What changed in this filing

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Item 1. Business

2022-05-26 compared with 2021-05-28 · 302 added, 200 removed, 358 unchanged (58% of the section changed)

Combining the STARZ premium global subscription platform with world-class motion picture and television studio operations, Lionsgate (NYSE:

LGF.A, LGF.B) brings a unique and varied portfolio of entertainment to consumers around the world.

Our film, television, subscription and location-based entertainment businesses are backed by a 17,000-title library and one of the largest collections of film and television franchises in the independent media space.

Lionsgate (NYSE:

LGF.A, LGF.B) encompasses world-class motion picture and television studio operations aligned with the STARZ premium global subscription platform to bring a unique and varied portfolio of entertainment to consumers around the world.

Our film, television, subscription and location-based entertainment businesses are backed by a 17,000-title library and a valuable collection of iconic film and television franchises.

We manage and report our operating results through three reportable business segments:

Motion Picture , Television Production and Media Networks .

We refer to our Motion Picture and Television Production segments collectively as our Studio Business.

Financial information for our segments is set forth in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in this Annual Report.

COVID-19 Global Pandemic

In fiscal 2021, the impacts associated with the ongoing COVID-19 global pandemic and measures to prevent its spread, and the resulting economic uncertainty, affected our business in a number of ways.

We experienced early termination and delays in theatrical distribution of our films, both domestically and internationally, as well as delays in the production of film and television content (resulting in continued changes in future release dates for some titles and series).

While we did begin (and, in certain instances, completed) production on a number of films and television series, and theaters began to reopen in 2021 in certain locations with reduced capacity, we are not able to accurately predict when theaters will re-open at scale, at what level consumers will return to movie theaters, when film production will fully resume, whether productions that have resumed will be paused again, the impact of incremental costs required to adhere to health and safety protocols, or if and when certain of our content will be released.

Conversely, television and streaming consumption around the globe increased, as well as home entertainment demand.

STARZ experienced an increase in viewership of its content across all platforms, as well as an increase in subscribers to its over-the-top (“OTT”) services, both domestically and internationally.

However, it is too early to say whether this increase is indicative of future results and whether growth may slow as governmental and other restrictions are relaxed, and as a result of the current and possible longer term negative economic impact of the pandemic.

We continue, however, to adapt to these new circumstances.

For instance, we changed the release strategies of several of our theatrical films by releasing solely and/or earlier on streaming platforms, initially releasing on premium video-on-demand (“PVOD”), or by licensing directly to streaming platforms.

We also began and completed post-production of several of our television series and continue the development of film properties and television series.

Since fiscal 2020, the economic, social and regulatory impacts associated with the ongoing COVID-19 global pandemic (including its variants), continued measures to prevent its spread, and the resulting economic uncertainty, have affected our business in a number of ways.

We experienced delays in theatrical distribution of our films, both domestically and internationally, as well as delays in the production of film and television content (resulting in continued changes in future release dates for some titles and series).

Although film and television production have generally resumed, we continue to see disruption of production activities depending on local circumstances.

We also cannot predict whether productions that have resumed will be paused again, or the impact of incremental costs required to adhere to health and safety protocols.

Additionally, although the lifting of quarantines have enabled many theaters to reopen, we are unable to predict how shifting government mandates or guidance regarding COVID-19 restrictions will impact patronage and theater capacity.

In turn, production delays (and fewer theatrical releases) have limited the availability of film content to be sold in distribution windows subsequent to the theatrical release, and have resulted in delays of release of new television content, including on our STARZ platform.

The impact of these disruptions and the extent of their adverse impact on our financial and operating results will be dictated by the length of time that such disruptions continue, which will, in turn, depend on the currently unknowable duration and severity of the impacts of COVID-19 and its variants, and among other things, the impact of governmental actions imposed in response to COVID-19 and individuals’ and companies’ responses regarding health matters going forward.

We have incurred and will continue to incur additional costs to address government regulations and the safety of our employees and talent.

For additional information regarding the impact of COVID-19 on our operating results, cash flows and financial position, and the other risks and uncertainties see Part I, Item 1A.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations in this Annual Report.

Studio Business

Motion Picture:

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Home entertainment revenues are derived from the sale or rental of our film productions and acquired or licensed films and certain television programs (including theatrical and direct-to-video releases) on packaged media and through digital media platforms (including pay-per-view and video-on-demand platforms, electronic sell through, and digital rental).

In addition, we have revenue sharing arrangements with certain digital media

platforms which generally provide that, in exchange for a nominal or no upfront sales price, we share in the rental or sales revenues generated by the platform on a title-by-title basis.

In addition, we have revenue sharing arrangements with certain digital media platforms which generally provide that, in exchange for a nominal or no upfront sales price, we share in the rental or sales revenues generated by the platform on a title-by-title basis.

• Television .

Television revenues are primarily derived from the licensing of our theatrical productions and acquired films to the linear pay, basic cable and free television markets.

In addition, when a license in our traditional pay television window is made to a subscription video-on-demand ("SVOD") or other digital platform, the revenues are included here.

• International.

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Television revenues include fixed fee arrangements as well as arrangements in which we earn advertising revenue from the exploitation of certain content on television networks.

Television revenues also include revenue from licenses to subscription-video-on-demand (“SVOD”) platforms in which the initial license of a television series is to an SVOD platform.

Television revenues also include revenue from licenses to SVOD platforms in which the initial license of a television series is to an SVOD platform.

• International.

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Home Entertainment revenues are derived from the sale or rental of television production movies or series on packaged media and through digital media platforms.

Other revenues are derived from, among others, the licensing of our television programs to other ancillary markets, the sales and licensing of music from the television broadcasts of our productions, and from commissions earned and executive producer fees related to talent management.

Other revenues are derived from, among others, the licensing of our television programs to other ancillary markets, the sales and licensing of music from the television broadcasts of our productions, and from commissions and executive producer fees earned related to talent management.

Media Networks

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• Starz Networks.

Starz Networks’ revenues are derived from the domestic distribution of our STARZ branded premium subscription video services through OTT platforms and U.S.

