Toronto-based Boat Rocker Media’s full-year results reveal a significant revenue decline, attributed to broader economic headwinds.

For the period ending Dec. 31, 2024, the company reported Q4 revenues of $66.1 million versus $58.9 million in Q4 2023. However, Boat Rocker’s full-year revenue stood at $193.5 million versus $446.3 million in the prior year period.

Boat Rocker also reported a Q4 net loss of $36.2 million compared to $3.1 million in the same period last year. The full-year results reflect a proportionately similar comparison, with a net loss of $14.8 million, versus $26.9 million in 2023.

The company’s adjusted EBITDA stood at $8.2 million, a drop from $32.6 million in fiscal 2023.

“While service production performed well across our business units, other areas, notably scripted production, did not meet historical levels,” said CEO John Young in a statement. “Here, the effect of pullbacks in spending with buyers delaying development and production orders and industry players continuing to consolidate and cut costs is undeniable.” For the moment the company is focusing on distribution and rights management for both its own IP as well as third-party in order to create a growth path, he explained.

“These investments, however, take time to realize, and are not without risk,” he continued.

Boat Rocker’s television revenue also saw steep declines in its full-year results, falling to $115.2 million from approximately $387.7 million in 2023. However, its kids and family segment was a bright spot, up to $78.3 million, compared with $58.6 million the year prior.

The company attributed this economic environment as the context in which its reverse takeover by Blue Ant Media, announced March 24, will take place. That transaction is valued at approximately $106 million. Boat Rocker will buy all outstanding shares in Blue Ant in June in exchange for subordinate voting shares in the listed business.

A Boat Rocker special committee retained Scotiabank as an independent valuator, which determined that the proposed company’s shares, Blue Ant Media Corporation, range between $1.50 and $1.91 per share.

Concurrently, Boat Rocker co-founders and co-executive chairmen Ivan Schneeberg and David Fortier and Young, acting as a new company labeled IDJCo under the deal, will buy out its studios business from Boat Rocker to continue under the same brand name.

According to a release, company management expects 2025 full-year results to worsen compared to 2024. Boat Rocker is also debt-free as of Dec. 31 with $86.5 million, including $56.6 million of cash available for use.

“In light of broader market pressures and the lack of renewals for the company’s premium scripted series produced during more favourable industry conditions, the company has taken a write-down on its goodwill and investment in content assets,” said Young. “While we continue to believe that Boat Rocker’s long-term strategy should generate shareholder value, the short-term continues to pose challenges.”

Pictured (L-R): Ivan Schneeberg, David Fortier and John Young