV/Streaming platforms (previously part of their media networks division), film distribution in cinemas, music rights licensing, and stage productions. For the year 2024, Disney’s revenue from this content segment experienced a 6% growth. Remarkably, the segment turned a profit due to increased revenue and decreased operating expenses, primarily resulting from lower production and programming costs. The filings by the company reveal that while TV/Streaming distribution revenue grew, home entertainment distribution revenue fell.
Bob Iger, Disney CEO, expressed gratitude and congratulations towards our creative teams during a recent earnings call in February. He noted that this past year had been exceptional for them. Looking forward, he mentioned an exciting lineup of theatrical releases based on some of our most beloved intellectual properties. These include the recently premiered ‘Captain America: Brave New World’, as well as upcoming titles like ‘Snow White’, ‘Lilo & Stitch’ and ‘The Fantastic Four: First Steps’.
During a previous call in November, Iger emphasized Disney’s virtuous cycle. He stated that the success of a Disney film today brings more value than ever before, thanks to our expanding consumer touchpoints. This broadens the reach and impact of our top-tier storytelling across various platforms such as streaming, theme parks, resorts, cruise ships, merchandise, and games. As a result, the economic system associated with our movie business has never been stronger.
When we achieve success in a feature film or even when there is anticipated success, consumption of previous films tends to increase significantly on our streaming platform. For example, viewership numbers for ‘Inside Out 1’ saw a surge following the release of ‘Inside Out 2’ trailer, and similar trends have been observed with the original ‘Moana’ film and many Marvel properties since ‘Deadpool & Wolverine’ were released.
Sony

Profit: $628M -13% year-over-year
Revenue: $8.3B -4% year-over-year
2024 was a challenging year for Sony Pictures, marked by difficulties such as strained relationships, lingering issues, complicated finances – essentially, a difficult chapter in their story as they celebrated 100 years of Columbia Pictures. The effects of two Hollywood strikes on their product lineup were particularly noticeable during this time. Among the top earners for the company last year were films like “Bad Boys: Ride or Die” (grossing over $400 million worldwide), “It Ends With Us” (earning more than $350 million), and “Ghostbusters: Frozen Empire” ($200 million-plus). However, the success of these films has led to an ongoing legal dispute between Blake Lively and Justin Baldoni.
Sony Pictures’ box office earnings of $2.4 billion surpassed the $2.1 billion reached in 2023, with “Spider-Man: Across the Spider-Verse” leading the way that year. The acquisition of Alamo Drafthouse Cinema, a significant deal that reinstated Hollywood studios in the theater industry, along with Crunchyroll’s growing paid subscribers and a slight improvement in the media networks sector contributed to the increased revenue. However, Sony Pictures’ total revenue saw a small decrease due to delays in TV show deliveries following two strikes in Hollywood. This resulted in a 25% decline in Television Productions revenue from over $4 billion in 2023 to slightly above $3 billion. Despite the launch of new series like “Dark Matter” on Apple TV+ and “Cruel Intentions” on Amazon Prime Video, the Pictures segment’s profit dropped by 13% for the year. Sony attributed this decline to the ongoing effects of the strikes, particularly the postponement of upcoming Spider-Man and Jumanji movie releases until the fiscal year ending March 31, 2027. They also noted that production activity is gradually recovering, with television productions almost back to normal following the impact of the strikes.
Paramount