Starz Networks’ revenues are derived from the domestic distribution of our STARZ branded premium subscription video services through over-the-top ("OTT") platforms and U.S.

multichannel video programming distributors (“MVPDs”) including cable operators, satellite television providers and telecommunications companies (collectively, “Distributors”) on a direct-to-consumer basis through the Starz App.

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STARZPLAY International revenues are primarily derived from OTT distribution of the Company's STARZ branded premium subscription video services outside of the U.S.

• Other Streaming Services .

Other Streaming Services revenues are derived primarily from our formerly majority owned premium Spanish language streaming services business, Pantaya, which includes subscriber based streaming revenue and other distribution revenue.

We sold our interest in Pantaya on March 31, 2021.

Segment Revenue

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• STARZPLAY International, 7.0%

• Other Streaming Services, 3.2%.

Corporate Strategy

We continue to grow and diversify our portfolio of content to capitalize on demand from streaming and traditional platforms throughout the world.

We grow and diversify our portfolio of content to capitalize on demand from streaming and traditional platforms throughout the world.

We maintain a disciplined approach to acquisition, production and distribution of content by balancing our financial risks against the probability of commercial success for each project.

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We believe that our strategic focus on content, alignment of our content creation and distribution platforms, and creation of other innovative content distribution strategies will enhance our competitive position in the industry, ensure optimal use of our capital, build a diversified foundation for future growth and create significant incremental long-term value for our shareholders.

STUDIO BUSINESS:

MOTION PICTURE

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whereby the exhibitor retains a portion of the gross box office receipts and the balance is remitted to the distributor.

Concurrent with their release in the U.S., films are generally released in Canada and may also be released in one or more other

foreign markets.

Concurrent with their release in the U.S., films are generally released in Canada and may also be released in one or more other foreign markets.

We construct release schedules taking into account moviegoer attendance patterns and competition from other studios' scheduled theatrical releases.

After the initial theatrical release, distributors seek to maximize revenues by releasing films in sequential release date windows, which may be exclusive against other non-theatrical distribution platforms.

As a result of the COVID-19 global pandemic, our distribution strategy may change, and certain films intended for theatrical release may be licensed to other platforms.

As a result of the COVID-19 global pandemic, in certain circumstances, our distribution strategy has and may continue to change, and certain films intended for theatrical release may be licensed to other platforms.

Producing, marketing and distributing films can involve significant risks and costs, and can cause our financial results to vary depending on the timing of a film’s release.

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Theatrical Releases

In fiscal 2021 (i.e., the twelve-month period ended March 31, 2021), due to the closures and limited re-opening of theaters resulting from the COVID-19 global pandemic, we released only five (5) films theatrically in the U.S.

In fiscal 2022 (i.e., the twelve-month period ended March 31, 2022), with continued closures and limited re-opening of theaters resulting from the COVID-19 global pandemic, we released sixteen (16) films theatrically in the U.S.

across our labels (which include Lionsgate, Summit Entertainment, Good Universe and our partnership with Roadside Attractions).

Instead, we made changes to release dates as well as release strategies of several of our films by releasing solely and/or earlier on streaming platforms, initially releasing on PVOD, or by licensing directly to streaming platforms.

We also made changes to release dates as well as release strategies of several of our films by releasing solely and/or earlier on streaming platforms, initially releasing on premium video-on-demand ("PVOD"), premium electronic sell-through (“PEST”), or by licensing directly to streaming platforms.

In fiscal 2022, such titles and their release patterns included the following:

Fiscal 2021 Releases

Title Release Date Release Pattern Label

Desperados July 3, 2020 SVOD (via Netflix) Good Universe

Dare to Dream July 31, 2020 PVOD Roadside Attractions

Words On Bathroom Walls August 21, 2020 Theatrical Roadside Attractions

Antebellum September 18, 2020 PVOD Lionsgate

Run November 20, 2020 SVOD (via Hulu) Summit

Fatale December 20, 2020

January 8, 2021 Theatrical

Pinocchio December 25, 2020 Theatrical Roadside Attractions

Barb and Star Go to Vista Del Mar February 12, 2021 PVOD Lionsgate

Chaos Walking* March 5, 2021 Theatrical Lionsgate

The Courier** March 19, 2021 Theatrical Roadside Attractions

Film Releases via Lionsgate/Summit

Release Pattern

Label/Partnership

Chaos Walking†

March 5, 2021

Theatrical and PVOD

April, 9, 2021

Theatrical and PVOD

The Hitman's Wife's Bodyguard

June 16, 2021

Theatrical and Accelerated Home Entertainment

August 20, 2021

Theatrical and Accelerated Home Entertainment

Ghost in the Shell (1995)

September 17, 2021

Theatrical Re-release

The Jesus Music

October 1, 2021

American Underdog

December 25, 2021

Theatrical and Accelerated Home Entertainment

February 4, 2022

Theatrical and Accelerated Home Entertainment

† PVOD release on April 2, 2021

†† PVOD release on April 30, 2021

Additionally, after an initial pause, we safely continued and completed production of a number of theatrical titles in fiscal 2021, allowing us to maintain a robust pipeline of films to meet increased demand across all platforms.

While continuing to work closely with our theatrical exhibition partners, we are capitalizing on increased optionality and maintaining a platform agnostic approach to distribution to take full advantage of new windowing opportunities and alternative distribution strategies.

††† PVOD release on June 1, 2021

Film Releases via Roadside Attractions

Release Pattern

Label/Partnership

March 19, 2021

Theatrical and PVOD

Roadside Attractions

Just a Girl Who Decided to Go For It

June 18, 2021

Roadside Attractions

July 23, 2021

Theatrical, PVOD and PEST

Roadside Attractions

September 10, 2021

Roadside Attractions

Hard Luck Love Song***

October 15, 2021

Theatrical and PVOD

Roadside Attractions

March 18, 2022

Roadside Attractions

* PVOD release on April 16, 2021

** PVOD and PEST release on August 13, 2021

*** PVOD release on November 11, 2021

With the continuation of theatrical production in fiscal 2022, we are capitalizing on increased optionality in distribution and maintain a platform agnostic approach to distribution to take full advantage of new windowing opportunities and alternative distribution strategies (while also continuing to work closely with our theatrical exhibition partners).

