The LAB invests $133 million on content in 2024
Published:Sunday | January 5, 2025 | 12:08 AM
The media company Limners and Bards Limited (The LAB) spent $133 million on content development for its latest financial year, that it expects to license going forward.
The company said it will focus on producing Jamaican content for commercialisation, along with exploring the Caribbean for more business.
“Content development remains a core focus for The LAB, aligning with global trends and the increasing demand for authentic Jamaican stories,” said the company in a report on its financial performance for the year.
The millions spend on content in the 2024 compared to nil a year earlier. The company, however, indicated that it categorised such spending under receivables in 2023 year which totalled $18 million, according to its cash flow.
The LAB has worked on more than 500 commercials, several feature films and music videos, featuring stars including Rihanna, Busta Rhymes and Nick Cannon, according to its website. The company also provides equipment rental, technical crew, film permits, licensing, casting and location scouting.
Although its revenue slipped by nearly 15 per cent, it registered a 45 per cent rise in net profit for the year ended October 2024 to $83 million.
The LAB sees an opportunity outside the island to earn a slice of the global content market valued at $500 billion by 2030.
The report listed a slate of “culturally rich and commercially promising projects” which are scheduled to begin and complete production this year. The LAB said it had taken meaningful steps toward becoming a leader in content development while putting its regional expansion plans into effect.
The company also disclosed that members of its management team visited Guyana, Barbados, and Trinidad & Tobago.
“These efforts were focused on building relationships with industry stakeholders, assessing market entry opportunities, and exploring ways to expand [its] service offerings,” stated the company which wants to grow across the region.
The “insights” gained from these interactions have enhanced The LAB’s understanding of the regional business landscape, stated the company.
The company generated revenue for the year was $958 million, down 14.8 per cent relative to the prior period. This decline was primarily attributable to a reduction in media revenue during the period. At the same time, the agency segment improved.
The revenue achieved was derived from the company’s core business lines: Media which totalled $492.7 million, followed by production with $249 million and agency with $216.4 million.