Boat Rocker Media said a looming Writers Guild of America (WGA) strike could potentially impact its premium U.S. dramas in fiscal 2023.

Ivan Schneeberg, co-executive chairman of Boat Rocker and co-chairman of Boat Rocker Studios, told investors on Thursday (March 30) that the current strike environment has led to “cautious paralysis with buyers,” despite a continued “appetite” for content.

Schneeberg emphasized to investors that the Toronto-headquartered media company is in a “better position” than independent U.S. studios, as Canadian series under the Writers Guild of Canada (WGC), such as the upcoming Robyn Hood, are unaffected, as well as reality and unscripted series that are non-guild.

The company would also have the ability to create more Canadian productions and coproductions in the interim, according to Schneeberg. However, he said production and development on premium U.S. series under the WGA could potentially be impacted in the event of a prolonged strike.

No premium U.S. titles were mentioned specifically, but Boat Rocker’s U.S.-based dramas include Apple TV+ series Invasion (pictured) and American Rust, which had its first season on Showtime and was later picked up by Amazon’s platform Freevee for season two.

The WGA entered negotiations with the Alliance of Motion Picture and Television Producers earlier this month to create a new Minimum Basic Agreement, which is currently set to expire on May 1. No strike authorization vote has taken place as of press time.

The WGC has voiced its support for the WGA, and, while series under WGC jurisdiction will not be impacted, the guild said its members will not accept “struck work” under WGA jurisdiction.

The remarks were made as Boat Rocker reported its Q4 and year-end financial results for fiscal 2022. The company reported $1.8 million in net income for the fiscal year, compared to a loss of more than $12 million in the previous year. Adjusted EBITDA also increased to $36.2 million for year-end, compared to $31.6 million in fiscal 2021, while free cash flow came to $3.5 million compared to a loss of $49.7 million from the year prior.

Boat Rocker’s annual revenue fell, however, coming to $304.3 million for fiscal 2022 compared to $580.4 million in 2021. The loss was attributed to the timing of series deliverables, with CEO John Young telling investors that the company will have more of a “balanced cadence” between quarters due to project deliveries throughout the 2023 fiscal year.

The company reported $5.7 million in net income for Q4 2022, a year-over-year increase from $3.5 million in the previous fiscal. Total revenue for Q4 came to $111.3 million, down from $262.5 million in Q4 2021.

Image courtesy of Apple TV+