Nominations and Awards

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Motion Picture - Home Entertainment

Grindstone Entertainment Group, Modern Entertainment, Trimark, Pantelion Films and Roadside Attractions), as well as titles from third parties such as A24, A&E, AMC, Entertainment Studios, Saban Entertainment, Solstice, StudioCanal, and Tyler Perry Studios.

home entertainment distribution operation exploits our film and television content library of nearly 17,000 motion picture titles and television episodes and programs, consisting of titles from, among others, Lionsgate, our subsidiaries, affiliates and joint ventures (such as STARZ, Summit Entertainment, Anchor Bay Entertainment, Artisan Entertainment, Grindstone Entertainment Group, Trimark and Roadside Attractions), as well as titles from third parties such as A24, A&E, AMC, Entertainment Studios, Saban Entertainment, StudioCanal, and Tyler Perry Studios.

Home entertainment revenue consists of packaged media and digital revenue.

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We also directly distribute content to the rental market through Redbox, Netflix and others.

In fiscal 2021, we shipped over 29 million DVD/Blu-ray finished units.

Digital Media

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We also directly distribute content on a linear distribution basis (i.e., whereby the programmer controls the timing of playback) through various linear pay, basic cable, and free, over-the-air television platforms worldwide.

Subscription video-on demand services to which we license our content include, among others, Netflix, Hulu, Amazon Prime, Paramount+ and HBO Max;

ad-supported video-on-demand services to which we license our content include, among others, The Roku Channel, Tubi TV, YouTube, IMDb, Pluto and Peacock;

and linear networks to which we distribute our content include, among others, pay television networks such as STARZ, EPIX, HBO and Showtime, and basic cable network groups such as NBCUniversal Cable Entertainment, FX, ViacomCBS Domestic Media Networks, Turner Entertainment Networks, A+E Networks and AMC Networks, as well as Freeform, Reelz, Bounce, Telemundo and UniMás.

Fiscal 2021 saw a continued shift in our release strategies due to a combination of the COVID-19 global pandemic and acceleration of secular trends already underway in the windowing of our motion picture product.

With many theatres closed or operating at limited capacity due to stay-at-home restrictions, we created hybrid theatrical/streaming and early PVOD models for some of our films and bypassed theatrical exhibition altogether for others.

Coupled with the surge in content demand across all home entertainment platforms, digital media consumption increased sharply with four (4) of our titles, Antebellum, The Secret:

Dare to Dream, The Silencing and Mortal reaching number one (1) on the iTunes movie charts and two titles, Force of Nature and The Secret , debuting at number one (1) on the Comscore On-Demand Chart.

Subscription video-on demand services to which we license our content include, among others, Netflix, Hulu, Amazon Prime, Peacock, Paramount+ and HBO Max;

ad-supported video-on-demand services to which we license our content include, among others, The Roku Channel, Tubi TV, YouTube, IMDb, and Pluto;

and linear networks to which we distribute our content include, among others, pay television networks such as STARZ, EPIX, HBO and Showtime, and basic cable network groups such as NBCUniversal Cable Entertainment, Paramount Global Domestic Media Networks, Disney Media & Entertainment Distribution Networks, Turner Entertainment Networks, A+E Networks and AMC Networks, as well as Bounce, Telemundo and UniMás.

Fiscal 2022, like fiscal 2021, saw a continued shift in our release strategies due to a combination of the COVID-19 global pandemic and acceleration of secular trends already underway in the windowing of our motion picture product.

With many theatres operating at limited capacity due to various state-by-state health restrictions, we leaned into hybrid theatrical/streaming, early PVOD models for some of our films and other dynamic windowing distribution models.

Coupled with the surge in content demand across all home entertainment platforms, digital media consumption increased with three (3) of our titles, The Hitman’s Wife’s Bodyguard , The Courier and City of Lies , all reaching number one (1) on the iTunes movie charts, and three (3) of our titles, The Hitman’s Wife’s Bodyguard , City of Lies and Midnight on the Switchgrass , all debuting at number one (1) on the Comscore On-Demand Chart.

Motion Picture - Television

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• Direct distribution of theatrical and/or ancillary rights licensing.

We license rights in all media on a territory-by-territory basis (other than the territories where we self-distribute) of (i) our in-house Lionsgate and Summit Entertainment feature film product, and (ii) films produced by third parties such as Black Label Media, Gold Circle Films, Participant Media, River Road Entertainment, Thunder Road Pictures and other independent producers.

Films licensed and/or released by us internationally in fiscal 2021 included such in-house productions as Antebellum, Run, Chaos Walking, Barb and Star Go to Vista Del Mar and I Still Believe .

Third party films for which we were engaged as exclusive sales agent and/or released by us internationally in fiscal 2021 included Six Minutes to Midnight and City of Lies .

We license rights in all media on a territory-by-territory basis (other than the territories where we self-distribute) of (i) our in-house Lionsgate and Summit Entertainment feature film product, and (ii) films produced by third parties such as Silver Reel, Buzzfeed, Gold Circle Films, Ace Entertainment and other independent producers.

Films licensed and/or released by us internationally in fiscal 2022 included such in-house productions as About My Father, American Underdog, Barb and Star Go to Vista Del Mar, Borderlands, Christmas is Canceled, John Wick:

Chapter 4, Shotgun Wedding, Spiral , and Unbearable Weight of Massive Talent.

Third party films for which we were engaged as exclusive sales agent and/or released by us internationally in fiscal 2022 included Paradise Highway .

Through our territory-by-territory sales and output arrangements, we generally cover a substantial portion of the production budget or acquisition cost of new theatrical releases which we license and distribute internationally.

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Lionsgate UK has established a reputation in the United Kingdom as a leading producer, distributor and acquirer of commercially successful and critically acclaimed product.

In fiscal 2021, due to the closures and very limited re-opening of cinemas as a result of the COVID-19 global pandemic, we released only two films theatrically in the UK, both on a very limited basis.

Instead, we made changes to release dates and strategies for our remaining titles, releasing on PVOD streaming platforms or by licensing directly to streaming services.

After a limited theatrical slate in fiscal 2021 due to the closure and limited re-opening of cinemas as a result of the COVID-19 pandemic, we were able to release more titles theatrically in fiscal 2022, as the industry began to recover and cinemas began to re-open in May 2021.