Profit: –$96M improved but still in red
Revenue: $3B unchanged year-over-year
Despite Sonic the Hedgehog being incredibly swift, progress at his home studio last year seemed as slow as a glacier. The revenue remained constant at $2.96 billion, with Paramount – on the brink of being sold to David Ellison’s Skydance Media – still bleeding money in its Filmed Entertainment division, though the loss was slightly smaller in 2024 due to reduced expenses. In comparison to 2023, the studio produced ten films instead of eight, with five of them debuting at the top of the domestic box office. The revenue from theaters stayed the same for both years at $813 million. Among the releases in 2024 were Sonic the Hedgehog 3 (whose global box office has surpassed $480 million), Gladiator II (earning over $460 million), and A Quiet Place: Day One (taking in more than $260 million). In contrast, the movies from 2023 included Mission: Impossible – Dead Reckoning Part One, Transformers: Rise of the Beasts, and Dungeons & Dragons: Honor Among Thieves. The studio attributed a 3% decrease in content costs mainly to lower expenses incurred when retaining production capabilities for delayed film productions during labor strikes and additional costs to restart film production following the strikes.
In their most recent earnings report from February, Paramount executives expressed optimism about their film strategy. They pointed out that Paramount Pictures’ franchise-focused approach led to substantial growth in revenue during the fourth quarter, with Sonic the Hedgehog 3, which is nearing $500 million at the global box office and is projected to be one of the top 10 most profitable Paramount Pictures releases of the last decade, playing a significant role. Additionally, Ridley Scott’s Gladiator II surpassed $460 million globally, while Smile 2 debuted as the number one film at the global box office, earning more in its opening weekend than the original’s did and showcasing the diversity and strength of Paramount’s theatrical releases.
Paramount’s film entertainment division discloses its earnings after subtracting transactions between related companies, such as Paramount+, CBS, and cable networks. Unlike many competitors, they do not include these transactions in their segment results but instead record any necessary adjustments at the corporate level. During a recent earnings call, Brian Robbins, CEO of Paramount Pictures and co-CEO of Paramount Global, praised a new financing deal with Domain Capital Group for 30 films. “We found in Domain a reliable partner and a structure that offers positive cash flow and income benefits,” he stated.
Netflix

Profit: $7B +49% year-over-year
Revenue: $39B +16% year-over-year
In contrast to the conventional studio business of Hollywood conglomerates, Netflix experienced a remarkable growth in its revenue for 2024, reaching $39 billion and increasing operating income by 50 percent to $10.4 billion, surpassing the $10 billion mark for the first time. This streaming giant, known for hit series such as “Fool Me Once,” “Bridgerton,” and “Squid Game,” and movies like “Carry-On” and “Damsel,” added approximately 9.5 million global subscribers, ending the year with a total of 301.6 million. Due to Netflix’s decision to discontinue regular subscriber data disclosures, forecasts predict a 12-14 percent revenue growth for 2025, amounting to $43.5 billion-$44.5 billion. The company stated that there are around 750 million broadband households (excluding China and Russia) and approximately $650 billion in entertainment revenue in the markets Netflix operates in, with the company capturing only about 6 percent of this market in 2024. This suggests a significant potential for growth as streaming services continue to expand globally, with Netflix accounting for less than 10 percent of TV viewing in every country it operates in.
Data comes from earnings reports and SEC filings. For instance, Netflix, Disney, and Sony disclose their operating profits, whereas Paramount presents Adjusted Operating Income Before Depreciation and Amortization (OIBDA). In contrast, Warner Bros. Discovery and NBCUniversal share their adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). The reported figures, in billions, are rounded and primarily focus on the fiscal year 2024 compared to 2023, despite Disney and Sony using different fiscal years.
This tale was initially published in the March 19 edition of The Hollywood Reporter magazine. If you’d like to receive the magazine, please click [here](link-to-subscribe) for a subscription.
Read More
- Cookie Run Kingdom Town Square Vault password
- Maiden Academy tier list
- Cookie Run Kingdom: Shadow Milk Cookie Toppings and Beascuits guide
- Wizardry Variants Daphne tier list and a reroll guide
- Girls Frontline 2 Exilium tier list
- Chhaava OTT release: Where is Vicky Kaushal and Rashmika Mandanna’s film expected to stream after theatrical run? Find out
- Get Ready for the Meme Coin Revolution: Dawgz AI Leads the Pack
- Tap Force tier list of all characters that you can pick
- Grimguard Tactics tier list – Ranking the main classes
- BMW Reveals First-Ever M3 CS Touring
2025-03-20 17:55