Lord of the Rings IP owner Embracer Group has seen net sales at its Entertainment & Services division fall by 15%, but is betting big on Middle-earth in coming years. Entertainment sales for the fourth quarter of 2023 (covering January to March 2024) were SEK1.26B ($118M), down from SEK1.
49B the previous year. Embracer noted the Middle-earth Enterprises unit that houses Lord of the Rings was likely to make a “somewhat lower expected contribution” year-on-year than expected. Overall, Embracer’s net sales fell 5% to SEK8.
88B, with the PC/Games and Tabletop Games units providing the lions’ share of revenue, and while there was a SEK20.38M EBIT loss, down from SEK95M a year ago. Adjusted EBIT was SEK1.
3B, up 56%. Related Stories News 'The Lord Of The Rings: The Hunt For Gollum': Everything We Know So Far News 'Tomb Raider' From Phoebe Waller-Bridge Lands Series Order At Amazon At the same time as unveiling the results, Embracer announced CFO and Deputy CEO Johan Ekström had decided to step down, with Phil Rogers, who is leading the new newly formed Middle-earth Enterprises & Friends unit stepping up as Deputy CEO. Müge Bouillon is the new CFO.
Embracer recently went through restructuring process since last year, and in April revealed it was splitting its business in three, with Middle-earth Enterprises & Friends housing Lord of the Rings and Tomb Raider rights. Shareholders are currently assessing the plan. Embracer, which snapped up the Lord of the Rings and The Hobb.