We also, however, continued with our revised strategies for our titles, releasing on PVOD streaming platforms or by licensing directly to streaming services.

Such titles and their release patterns included the following:

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Title Release Date

How To Build A Girl** July 24, 2020

Summerland July 31, 2020

Ride Like A Girl* July 31, 2020

The Secret* August 1, 2020

Christmas Gift From Bob, A November 6, 2020

I Still Believe** February 12, 2021

Barb & Star Go To Vista Del Mar* February 12, 2021

Ammonite* March 26, 2021

Six Minutes To Midnight** March 26, 2021

Made in Italy** March 26, 2021

Antebellum* April 2, 2021

Wild Mountain Thyme** April 30, 2021

From the Book of Saw May 17, 2021

Ammonite May 17, 2021

The Outpost* June 4, 2021

The Father June 11, 2021

Made In Italy* June 11, 2021

The Hitman’s Wife’s Bodyguard June 18, 2021

The Courier August 13, 2021

Ghost In The Shell (1995) (Re:

2021) September 17, 2021

Dune (1984) (Re:

2021) September 24, 2021

Mothering Sunday November 12, 2021

Wrath of Man* December 10, 2021

* Released on PVOD.

** Sold to streaming service.

Additionally, we have established an office in India to manage operations and growth opportunities in the South Asian/Indian sub-continent.

Additionally, our office in India manages operations and growth opportunities in the South Asian/Indian sub-continent.

Through our local office in Mumbai, we manage the following activities:

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• Continue to expand our STARZ’s offering in the region and across emerging Asian markets (branded as Lionsgate Play), through our direct-to-consumer launch and in collaboration with telco partners, Amazon and Apple TV;

• Explore investment opportunities throughout the South Asian/Indian media market.

• Explore investment opportunities throughout the South Asian and South East Asian media market.

Motion Picture - Other

Global Live, Interactive and Location Based Entertainment

Our Global Live, Interactive and Location Based Entertainment division drives incremental revenue and builds consumer engagement across our entire portfolio of properties via licensing and launching of live shows and experiences, location-based entertainment destinations, games, and related merchandise around the world, and through select strategic partnerships and investments.

Our Global Live, Interactive and Location Based Entertainment division drives incremental revenue and builds consumer engagement across our entire portfolio of properties via licensing and launching live shows and experiences, location-based entertainment destinations, games, physical and digital merchandise, and through select strategic partnerships and investments.

Our Global Live Entertainment business focuses on licensing, developing, and producing live stage shows, concerts, and live immersive experiences and events based on our theatrical and television content.

Our Interactive Entertainment business focuses on growing a games slate that includes games across PC/console, mobile, virtual reality and more, as well as integration of our properties into franchise crossover events with marquee games.

We have announced multiple live entertainment projects, including Wonder and Nashville for Broadway, as well as a live dance show inspired by our Step Up film franchise in partnership with Channing Tatum and Free Association.

Our Interactive Entertainment business focuses on growing a slate that includes games across PC/console, mobile, virtual reality and more, integration of our properties into with marquee games such as Call of Duty , Dead By Daylight and the upcoming Evil Dead:

The Game , as well as NFT projects, including as part of a first look deal with Autograph.

Our Location Based Entertainment business licenses and produces our Lionsgate, theatrical, and television brands for theme parks, destinations, and stand-alone attractions and experiences.

Our projects currently include, among others, Lionsgate Entertainment World in Hengqin, China, an indoor theme park which opened on July 31, 2019, and a Lionsgate branded theme park zone at the Motiongate Theme Park in Dubai, which opened in October of 2017.

In January 2022, we opened an expansion of the Lionsgate zone at Motiongate Dubai which features two new roller coasters themed to our John Wick and Now You See Me franchises.

Additionally, Escape Blair Witch opened in Las Vegas in August of 2021, and serves as an additional companion attraction to The Official Saw Escape , now in its fourth year of operation.

Our music department creatively manages music for our theatrical and television slates, including overseeing songs, scores and soundtracks for all of our theatrical productions, co-productions and acquisitions, as well as music staffing, scores and soundtracks for all of our television productions.

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military bases, oil rigs, hospitals, hotels, prisons, and on all forms of common carrier transportation, including airlines and ships.

STUDIO BUSINESS:

TELEVISION PRODUCTION

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Lionsgate Television

Despite initial production delays and changes to future network release dates as a result of the COVID-19 global pandemic, we commenced and completed production on a number of television series.

Despite initial production delays and changes to future network release dates as a result of the ongoing COVID-19 global pandemic, we completed production on a number of television series.

We currently produce, syndicate and distribute nearly 80 television shows on more than 35 networks (including programming produced by Pilgrim Media Group, of which we own a majority interest).

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Title Network

Acapulco Apple

Black Mafia Family Starz

Blindspotting Starz

Dear White People Netflix

Hightown Starz

Home Economics ABC

Julia HBO Max

Julia Child HBO Max

Love Life HBO Max

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Power Book II:

Power Book III:

Raising Kanan Starz

Power Book IV:

P-Valley Starz

Run the World Starz

Serpent Queen Starz

Step Up Starz

Swimming with Sharks Roku

The First Lady Showtime

Welcome to Flatch Fox

Zoey's Extraordinary Playlist NBC

Zoey's Extraordinary Christmas Roku

Unscripted - Lionsgate

Title Network

Confronting a Serial Killer Starz

De Viaje con los Derbez Pantaya

House of Ho HBO Max

Selling Sunset Netflix

Skindecision Netflix

The Real Dirty Dancing Fox

Unscripted - Pilgrim Media Group

Title Network

American Chopper Discovery

Dodgeball Thunderdome Discovery

Driven Discovery

Giving Voice Netflix

Ghost Hunters Discovery

Hoffman Family Gold Discovery

Horse for Dogs Animal Planet

My Big Fat Fabulous Life TLC

Renovation Impossible Discovery

Street Outlaws Discovery

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Street Outlaws:

Mega Cash Days Discovery

Gone Girl Discovery

Street Outlaws:

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No Prep Kings Grudge Night Discovery

Street Outlaws:

Race Night In America Discovery

The Puppy Bowl Presents:

Dog Games Discovery+

The Ultimate Surfer ABC

Tyson vs Jaws:

Rumble on the Reef Discovery

The Ultimate Fighter ESPN+

UFO Live Discovery

Wicked Tuna Nat Geo

Wicked Tuna Outer Banks Nat Geo

Zombie Flippers A&E

Syndication - Debmar-Mercury

Bojack Horseman

Schitt's Creek

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We continue to expand our television business through international sales and distribution of original Lionsgate television series, Starz original programming, third party television programming and format acquisitions via packaged media and various digital platforms.

