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This chart compares the net profit margins of six big media companies where media and entertainment is a core business venture.

All data sourced from various company reports with the latest full-year figures. Netflix, Paramount, and Warner Bros. Discovery follow the calendar year, and figures are as of 2023.

Sony’s earnings are from their financial year ended March, 2024. Additionally, a conversion rate of $1.00 USD = ¥156.5 Yen was used to find the equivalent dollar amounts.

Meanwhile, Fox’s figures are from their financial year ended March, 2024. Finally, Walt Disney’s earnings are from their financial year which ended September, 2024.

Netflix Can Chill For Now

Netflix (NFLX) is head-and-shoulders above its peers when it comes to profitability. In 2023, they made 16 cents in profit for every dollar earned. This is after taxes and expenses.

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Fox (FOXA) comes closest to Netflix at 11 cents of profit per dollar of revenue earned.

However, larger media behemoths SONY and Walt Disney’s (DIS) profits are between 5-8 cents for every dollar earned, though both their revenues dwarf Netflix’s.

It’s worth mentioning that both companies are more diversified: parks and experiences for Disney and gaming consoles and technology for Sony.

And the other pure play media companies like Paramount (PARA) and Warner Brothers Discovery (WBD) are currently losing money. Both companies have lost core business revenues as cord cutting continues, and their streaming platforms haven’t yet delivered. A proposed merger between the two companies also fell apart in February 2024.

According to Bloomberg’s reporting (previous link), Comcast was also interested in Paramount, with its CEO Brian Roberts suggesting a joint venture with the respective streaming platforms.

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