Amazon CEO says Prime Video revenue run rate reaches tens of billions
Amazon Chief Executive Andy Jassy announced that Prime Video is profitable and on track to generate tens of billions of dollars in revenue run rate.
FTMQ Startups, written by our newsroom0 views
Amazon Chief Executive Andy Jassy stated on an earnings call that Prime Video has become a profitable business with a revenue run rate in the tens of billions of dollars, TechCrunch reported. The streaming unit was bolstered by successful film releases including Project Hail Mary and Verity. [1]
The earnings announcement comes four years after Amazon acquired film studio MGM for 8.5 billion dollars, according to TechCrunch. Jassy previously informed investors in May that the streaming service was profitable, but the revenue run rate figures represent new financial details. [1]
Jassy took over as chief executive of Amazon in July 2021 after succeeding founder Jeff Bezos, having previously founded and led Amazon Web Services from its inception. Prime Video operates as a subscription video-on-demand streaming service with approximately 205 million paid memberships globally, placing it second behind Netflix. [2][3]
The growth at Prime Video complements other major investments across Amazon. As FTMQ Startups reported earlier, Amazon is engaged in a 220 billion dollar artificial intelligence buildout, with cloud capacity at Amazon Web Services largely sold out through at least 2027. [5]
In short
- Amazon Prime Video has reached a revenue run rate in the tens of billions of dollars and is profitable.
- Amazon acquired MGM for 8.5 billion dollars four years prior to the report.
- Andy Jassy succeeded Jeff Bezos as Amazon chief executive in July 2021.
- Prime Video has approximately 205 million paid memberships globally.
Sources
Every paragraph above points to the numbered items it rests on. Read the originals here.
- [1]Andy Jassy says Prime Video is on track to earn ‘tens of billions of dollars’TechCrunch, 9h ago (the report this story comes from)
Background
- [2]Andy Jassy on Wikipedia
- [3]Amazon Prime Video on Wikipedia
- [4]Andy Jassy on Grokipedia
- [5]AWS AI cloud capacity is sold out through at least 2027 FTMQ Startups, 6d ago
Our newsroom writes these reports with the help of software, from the 5 sources listed and nothing else, and checks them against those sources. Facts can still be wrong or move on; the originals are the record. Spotted a mistake? Write to daniel@monsterkong.com.
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Earlier reports of ours on the same people and subjects.
- AWS AI cloud capacity is sold out through at least 2027Top Stories, 6d ago
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