Lionsgate UK also continues to build a robust television business alongside its premier film brand through its various joint ventures and investments including a strategic partnership with television production company Kindle Entertainment.

During fiscal 2021, we experienced a pause in television production caused by the COVID-19 global pandemic.

Lionsgate UK television programming (developed in-house and through Lionsgate UK’s interest and partnerships) that did continue, however, included the following:

Lionsgate UK also continues to build a robust television business alongside its premier film brand through its various joint ventures and investments.

After the pause in television production in fiscal 2021 due to the COVID-19 global pandemic, Lionsgate UK television programming (developed in-house and through Lionsgate UK’s interest and partnerships) that continued, began production, was produced or was broadcast in fiscal 2022, included the following:

Television - Lionsgate UK

Title Network Partner(s)

The A-List Series 2 Netflix Kindle Entertainment

The Pact BBC Wales Little Door

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The Goes Wrong Show Series 2 BBC Mischief Screen, Big Talk, BBC

Son of a Critch CBC Project 10, CBC

The Pact Series 2 BBC Little Door

Television Production - Home Entertainment

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Our flagship premium service STARZ had 21.0 million subscribers as of March 31, 2022 (not including subscribers who receive programming free as part of a promotional offer).

STARZ offers premium original series, recently released and library movies without advertisements.

STARZ offers premium original series and recently released and library movies without advertisements.

Our other services, STARZ ENCORE and MOVIEPLEX, offer theatrical and independent library movies as well as original and classic television series also without advertisements.

Our services include a stand-alone, direct-to-consumer app, 17 linear networks, and on-demand and online viewing platforms.

Our app and online viewing platforms offer over 6,000 monthly movies and series episodes from studio partners, including first-run content, along with a growing line-up of successful original programming.

Our services are offered directly to consumers via the STARZ app at www.starz.com or through our retail partners (such as Apple and Google) for a monthly fee, or by our distributors to their subscribers either at a fixed monthly price as part of a programming tier or package or bundle with other products or services.

The table below depicts our 17 existing linear services, the respective on-demand service, the STARZ app service and highlights some of their key attributes.

Our app and online viewing platforms offer thousands of monthly movies and series episodes from studio partners, including first-run content, along with a growing line-up of successful original programming.

Our services are offered directly to consumers via the STARZ app at www.starz.com or through our retail partners (such as Apple and Google) for a monthly fee, or by our distributors to their subscribers either at a fixed monthly price as part of a programming tier, package or bundle with other products or services, or on an a la carte basis.

The table below depicts our 17 existing linear services, their respective on-demand services, and the STARZ app, and highlights some of their key attributes.

Demographics and Strategy

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Across our digital platforms, the STARZ app provides an alternative for subscribers looking for a competitively priced option.

Subscribers have access to a vast library of quality content and a top-rated user experience, along with the ability to

download and watch STARZ original series, blockbuster theatricals and favorite classic TV series and movies without an internet connection.

This strategy, combined with a proven management team, will ensure Starz Networks’ services remain a “must have” for subscribers and a meaningful profit center for our distributors, thereby driving value for our stockholders.

Subscribers have access to a vast library of quality content and a top-rated user experience, along with the ability to download and watch STARZ original series, blockbuster theatricals and favorite classic TV series and movies without an internet connection.

This strategy, combined with a proven management team, will ensure Starz Networks’ services remain a “must have” for subscribers and a meaningful profit center for our distributors.

Affiliation agreements

Our services are distributed pursuant to affiliation agreements with our distributors.

These agreements require delivery of programming that meets certain standards.

We earn revenue under these agreements either (i) based on the total number of subscribers who receive our services multiplied by rates specified in the affiliation agreements or (ii) based on amounts or rates which are not tied solely to the total number of subscribers who receive our services.

We earn revenue under these agreements either (i) based on amounts or rates tied to the total number of subscribers who receive our services or (ii) based on amounts or rates which are not tied solely to the total number of subscribers who receive our services.

Our affiliation agreements expire at various dates through 2026.

We work with our distributors to increase the number of subscribers to our services.

To accomplish this, we may help fund the distributors’ efforts to market our services or may permit distributors to offer limited promotional periods without payment of subscriber fees.

To accomplish this, we may help fund the distributors’ efforts to market our services or may permit distributors to offer limited promotional periods with discounted or no payment of subscriber fees.

We believe these efforts enhance our relationship with distributors, improve the awareness of our services and maximize subscribers and revenue over the term of these affiliation agreements.

Distributors report the number of subscribers to our services and pay for services, generally, on a monthly basis.

The agreements are generally structured to be multi-year agreements with staggered expiration dates and certain of the agreements provide for annual contractual rate increases of a fixed percentage or a fixed amount, or rate increases tied to annual increases in the Consumer Price Index.

The agreements are generally structured to be multi-year agreements with staggered expiration dates and certain of the agreements provide for annual contractual rate increases.

The STARZ app is the single destination for both direct OTT subscribers and distributor authenticated subscribers to stream or download our original series and movie content.

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• Includes on-demand streaming and downloadable access for internet-free viewing;

• Offers instant access to over 6,000 selections each month (including STARZ original series and commercial free movies);

• Offers instant access to thousands of selections each month (including STARZ original series and commercial free movies);

• Is available as an additional benefit to paying MVPD subscribers of the Starz Networks’ linear premium services.

