A n increase in IP and service productions has given Thunderbird Entertainment a jump in revenue for fiscal 2021.

The Vancouver-based media company saw a 37% increase in annual revenue in fiscal 2021, earning $111.5 million compared to $81.3 million in 2020, with a free cash flow increase of 68% for its year-end.

Production services accounted for $77.2 million of revenue in fiscal 2021, an increase of 63% compared to the $47.4 million in production revenue earned in 2020. Annual licensing and distribution remained steady overall, increasing 1% to $34 million from $33.8 million in 2020.

Thunderbird was in production on 18 projects at its fiscal year-end, with eight projects considered either company IP or partner-managed. It added another nine projects in production following the close of the fiscal year, bringing the total number to 27. The company also launched the video game The Last Kids on Earth and the Staff of Doom, based on its popular Netflix series.

The slate included 13 projects at Atomic Cartoons, 11 series and two features, including Marvel’s Spidey and His Amazing Friends with Disney Junior and season two of Molly of Denali for PBS. Great Pacific Media (GPM) was in production in five series during the quarter, including Highway Thru Hell, and started production on two new greenlights – Styled (working title) and Gut Job – following the end of the quarter.

President and CEO Jennifer Twiner McCarron told investors during a call on Wednesday (Oct. 20) that while the company does not retain the copyright for partner-managed projects, it has an ownership stake in regard to potential sales of “toys, video games and cross-media exploitation.”

Among its partner projects is the scripted series Reginald the Vampire, a co-production between GPM, Modern Story Company and December Films. The project earned a straight-to-series order from U.S. network Syfy and stars Spider-Man: Homecoming actor Jacob Batalon.

GPM is also a partner with Wapanatahk Media, which signed a development deal with The Amazing Race Canada couple Anthony Johnson and Dr. James Makokis and is in production on its first series, Dr. Savannah: Wild Rose Vet.

Thunderbird’s streaming and network partners include Netflix, Peacock, Nickelodeon, Apple, Sony, PBS, Bell Media, Disney+, Corus Entertainment and CBC.

The company reported a 24% increase in revenue in Q4 2021 with $26.1 million compared to $21.1 million in 2020. Adjusted EBITDA for the year increased by 26% to $19.6 million from $15.5 million in 2020, but saw a 21% year-over-year decrease in Q4 2021 at $2.3 million compared to $4.1 million.

Twiner McCarron said the company is continuing to work toward becoming the “next major global studio” while honouring its shareholders. That work includes leveraging its distribution and consumer products division, led by Richard Goldsmith, to explore additional opportunities to monetize its IP outside of its Atomic Cartoons properties.