Amazon Chief Executive Officer Andy Jassy has revealed that Prime Video is generating substantial revenue and is on track to reach tens of billions of dollars annually.

Speaking during the company’s quarterly earnings call on Thursday, Jassy described the streaming platform as a significant and profitable business within Amazon’s growing entertainment operations.

The announcement provides a clearer indication of the financial progress Prime Video has made since Amazon acquired MGM Studios for $8.5 billion four years ago.

Amazon also disclosed that its film production division, Amazon MGM Studios, has generated more than $1.2 billion in global box office revenue so far this year.

One of its biggest successes has been Project Hail Mary, which reportedly earned approximately $684 million worldwide.

Starring Ryan Gosling and based on Andy Weir’s novel, the science fiction film opened in cinemas in March and became the studio’s highest grossing theatrical release.

Jassy also highlighted several successful television productions that have contributed to Prime Video’s growing popularity. These include Carrie, The Summer I Turned Pretty, The Boys, Off Campus, Fallout and Reacher.

Amazon reported that the fourth season of Reacher attracted approximately 66 million viewers globally within its first 28 days.

The company has confirmed that production of the fifth season is underway and that the series has also been renewed for a sixth season.

Sports broadcasting has also become an important part of Prime Video’s strategy to attract and retain subscribers.

The platform offers coverage of NASCAR, the Masters and UEFA Champions League football, alongside its growing sports programming portfolio.

However, Thursday Night Football has emerged as one of its strongest attractions. According to figures shared by Amazon and Nielsen, the first six games of the current season averaged 17.7 million viewers, representing a 16 per cent increase compared with the previous year.

Amazon’s growing entertainment business demonstrates how the company is expanding beyond its traditional e commerce and cloud computing operations.

Its investment in film production, television programming and live sports is creating additional revenue opportunities while strengthening Prime Video’s position in the competitive streaming market.

With the company reporting profitability and a revenue run rate in the tens of billions of dollars, Prime Video is increasingly becoming an important contributor to Amazon’s overall business performance.

Source: TechCrunch