Streaming boom brings film subtitler ZOO record results
Shares in movie subtitle and dubbing specialist Zoo Digital climbed 7% after it posted record results fuelled by the expansion of global streaming services.
Zoo Digital saw sales jump 78% to reach $70.4 million (£58.8 million), while operating profit trebled to $3.1 million.
The firm said it had seen a surge in demand for its dubbing services as streaming platforms ramped up their content production as subscriber numbers swelled.
The number of Netflix subscribers has grown 21% over the past two years to exceed 200 million, while subscribers to the Disney+ service grew by almost 8 million in the first quarter of 2022 to reach 87.6 million. The total video streaming market was valued at $372 billion in 2021, according to figures from Fortune Business Insights.
Zoo Digital CEO Stuart Green told the Standard: “what the pandemic did was accelerate that shift — stuck at home we wanted to watch new programmes. More content is being produced now than at any time in the past.
“We’ve had an amazing year of profitable growth – we’re capturing market share through expanding and tapping into this fantastic opportunity.”
Publication of Zoo’s results was delayed by 24 hours following a last-minute internal review by the firm’s audit partner, the CFO said.
