Disney+Hotstar, WeTV, iQiyi drive 400% content sales revenue increase at Media Prima, Malaysian media co returns to profit
26 August 2021
Malaysia’s Media Prima hit the streaming jackpot in the first half of this year, with a 400% increase in content sales revenue driven by three streaming services – Disney+ Hotstar, iQiyi and WeTV.
Media Prima this evening reported RM20.7 million/US$5 million revenue from content sales from January to June, compared to RM5 million/US$1.2 million in the corresponding period in 2020.
Media Prima posted after tax profits of RM12.7 million/US$3 million for the three months to end June 2021, saying this evening that the results were driven by higher advertising revenues despite the “continued challenges” linked to the ongoing nationwide lockdown.
Q2 performance represented a positive swing from the loss after tax of RM18 million/US$4.3 million in the same quarter last year.
The media company said group revenue was up 24% to RM292.4 million/US$70 million for the quarter against RM236.3 million/US$56 million last year.
Profit after tax for the first half was RM16.8 million/US$4 million, compared to a loss of RM48 million/US$11 in the same quarter last year.
Advertising revenue was up 22% in the first half of the year.
Revenue from Media Prima’s broadcasting segment increased by 43% in the first half compared to last year.