Boat Rocker reports 161% revenue increase in Q3 2021

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The media company says its Q3 revenue, driven largely by its television segment, is nearly equivalent to its entire revenue for fiscal 2020.

Boat Rocker’s robust production slate has boosted its pandemic recovery as the company reports a 161% increase in revenue in its Q3 2021 financial report.

The Toronto-based media company generated nearly as much revenue in its third quarter alone as it did in the entire fiscal 2020, according to CEO John Young in a statement.

The company earned a total revenue of $203.3 million in the third quarter of fiscal 2021, compared to $78 million in 2020. Year-to-date revenue for fiscal 2021 has hit $317.9 million compared to $171.1 million in the same period last fiscal year.

Boat Rocker’s television segment increased by 238% in Q3, up to $166.9 million compared to $49.4 million; year-to-date revenue rose by 128%, with $239 million in 2021 compared to $105 million in 2020.

The quarter saw the delivery of four episodes of Showtime series American Rust, starring Jeff Daniels, and three episodes of Apple TV+ sci-fi drama Invasion (pictured), as well as number of new development deals with talent such as Canadian actors Shamier Anderson and Stephan James and producer Stephanie Langhoff, Scott Weintrob, Cleve Keller and Dave Noll.

Boat Rocker also saw increases in its kids and family and representation segments. Revenue for kids and family increased by 16% to $27.1 million in Q3 2021 compared to $23.5 million in Q3 2020, while representation revenue increased by 83% with $9.2 million in Q3 2021 compared to $5 million in Q3 2020. Year-to-date revenue in kids and family has increased by 9%, with $51.5 million in 2021 compared to $47.1 million in 2020, while representation increased by 44% with $27.2 million in 2021 compared to $18.9 million in 2020.

Boat Rocker currently has more than 60 projects on its production slate, according to the report, for global partners such as Netflix, Apple TV+, Amazon Prime, HBO Max, Peacock, Discovery+, TBS, Disney and ViacomCBS.

The company’s adjusted EBITDA came in at an increase of 91%, with $11.5 million in Q3 2021 compared to $6 million in Q3 2020; it increased by 110% year-to-date, with $12.7 million compared to $6.0 million in the same period in fiscal 2020.

Boat Rocker is still operating at a net loss at $1.8 million in Q3, a significant reduction from the $23 million net loss in Q3 2020. Its year-to-date net loss is $15.6 million in 2021 compared to $43.5 million in 2020.

“With the ongoing delivery of our premium scripted series American Rust for Showtime and Invasion for Apple TV+, confirmed and anticipated renewals on other titles, and continued industry tailwinds, we expect to maintain our strong momentum through the fourth quarter of 2021 and into 2022,” said Young.

Image courtesy of Apple