Blue Ant Media has issued its first earnings report since going public with the closure of its reverse takeover of Boat Rocker Media, which has now gone private via a management buyout.
Published on Monday, the Q3 2025 report shows a slight increase in year-over-year (YoY) revenue for the company, driven by an increase in global advertising revenue. The company has divided its revenue streams into three segments – Canadian Media; Global Channels and Streaming; and Production and Distribution – which all reported profits for the quarter.
Q3 revenue overall was $55.7 million, a 7% YoY increase, from $51.8 million, attributed to growth in Blue Ant’s global advertising revenue, which helped to offset a decline in production revenues due to delayed greenlights.
The Canadian Media segment revenue was $22.2 million, a 5% dip YoY, which brought profit down to $8.6 million, from $9 million the previous year. Blue Ant said the result was due to a slowdown in the domestic advertising market, which was partially offset by revenue in Blue Ant’s consumer show business.
Global Channels and Streaming revenue was $21.4 million, a 64% leap from $13 million a year earlier, bumping profit 60%, from $3.3 million to $5.3 million thanks to a boost in connected TV (CTV) ad sales and channel revenues.
Revenues from Production and Distribution dipped 16%, from $17.6 million to 15.1 million, though the segment produced a profit of $2.1 million, up 61% YoY, from $1.3 million. Growth in international distribution revenue more than offset a decline in production revenue from the delayed greenlights.
CEO Michael MacMillan (pictured) said on the earnings call Tuesday that the production market was in the midst of a correction.
“The production business worldwide went kind of crazy over the past five or 10 years,” he said. “You saw the streamers, including Netflix and Amazon’s Prime Video and Paramount+, putting out gigantic greenlight orders, and it created an inflation throughout the industry. Things accelerated during the pandemic, and a lot of economic behaviours during the pandemic weren’t normal, whether it was the stock market or retail. So this industry has built itself up to an annual output that didn’t make a lot of sense. This correction is substantially coming back to where it was five or 10 years ago, and probably in a more sensible place.”
He also talked about the company’s three-fold M&A strategy, saying there were opportunities to accelerate the acquisition of brands and library catalogues in certain genres to support the creation and commissioning of first-run content. He said the studio business will look to increase production capacity.
“Finally, we will continue to explore M&A in media-adjacent factors that are emerging due to the shifts in technology, much in the same way we did in acquiring Media Pulse a couple of years ago.”
CFO Robb Chase spoke about the benefit of acquiring the Canadian connected TV marketplace.
“We already represent Discovery+, Gusto, and Paramount+ through Media Pulse, and those relationships give us both credibility and a fair amount of inventory to work with,” he said on the call. “Our] Canadian business continued to grow quickly with new sales representation agreements with major streamers, so it is a combination of the momentum in general of CTV ad inventory as well as some distribution, which is benefiting us in both Canada and the U.S.”
This article originally appeared in Playback.