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Starz’s currently announced fiscal 2023 STARZ Originals line-up is as follows:

Gaslit Season 1

Who Is Ghislaine Maxwell (limited series)

Becoming Elizabeth Season 1

P-Valley Season 2

Power Book III:

Raising Kanan Season 2

Dangerous Liaisons Season 1

Serpent Queen Season 1

The BMF Documentary:

Blowing Money Fast

Step Up Season 3

Party Down Season 3

Power Book II:

Ghost Season 3

Total Episodes:

Starz’s fiscal 2022 STARZ Originals line-up was as follows:

Confronting a Serial Killer Season 1

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Heels Season 1

Black Mafia Family Season 1

Hightown Season 2

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Ghost Season 2

Shining Vale Season 1

TBD documentary series

Power Book IV:

Force Season 1

Shining Vale Season 1

Outlander Season 6

Total Episodes:

Starz’s fiscal 2021 STARZ Originals line-up was as follows:

Vida Season 3

Hightown Season 1

P-Valley Season 1

Power Book II:

Ghost Season 1

The Spanish Princess Part 2

Inside the NXIVM Cult (documentary series)

American Gods Season 3

Men in Kilts Season 1 (reality travel series)

The Gloaming Season 1

Total Episodes:

Lionsgate and Starz television programming have earned 241 Emmy® Award nominations including 38 wins, as well as numerous Golden Globe ® Awards, NAACP Awards, GLAAD Awards, Screen Actors Guild Awards nomination and wins.

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The majority of content on our services consists of movies that have been released theatrically.

Starz has an exclusive output licensing agreement with Sony for all qualifying movies released theatrically in the U.S.

by studios owned by Sony through December 31, 2021.

The Sony agreement, which began in 2001, includes all titles released under the Columbia, Screen Gems, Sony Pictures Classics and TriStar labels.

Starz does not license movies produced by Sony Pictures Animation.

Starz also recently announced a multiyear output licensing agreement with Lionsgate for Lionsgate label titles theatrically released in the U.S.

Starz has an exclusive multiyear output licensing agreement with Lionsgate for Lionsgate label titles theatrically released in the U.S.

starting January 1, 2022, and for Summit label titles theatrically released in the U.S.

starting January 1, 2023.

Under these agreements, Starz has valuable exclusive rights to air new movies on linear television services, on-demand or online during two separate windows, with the first window generally beginning within nine months after the theatrical release and the second window beginning within one to seven years after the end of the first window.

Starz also has an exclusive multiyear post pay-one output licensing agreement with Universal for live-action films theatrically released in the U.S.

starting January 1, 2022.

The Universal agreement provides Starz with rights to exhibit these films immediately following their pay-one windows.

In addition, we continue to exhibit films under our exclusive Sony output agreement, which covers qualifying movies released theatrically in the U.S.

by certain Sony labels through December 31, 2021.

Under these agreements, Starz has valuable exclusive rights to air these new movies on linear television services, on-demand or online during two separate windows, with at least one year between the first and second windows.

Generally, except on a VOD or pay-per-view basis, no other linear service, online streaming or other video service may air or stream these recent releases during Starz’s windows.

Starz also licenses library content comprised of older, previously released theatrical movies from many of Hollywood’s major studios.

In addition to theatrical movies, Starz licenses made for television movies, television series and other content

from studios, production companies or other rights holders.

Starz also licenses first-run independent feature films acquired through U.S.

and international film festivals and other sources as well as library content comprised of older, previously released theatrical movies from many of Hollywood’s major studios.

In addition to theatrical movies, Starz licenses television series and other content from studios, production companies or other rights holders.

The rights agreements for library content are of varying duration and generally permit Starz’s services to exhibit these movies, series and other programming during certain window periods.

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Studio Studio

Sony Paramount

Lionsgate Warner Bros

Twentieth Century Fox

Lionsgate Paramount

Sony Warner Bros

Universal Twentieth Century Fox

Sony Pictures

The Sony and Lionsgate output agreements require Starz to pay for movies at rates calculated on a pricing grid that is based on each film’s domestic box office performance (subject to maximum amounts payable per movie and a cap on the number of movies that can be put to Starz each year).

Our output agreements generally require us to pay for movies at rates calculated on a pricing grid that is based on each film’s domestic box office performance (subject to maximum amounts payable per movie and a cap on the number of movies that can be put to Starz each year).

The amounts Starz pays for library content vary based on each specific agreement, but generally reflect an amount per movie, series or other programming commensurate with the quality (e.g., utility and perceived popularity) of the content being licensed.

We uplink our programming for our linear services to four non-pre-emptible, protected transponders on two satellites positioned in geo-synchronous orbit.

We currently uplink our programming for our linear services to non-pre-emptible, protected transponders on two satellites positioned in geo-synchronous orbit.

These satellites feed our signals to various swaths of the Americas.

We lease these transponders under long-term lease agreements.

These transponder leases have termination dates in 2023.

We lease these transponders under agreements that have termination dates in 2023.

We currently are evaluating our options regarding transponder leasing arrangements following the expiration of the current agreements.

We transmit to these satellites from our uplink center in Englewood, Colorado.

We have made arrangements at a third-party facility to uplink our linear channels to these satellites in the event we are unable to do so from our uplink center.

We have made arrangements at a vendor’s facility to uplink our linear channels to these satellites in the event we are unable to do so from our uplink center.

Regulatory Matters

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LIONSGATE PLAY in India;

and through our STARZPLAY Arabia joint venture in the Middle East and North Africa (see Joint Ventures, Partnerships and Ownership Interests below).

These branded services are made available through OTT providers (such as Amazon and Apple), internet protocol television ("IPTV") providers (such as Airtel), telecommunications companies (such as Airtel), on a direct-to-consumer basis, and cable and satellite providers in Canada only.

and through our STARZPLAY Arabia joint venture in the Middle East and North Africa.

These branded services are made available through OTT providers (such as Amazon and Apple), internet protocol television ("IPTV") providers (such as Airtel), PayTV companies (such as Izzi), on a direct-to-consumer basis, and cable and satellite providers in Canada only as a linear service.

Across these services, Starz had 12.8 million subscribers as of March 31, 2022.

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We believe this allows us to operate as a complementary service, not a direct competitor, with other higher priced, broad-based video services.

STARZPLAY provides subscribers with access to STARZ original series, often airing day-and-date with the U.S., a rich and diverse Lionsgate library of television series, feature films and documentaries, and first-run, exclusive third-party programming, including locally produced television shows that align with the STARZ brand.

Most content available on STARZPLAY is English-language, available with sub-titles and/or local language dubbing for each country.

