Rovio more than tripled its adjusted EBITDA and nearly doubled revenues in the second quarter, driven by the release of the Angry Birds movie and strong growth in its games. Adjusted EBITDA increased to EUR 31.6 million from EUR 8.6 million a year ago, and revenues were up 94 percent to EUR 86.2 million.
Licensing was the main growth driver, thanks to the Angry Birds movie release in May 2016, with revenue jumping to EUR 24.9 million from EUR 7.3 million a year earlier. Games revenue increased 65.0 percent to EUR 61.3 million.
The company said it completed its restructuring during the second quarter, moving to a licensing model of lower operating and capital expenses in the consumer products and animated content businesses. The benefits of these structural changes were not yet visible in the first-half results. During the quarter, the company also signed a deal with Columbia Pictures for another Angry Birds film, scheduled for release in September 2019.