Starz is also co-producing local language content for certain countries in the coming years.

STARZPLAY provides subscribers with access to STARZ original series, often airing day-and-date with the U.S., a rich and diverse library of television series, feature films and documentaries from Lionsgate and other Studios, and first-run, exclusive third-party programming, including locally produced television shows that align with the STARZ brand – STARZPLAY Originals.

All content available on STARZPLAY is available with sub-titles and/or local language dubbing for each country.

Our distribution strategy is led with a wholesale model and supplemented through direct OTT retail sales.

We expect to launch with additional wholesale partners and deploy the STARZPLAY app in additional countries in the coming years.

We expect to launch with additional wholesale partners and potentially deploy the STARZPLAY app in additional countries in the coming years.

Affiliation agreements

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Our wholesale distributors manage the technology and infrastructure associated with the exhibition of STARZPLAY in exchange for recurring license fees.

These agreements require delivery of programming that meets certain standards.

Our affiliation agreements expire at various dates through 2026.

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The STARZPLAY app:

• Is currently available in fourteen (14) countries across Europe and Latin America, including France, Germany, Spain, the UK, Netherlands, Mexico and Brazil, with additional countries to come;

• Is offered directly via the STARZPLAY website or via retail storefronts such as the Apple Store, Play Store, Roku Channels, and Amazon Fire;

• The STARZPLAY app includes a language toggle allowing users to select their preferred language for viewing;

• Is currently available in eighteen (18) countries across Europe and Latin America, including France, Germany, Spain, the UK, Netherlands, Mexico, and Brazil, Argentina, etc.;

• Is offered directly via the STARZPLAY website or via retail storefronts such as the Apple Store, Play Store, Roku Channels, LG, and Amazon Fire;

• Includes a language toggle allowing users to select their preferred language for viewing;

• Offers instant access to approximately 1,000 selections each month (including original series and commercial free movies);

• Is available for purchase as a standalone OTT service for £/€4.99 in Europe and ~$4.50 in Latin America.

• Is available for purchase as a standalone OTT service for £5.99 in the UK, €4.99 in Europe and ~$4.50 in Latin America.

STARZPLAY Programming

STARZPLAY contracts with our Television Production segment and other major content licensors to acquire first-run original scripted series and library films that appear on STARZPLAY.

STARZPLAY’s currently expected fiscal 2022 first-run STARZ Originals programming, which will be available to STARZPLAY across its footprint in Western Europe, Latin America and Japan, is as follows:

STARZPLAY’s currently expected fiscal 2023 first-run STARZ Originals programming, which will be available to STARZPLAY across its footprint in Canada, Western Europe, Latin America and Japan, is as follows:

Gaslit Season 1

Becoming Elizabeth Season 1

P-Valley Season 2

Power Book III:

Raising Kanan Season 2

Dangerous Liaisons Season 1

Serpent Queen Season 1

BMF Documentary:

Blowing Money Fast

Step Up Season 3

Party Down Season 3

Power Book II:

Ghost Season 3

Total Episodes:

STARZPLAY’s currently expected fiscal 2023 first-run third-party programming and country availability is as follows:

Title Countries Available Distributor

Tokyo Vice Season 1

UK, Germany ("DE") Endeavor

The Girl from Plainville All markets ex.

Canada ("CA") NBCU

Sisi Season 1

Latin America ("LatAm") Betafilm

Evil by Design UK, DE, LatAm, Spain ("ES") Blue Ant

Das Boot Season 3

France ("FR"), LatAm NBCU

Faking Hitler ES, Nordics Fremantle

Euer Ehren Nordics SquareOne

Ramy Season 3

All markets ex.

LatAm, Nordics Lionsgate

Queer as Folk Season 1

All markets ex.

Japan ("JP"), CA NBCU

Doom Patrol Season 4

The Capture Season 2

DE, FR, Benelux, LatAm, Italy ("IT"), ES NBCU

Gangs of London Season 2

FR, Benelux, LatAm, ES, JP Pulse

The Head Season 2

UK, DE MediaPro

Pennyworth Season 3

UK, DE, IT WB

The Great Season 3

All markets ex.

JP, Nordics, CA Paramount

Total Episodes:

STARZPLAY’s currently expected fiscal 2023 first-run STARZPLAY Originals programming and country availability is as follows:

Title Countries Available Distributor

El Refugio Season 1

LatAm, ES Fremantle

Toda la Sangre Season 1

All Those Things We Never Said All markets ex.

FR, JP, Nordics StudioCanal

Nacho Season 1

LatAm, ES Bambu

Yellow LatAm, ES The Immigrant

Total Episodes:

STARZPLAY’s fiscal 2022 first-run STARZ Originals programming was as follows:

Confronting a Serial Killer Season 1

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Heels Season 1

Black Mafia Family Season 1

Shining Vale Season 1

Power Book IV:

Force Season 1

Hightown Season 2

TBD documentary series

Outlander Season 6 (UK only)

Power Book II:

Ghost Season 2

Power Book IV:

Force Season 1

Shining Vale Season 1

Total Episodes:

STARZPLAY’s fiscal 2021 first-run STARZ Originals programming and country availability was as follows:

Title Countries Available

Vida Season 3

All Countries

Hightown Season 1

All Countries

P-Valley Season 1

All Countries

Power Book II:

Ghost Season 1

All Countries

The Spanish Princess Part 2

UK, DE, FR, IT, Benelux, LatAm, Brazil

Inside the NXIVM Cult All Countries

STARZPLAY’s fiscal 2022 first-run STARZPLAY Originals programming and country availability was as follows:

Title Countries Available Distributor

Mala Yerba LatAm, ES Sony

Express Season 1

LatAm, ES, FR, IT MediaPro

Senorita ’89 Season 1

LatAm, ES Fremantle

Total Episodes:

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Title Countries Available Distributor

Deadly Games All excluding DE, JP Lionsgate

Godfather of Harlem Season 2

UK, FR Disney

It’s A Sin DE, IT All3Media

Love Life Season 1

Death Season 1

All markets ex.

Gigantes Season 1

Brazil About Premium Content

Gigantes Season 2

Brazil About Premium Content

The Undoctored Story UK, FR, Benelux, LatAm, ES NBCU

Une Affaire Francaise DE, ES Federation

Vigil Season 1

Doom Patrol Season 3

The Great Season 2

All Markets ex JP Paramount

Normal People All Markets ex UK Endeavor

Ramy Season 2

All Markets ex LATAM Lionsgate

All markets ex.

JP, CA Paramount

Station Eleven UK, DE Paramount

Baptiste Season 2

DE, FR, LatAm All3Media

Outlander Season 6

Love Life Season 2

Killing Eve Season 4

High Fidelity All Markets Disney

Gangs of London Season 1

FR, LATAM, ES, Benelux, JP Pulse

Brave New World FR, IT, ES, Benelux NBCU

Godfather of Harlem Season 1

UK and FR Disney

No Man’s Land All markets ex ES, JP, CA Fremantle

The Stand All markets CBS

Pennyworth Season 2

All markets ex JP, FR WB

Total Episodes:

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jurisdictions could be impacted.

Further material changes in the law and regulatory requirements must be anticipated and there can be no assurance that our business will not be materially adversely affected by future legislation, new regulation or deregulation.

Media Networks - Other Streaming Services

Other Streaming Services represent revenues derived primarily from our formerly majority owned premium Spanish language streaming services business, Pantaya.

We sold our interest in Pantaya on March 31, 2021.

There may be further material changes in the law and regulatory requirements.

JOINT VENTURES, PARTNERSHIPS AND OWNERSHIP INTERESTS

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Roadside Attractions We hold an interest in Roadside Attractions, an independent theatrical distribution company.

STARZPLAY Arabia We hold an interest in STARZPLAY Arabia, a personalized OTT entertainment service that operates in 19 Middle East/North African countries, offering a deep selection of Hollywood movies and television series with English, Arabic and French language options, along with local Arabic and Bollywood content.

Intellectual Property

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We compete with companies within the entertainment and media business and from alternative forms of leisure entertainment, such as travel, sporting events, outdoor recreation and other cultural related activities.

We compete with the major studios, numerous independent motion picture and television production companies, television networks, pay television services and digital media platforms for the acquisition of literary and film properties, the services of performing artists, directors, producers and other creative and technical personnel and production financing, all of which are essential to the success of our businesses.

We compete with the major studios, numerous independent motion picture and television production companies, television networks, pay television services and digital media platforms for the acquisition of literary, film and television properties, the services of performing artists, directors, producers and other creative and technical personnel and production financing, all of which are essential to the success of our businesses.

In addition, our motion pictures compete for audience acceptance and exhibition outlets with motion pictures produced and distributed by other companies.

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Diversity Equity & Inclusion

We believe that embracing diversity, promoting a culture of inclusivity and accelerating the representation of women and minorities in our workforce is crucial to our success.

We believe that embracing diversity, promoting a culture of inclusivity and accelerating the representation of women and historically excluded groups in our workforce is crucial to our success.

Our Chief Diversity Officer partners with our leadership team across all of our businesses to effect changes in recruitment, hiring, promotions, policies and culture, and to orchestrate our Company-wide response to issues of inequality and workforce disparity.

We also maintain the following recruitment and hiring initiatives:

• Lionsgate’s Project Enterprise:

An initiative committed to increasing the hiring, engagement, promotion, and retention of women in the workplace.

• Internship Programs:

We maintain an internship program with certain universities to increase inclusion across the entertainment industry by placing qualifying students in positions at Lionsgate and various other studios.

We maintain an internship program designed to increase inclusion across the entertainment industry by placing qualifying students in positions at Lionsgate and various other studios.

• Targeted Recruitment:

We continue recruitment efforts that target college campus diversity organizations for underrepresented groups, as well as historically black colleges in our search for new employees and interns.

We continue recruitment efforts that include collaborating with diverse partner organizations, college campus diversity organizations for underrepresented groups, as well as historically black colleges in our search for new employees and interns.

• Inclusive Hiring Process:

We implement inclusive hiring practices to ensure that we are attracting the best talent in the industry through a more equitable, inclusive, and accessible approach.

Key components of the framework

include bias free job descriptions, inclusive hiring training, external diversity partners, diverse candidate slates, and diverse, cross-functional interview panels.

• Supplier Diversity Program:

The mission of our Supplier Diversity Program is to actively establish relationships with diverse businesses and to continuously strive to increase spend with diverse suppliers, while delivering more competitive pricing, quality, service, innovation and creativity in procurement of services.

We believe that this initiative increases the breadth of our vendor pool, while also encouraging the growth of diverse businesses.

Employee Resource Groups

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With respect to benefits, we offer a comprehensive benefits package which includes family forming benefits, mental health support, resources for caregiving (children and adult family), online fitness and meditation classes, and new parent coaching.

With respect to learning and engagement, we offer programs to develop and enrich the employee experience with offerings such as tuition reimbursement, leadership development program, mentorship, and additional programs to help support specific populations (e.g., minorities, women, parents, LGBTQ+) such as frequently hosting internal forums and expert panels in order to foster meaningful conversations and highlight diverse voices at Lionsgate and in the industry.

We received the designation as a “Best Place to Work for LGBTQ Equality” for 2022.

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Available Information

Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, proxy statements and amendments to those reports filed or furnished pursuant to Sections 13(a) and 15(d) of the Exchange Act, are available, free of charge, on our website at investors.lionsgate.com as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission (the “SEC”).

with, or furnish it to, the Securities and Exchange Commission (the “SEC”).

The Company's Disclosure Policy, Corporate Governance Guidelines, Standards for Director Independence, Code of Business Conduct and Ethics for Directors, Officers and Employees, Policy on Shareholder Communications, Related Person Transaction Policy, Charter of the Audit & Risk Committee, Charter of the Compensation Committee and Charter of the Nominating and Corporate Governance Committee and any amendments thereto are also available on the Company's website, as well as in print to any shareholder who requests them.

The information posted on our website is not incorporated into this Annual Report on Form 10-K.

We will disclose on our

website waivers of, or amendments to, our Code of Business Conduct and Ethics that applies to our Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer or persons performing similar functions.

We will disclose on our website waivers of, or amendments to, our Code of Business Conduct and Ethics that applies to our Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer or persons performing similar functions.

The SEC maintains an internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at www.sec.gov .

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business